GST Registration
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What is GST registration?
The government of India reforming the existing tax mechanism and abolish the previous various tax laws like excise duty, Vat, Service Tax, Octory, entry tax etc. in one tax i.e. Goods & Service Tax w.e.f. 01.07.2017. This concept is introduce by government as “One Tax One Nation.”
GST Registration means getting registration of business under Goods & Service Tax Act, 2017.
Who is required to get GST registration?
-
Exceed the threshold limit: If the business sale or turn over is exceed the minimum threshold limit
(a) For Trading or manufacturing business INR 40 Lakh**
(b) For Service providers INR 20 Lakh**
**The threshold limit is INR 10/20 lakh for some North-Eastern states. - Casual Taxable Persons: Person who have been charged GST casually like participating in an exhibitions, fare etc. where he is not having a permanent place of business.
- Non-resident Indian (NRI): Non-resident person of India starting a business in India are required to get GST registration mandatory.
- Input Tax Distributor: Input Tax distributors are required to get GST registration mandatory to distribute the Input Tax.
- E-commerce Operators: Like Amazon, Flipkart, Uber, Ola etc.
- Person’s selling the goods or services through E-commerce operators.
- Under reverse charge mechanism: If you are fall in a category where the GST payable under RCM basis you are required to get GST registration.
- Outside India online service providers: If you are selling your services, software etc. in India from out of India you are required to get mandatory GST registration in India.
What is penalty for not getting the GST Registration?
- If you are required to get GST registration and you are failed to obtain the GST registration the GST department may charged a penalty of upto 100% of Tax liability subject to minimum of INR. 10000/-
- Hence, we are recommended to get your business GST registration timely as per provisions.
Can I get GST registration voluntary?
- Yes, you can also get your business registered under GST voluntary basis also.
Benefits of GST registration
STEP 1
Sales area: After getting GST registration you are eligible to sale your goods or services in anywhere across India.
STEP 2
Input Tax Credit: After getting GST registration you are eligible to book input tax credit on your purchases and also eligible to transfer the input tax credit to your customers/ buyers.
STEP 3
E-way bill: After getting GST registration you will also eligible to generate the E-way bill for transportation of your goods without any interruption of tax authorities at state border.
STEP 4
Legal identity of your business: The GST registration certificate will give your business a legal identity.
STEP 5
Selling through e-commerce operators: After getting the GST registration certificate you can also eligible to sell your goods or services through e-commerce operators like Flipkart, Amazon etc.
STEP 6
Open a current account: You can open a current bank account in the name of your entity with any bank through GST registration certificate.
STEP 7
Eligible to participate in Tenders: In the government or other companies, PSU’s tender they required a GST registration certificate of bidder, after getting the GST registration certificate you are also eligible to participate in these tenders.
DISADVANTAGE OF PARTNERSHIP FIRM
- Sales area: After getting GST registration you are eligible to sale your goods or services in anywhere across India.
- Input Tax Credit: After getting GST registration you are eligible to book input tax credit on your purchases and also eligible to transfer the input tax credit to your customers/ buyers.
- E-way bill: After getting GST registration you will also eligible to generate the E-way bill for transportation of your goods without any interruption of tax authorities at state border.
- Legal identity of your business: The GST registration certificate will give your business a legal identity.
- Selling through e-commerce operators: After getting the GST registration certificate you can also eligible to sell your goods or services through e-commerce operators like Flipkart, Amazon etc.
- Open a current account: You can open a current bank account in the name of your entity with any bank through GST registration certificate.
- Eligible to participate in Tenders: In the government or other companies, PSU’s tender they required a GST registration certificate of bidder, after getting the GST registration certificate you are also eligible to participate in these tenders.
Documents required
| Document Type | TYPE OF ENTITY | |
Proprietorship | Partnership Firm/ Company, LLP or other | ||
1. | PAN CARD | PAN Card of proprietor | PAN card of entity |
2. | Aadhar Card | Of Proprietor | Of partner/ director |
3. | Photo | Of Proprietor | Authorised Person |
4. | Address Proof | Electricity/ utility bills and consent of land lord or rent agreement or other property document etc. | |
5. | Registration Certificate or Partnership/ LLP Deed etc. | N.A. | For company: Certificate of incorporation, MOA, AoA For Partnership: Deed |
6. | Board Resolution/ Authorisation Letter | N.A. | Applicable |
What kind of compliance are required after GST registration
- After getting GST registration the registered person required to file applicable GST return on timely to avoid any interest, late fee, penalties etc.