Advantages of GST Registration
Process of GST Registration
GST Registration is an online process. Following steps need to be followed for the purpose of GST Registration:
Visit www.gst.gov.in and click on ‘Register Now’ under ‘Taxpayers’ and feed basic details on the portal. PAN is verified on the GST Portal.
OTP is delivered to Mobile number and e-mail address for verification. After completion of verification, an application reference number shall be delivered on the registered mobile number and email id of the applicant. An acknowledgement is issued to applicant in Form GST REG-02 electronically.
In part B of Form GST REG-01, application reference number needs to be specified. The form then needs to be filled and submitted after attaching required documents.
In case any additional information is required, Form GST REG-03 will be issued. Applicant has to respond in Form GST REG-04 with the required information within 7 working days from the date of receipt of Form GST REG-03.
If the information submitted is adequate and accurate and the details are satisfactory, the registration certificate (RC) in GST REG-06 for the principal place of business as well as for every additional place of business will be issued to the applicant.
Documents/Details required for GST Registration
PAN Card Copy
Copy of PAN of the Applicant
Identity Proofs, Address Proofs and Photographs of Promoters/Directors
Business Registration Proof
Proof of business registration such as Incorporation Certificate, Partnership Deed
Bank Account Statement
Bank Account Statement/Cancelled Cheque showing name of account holder, MICR code, IFS Code and bank branch details
Letter of Authorization
Letter of Authorization/Board Resolution for Authorised Signatory
Digital Signature of the Authorised Signatory
PAN of the deductor
PAN of the deductee.
Amount of taxes paid to the government.
Passport size photograph of the director(s)
- Who should get this registered?
Every individual, business or company that provides services or manufacturers or sell products will be required to register itself under GST so as to collect tax from customers and claim input tax credits of the taxes paid by them. The liability to get registered under GST arises after crossing the specified threshold under GST law.
- Why should you get this registered?
Person who doesn’t comply with the requirements of payment of taxes or short payment of taxes has to pay penalty of 10% of the tax amount due subject to a minimum of INR 10,000. If the payment has been deliberately avoided, penalty will be 100% of the tax amount due.
How StartUp Movers can help you?
HOW STARTUP MOVERS CAN HELP YOU?
- GST Registration.
- Computation of GST Liability.
- Assistance in Payment of GST.
- GST Return Filing.
- Obtaining Refund of GST.
- GST Advisory.
- Representation before GST Authorities
Frequently asked questions
Following people are liable to obtain GST Registration as per Section 22 of Central Goods and Service Tax Act, 2017:
- Suppliers engaged in providing taxable intra-state supply of goods or services or both, if the aggregate turnover exceeds INR 40,00,000 (w.e.f. 01 April 2019) in a financial year. The quantum of turnover is reduced to INR 20,00,000 for North-Eastern states, Jammu & Kashmir, Himachal Pradesh and Uttarakhand.
- Persons who were registered in the Pre-GST law.
- Person engaged in inter-state taxable supply of goods or services or both (No turnover limit as in case of intra-state supply).
- Casual Taxable Person and Non-Resident Taxable person engaged in taxable supply.
- Persons liable to pay tax under Reverse Charge Mechanism.
- Person who supplies goods, services or both through e-commerce aggregator.
- Person engaged in taxable supply of goods, services or both on behalf of another registered person, whether as agent or otherwise.
- Person engaged in supplying online information and database access or retrieval services from a place outside India to an unregistered person.
- Input Service Distributor.
- E-Commerce Operator.
Aggregate turnover includes the aggregate value of:
- All taxable and non-taxable supplies,
- Exempt Supplies, and
- Exports of goods, services or both of a person having same PAN
Aggregate turnover doesn’t include the value of supplies on which tax is levied on the reverse charge basis and value of inward supplies.
A person having multiple business verticals in a State may obtain a separate registration for each business vertical, subject to certain conditions.
It means a person who occasionally undertakes transactions in a taxable territory where he has no fixed place of business.
It is an office meant to receive tax invoices towards receipt of input services and further distribute the credit to supplier units proportionately.
Small business having annual turnover less than INR 1.5 crores (INR 75 lakhs for North-Eastern States) can opt for Composition Scheme. Composition dealers will pay nominal tax rates basis the type of business. Benefits available to them include:
- Required to file only one quarterly return (instead of monthly returns filed by normal taxpayers).
- They cannot issue taxable invoices and are required to pay the tax out of their own pocket.
- They cannot claim Input Tax Credit.
A person who doesn’t have GST Registration can neither collect GST from his customers nor claim any input tax credit of GST paid by him.
Every person who is liable to take a registration will have to get registered separately for each of the states where business operations are located.
The registration certificate once granted is permanent unless surrendered, cancelled, suspended or revoked.
A taxable person residing outside India and coming to India to occasionally undertake the transaction in the country but has no fixed place of business in India.
All businesses that successfully register under GST are assigned a unique Goods and Services Tax Identification Number also known as GSTIN.