GST Registration
GST (Goods and Services Tax) registration is mandatory for businesses in India engaged in the supply of goods or services with an annual turnover exceeding the prescribed threshold limits. GST has replaced several indirect taxes levied by the central and state governments, streamlining the taxation system. Here’s an overview of the GST registration process in India:
Documents Requires For GST Registration
- PAN Card of the Business or Applicant
- Identity and Address Proof of Promoters
- Address Proof for Place of Business
- Bank Account Proof
Packages
- GST Registration Certificate
- Creation and handover
- User ID and password for GST Portal
- GST Registration Certificate
- Creation and handover
- User ID and password for GST Portal
- Eway Bill User ID and password
- Dedicated GST Support for three Month if GST returns are Nil value.
- GST Registration Certificate
- Creation and handover
- User ID and password for GST Portal
- Eway Bill User ID and password
- Dedicated GST Support
GST Compliance for One Financial Year
GST Registration
GST (Goods and Services Tax) registration is mandatory for businesses in India engaged in the supply of goods or services with an annual turnover exceeding the prescribed threshold limits. GST has replaced several indirect taxes levied by the central and state governments, streamlining the taxation system. Here’s an overview of the GST registration process in India:
1. Determine Eligibility
Businesses engaged in the supply of goods or services with an annual turnover exceeding the prescribed threshold limits are required to register for GST. The threshold limits vary based on the type of business and location.
3. Online Registration
GST registration is done online through the GST portal (gst.gov.in). Visit the portal and navigate to the ‘Services’ > ‘Registration’ section to initiate the registration process.
5. Upload Documents
Upload the scanned copies of the required documents as per the specifications provided on the GST portal. Ensure that the documents are clear and legible.
7. Processing of Application
The GST authorities review the application and documents submitted. If any discrepancies are found, the applicant may be asked to provide additional information or clarification.
9. Commencement of Business
Once GST registration is obtained, the registered entity is required to comply with GST laws, including filing GST returns, collecting GST from customers, and claiming input tax credits on eligible purchases.
2. Gather Required Documents
Before initiating the registration process, gather the necessary documents, including:
-
- PAN (Permanent Account Number) of the business entity
- Proof of business registration (e.g., partnership deed, certificate of incorporation)
- Address proof of the principal place of business
- Bank account details
- Authorized signatory details (e.g., PAN, Aadhaar, photograph)
4. Fill Application Form
Fill the GST registration application form (GST REG-01) with accurate details regarding the business entity, business activities, partners/directors, and other required information.
6. Verification of Application
Once the application form and documents are submitted, a verification process is initiated by the GST authorities. An ARN (Application Reference Number) is generated and sent to the registered mobile number and email address.
8. Issuance of GST Certificate
Upon successful verification, the GST registration certificate (GST REG-06) is issued electronically. The certificate contains the GSTIN (Goods and Services Tax Identification Number), which serves as a unique identification number for the registered entity.
10. Renewal and Compliance
GST registration is valid for a specified period, after which it needs to be renewed. Additionally, the registered entity must comply with GST laws and regulations, including filing GST returns on time and maintaining proper records.
It’s advisable to seek guidance from a tax professional or chartered accountant to ensure compliance with GST laws and regulations and to facilitate a smooth registration process.
Frequently Asked Questions
What is GST ?
GST stands for goods and service tax. it is an indirect tax which has to be collected from customers when you sell your goods or services and required to be submitted to the government
When is GST registration mandatory?
It is mandatory to get GST registration under-
If your annual turnover exceeds INR 40 Lacs* or
If you are doing inter-state sales or
If you are selling products online through e-commerce portal or
If you are into the import or export business
If you want to raise a tax invoice for your customers
If business participating in exhibition/event outside the State as Casual Taxable Payer
*In case of North Eastern States, an annual turnover threshold limit is INR 20 Lakhs
Can I be voluntarily registered under GST?
Yes, you can voluntarily get Registered under GST even if your annual turnover does not exceed the threshold limit (40/20 Lacs).
Registering under GST not only helps you in getting your business recognized as a legal registrant but also help you avail various benefits like avail to raise GST Invoice, avail input tax credit, and much more.
When a business needs multiple GSTINs?
A business needs to get more than one GST number if,
A business entity is supplying goods & services from multiple States, then he/she mandatorily required to register under GST in different States.
Further, any business entity can get multiple GSTIN even if they are operating from a single State under multiple verticals to avoid accounting complexity between multiple businesses.
Illustration
XYZ Private Limited doing the business of selling merchandise and also doing the business of selling software from Bangalore only. Still, a company can apply for multiple GST numbers for their different business domain.
If you are supplying goods and services from one state to all over India. You do not need multiple GST Certificates.
Is there any penalty for not registering under GST?
If any business entity mandatorily required to register under GST, however, failed to apply or intentionally ignoring the same then business is liable to pay the penalty of 100% of the tax due or INR. 10,000 whichever is higher
What are the details and documents required for GST registration?
The documents required depends upon the type of business you are running as. Following below documents required for GST Registration: –
Passport Size Photograph
Aadhar card or Passport or Driving License
Pan card of business entity
Address proof of business premises
Bank Statement or Cancel cheque or Passbook
ADDITIONAL DOCUMENTS FOR PRIVATE LIMITED COMPANY /LLP /OPC / PARTNERSHIP FIRM
Certificate of Incorporation in case of Company, OPC or LLP
Partnership Deed in case of partnership firm
What is GSTIN?
GSTIN stands for Goods and Service Tax Identification Number consists of 15 digits. This will be get generated from government end when you have successfully applied for GST registration.
First 2 digit denotes represent State in which business registered under GST
Next 10 Digits denotes PAN of business entity
13th digit denotes the number of businesses located in the same state
Last two digits are randomly generated.
How much GST rate will apply to my business?
GST rate varies from nature of goods/services you are selling; it ranges from 0% to 28%. To find out GST rate on your business download our GST guide from above
