GST Registration in India
The process by which businesses or people register the Goods and Services Tax Network (GSTN) according to the GST Act is known as GST (Goods and Services Tax) registration in India.GST obviates several other indirect taxes that are lewied by the union and state governments on the supply of goods and services all over India. It is a comprehensive indirect tax.
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INTRODUCTION
What is GST Registration?
A notable change in the policy driving force of indirect taxation came after the introduction of the Goods and Services Tax method of tax collection by a single tax. The Goods and Service Tax Laws have changed the landscape of the taxation of goods and services to a single statute. The most prominent among all of them is the CGST and SGST tax rates by the way. Through the central government’s CGST and IGST and the state government’s SGST, the earning gets distributed.
Threshold Limit for Registration
Depending on the revenue or activity criteria, business organizations must register under the GST. Businesses who trade in commodities or provide services and have annual gross receipts above Rs. 40 lakhs or Rs. 20 lakhs, respectively, are required to register for GST registration. However, the same is Rs. 20 lakhs and Rs. 10 lakhs, respectively, for businesses in the North Eastern States that manufacture supplies and offer services. Due to its advantages, a lot of sellers also choose to voluntarily register under the GST.
In India, registering for GST is only done online. Input Tax Credit flow is validated by GST registration, which also grants recognition as a registered supplier.
ADVANTAGES
Advantages of GST Registration in India
Input tax credit and lower cost
The provider of goods or services may claim credit for the GST paid to the prior supplier with regard to business operations once he has gained registration under the GST. The price of supplies is lowered by the reduced cost of inputs. The ITC may also be transferred to customers by the registered GST provider.
Simplified and permanent registration
The help of LW specialists streamlines the online registration procedure. The applicant receives a certificate including their GSTIN—GST registration number—once the registration procedure is complete. The registration that is issued is permanent and does not need to be renewed.
Legally recognized as Supplier
By registering under GST, either voluntarily or involuntarily, the seller can lawfully collect the taxes. Additionally, the credit may be transferred by the provider. Equal status and duties as taxpayers registered in accordance with obligatory requirements are likewise granted to voluntary registrants. The registrant is also able to provide pakka invoices to customers with the aforementioned registration.
Easy compliance requirements
Following registration, each registrant is required to fulfill compliance by filing returns on a regular basis. The GST regime streamlines these compliance obligations. Additionally, it is suggested to streamline compliance by filing several returns under a single return. In comparison to other taxpayers, a regular taxpayer would have a better GST Compliance grade.
A LIST OF DOCUMENTS
Documents Required for GST Registration
Digital Signature
DSC of Directors or Partners, only for LLPs and Companies
Photograph
A copy of the proprietor, partners, and directors' passport-sized photo
Entity’s PAN Card
A duplicate of the corporate entity's PAN card
PAN & Aadhar Card
A copy of the proprietor, partner, or director's Aadhar card
Business Address Proof
Current utility bill, any tax paid bill, and a copy of the municipal Khata
Rent Agreement
A permission letter suffices if the space is rented; otherwise, a rent agreement is required.
Bank details
A copy of the most recent bank statement, a voided check, or the first page of a passbook
Certificate of Registration
The entity must provide a registration certificate together with the relevant partnership deed, LLP agreement, or memorandum of agreement.
Structure of GSTIN
The 15-digit Goods and Services Taxpayer Identification Number (GSTIN), which is based on PAN, is given to taxpayers who have registered for GST.
First Two Digits
These numbers stand for the State Code.
Fourteenth Digit
Z is the alphabet for every registrant.
Next Ten Digits
These numbers represent the corporate entity's PAN.
Fifteenth Digit
Automatically produced alpha check digit
Thirteenth Digit
It is the quantity of registrations in a given State.
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Apply for GST Number in 3 Easy Steps
1. Respond to Quick Questions
- Select the Package that most closely matches your needs.
- Our questionnaires take less than ten minutes to complete.
- Give the essential information and paperwork needed to convert a proprietorship to a partnership.
- Pay using a safe and secure payment gateway.
2. Professionals Can Help You
- Dedicated Relationship Manager
- Gather the necessary paperwork.
- completing the GST application and submitting it
- submitting the required signed paperwork to the GST Department
- allocation of a long-term GST
3. Your GST Registration is done!
- All it takes is 4 – 6 working days*
Process for GST Registration
Day 1
- Advice on the GST requirements
- gathering of essential data and paperwork
- Getting the necessary paperwork ready
- If necessary, provide papers for the applicant's signature.
Day 2 - 3
- Getting the online application ready
- submitting an application for registration
Day 4 onwards
- Time spent by the government processing
- Certificate of GST Registration*
Explore GST Registration in India
Frequently Asked Questions
The general requirements for required registration are as follows:
If, in the relevant financial year, the total business turnover surpasses ₹ 40 Lakh or ₹20 Lakh, respectively, in the event of businesses selling goods or offering services (the threshold for North-eastern States is ₹ 20 Lakh or ₹ 10 Lakh, respectively).
Non-resident taxable person or casual taxable person
Supplier agents and input service distributors (ISDs);
electronic commerce aggregators;
suppliers using e-commerce platforms
There are additional requirements when registration is required in addition to the ones listed above. In addition to being required, voluntary GST registration is also an option.
- In the state from where the taxable products or services are delivered, the provider of goods and services must apply for GST registration, indicating the place(s) of business. The application of GST must be made from multiple locations when the business locations are spread throughout multiple states.
- No, one is not permitted to apply for more than one GST Registration. Whether operating under the same name or a different one, an individual must register for separate GST Registration in each state from where they are conducting business. The same holds true for someone who operates a business from multiple states while using the same PAN.
- Upon submission of an application for registration under the Goods and Services Tax Act, the competent officer will verify the application and if approved, issue a soft certificate of registration under GST copy will be provided.The applicant’s GSTIN is mentioned on the granted certificate as well.
- The GST Act defines a taxable event as the supply of goods and/or services, which includes transactions like the sale, transfer, barter, exchange, license, rental, lease, or disposal made, or agreed to be made, for a consideration of taxable goods or services.
