GST Registration
Any business offering sale of goods with annual turnover of INR 40 lakhs or Services with annual turnover of 20 lakhs would require the registration for GST and have a valid GST Number.
For certain businesses, registration under GST is mandatory irrespective of the annual business turnover - like Export and Import, E-commerce, Casual Dealers, and the Market Place Aggregator. These businesses units need GSTIN number.As per the recent notification, e-commerce sellers’ aggregators need not register if total sales are less than 20lakhs.
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Registration
GST Registration
India is an emerging and developing country (EDC) found in Southern Asia. India is the one of the fastest developing country in the world. GST means Goods and Services Tax is the biggest tax reform in 70 year of independence. It was launched at midnight of 30th June 2017 by Priminister Narendra Modi under 122nd Amen dent bill of the constitution. Prime Minister Modi said one Nation one tax that is good and simple tax.
What is the need of GST?
The need for GST in Indian Taxation system will add value at each stage and will set off the rates both at the state and central level. Introducing GST, will increase the efficiency of taxation, improves the economic growth and it will bring whole nation to one national market. Because of GST tax structure will be simple. And Tax revenue will increase.
The end user that consumes any goods or services pays the GST.
Who needs a GST Registration?
Every business or corporation that is involved in the buying and selling and good of services has to register for GST. It is mandatory for companies whose turnover is more than RS. 20lakhs and 40lakhs yearly to register for a GST.
All business making interest able outward supplies if goods have to register for a GST too. The applies to business making taxable supplies on the behalf of other taxable persons, example agents and broken.
Components of GST
India is federal structure government. However, the introduction of GST brought about a major amendment which gave power to center and state to levy taxes on the supply and consumption of goods and services. GST is multi-staged.
Under the dual model, GST will have the following three components.
These are categorized of GST that is charged by central and state governments on the basis of supply and consumption.
- CGST central GST
- SGST state GST
- IGST integrated GST
What determines which category of GST is applicable?
Before you apply a different type of GST,you should have a clear cut idea about transaction whether particular transaction that is the moment of goods and services between one state to another state or within the same state based on that we will decide which type of TAX is applicable i.e. which GST is applicable.
Documentation
Mandatory documents for online GST registration
For Proprietorship
For LLP (Limited Liability Partnership)
LLP Agreement
Partner’s names and address proof.
For Private limited company
PAN card of company
Articles of Association, AOA
Memorandum of Association, MOA
Resolution signed by board members
Identity and address proof of directors
Digital signature
The following can be shown as proof of address director/ Partner/ Proprietor
PassportVoter Identity Card
Adhar card
Ration card
Telephone or electricity bill
Driving license
Bank account statement
Add what works as identity proof, one can use a PAN card, Aadharcard as identity proof, for address proof, any of the director’s can show their voters ID, Passport, telephone bill, electricity bill and telephonic bill.
Who
Who should register for GST?
- Individuals register under the Pre-GST law
- Business with turnover above threshold limit of Rs. 40 Lakhs (Rs 10 Lakhs for North-Eastern states, J&K, Himachal, Uttarakhand.
- Casual taxable person / Non Resident taxable person
- Agents of suppliers& input service distributor
- hose playing tax under the reverse charge mechanism
- Person who supplies via e-commerce aggregator
- Every e-commerce aggregator
- Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registration and taxable person.
Preparation
Preparation of GST application
One of our GST representatives will collect all the required documents and process the GST application through the online platform
Application Filing
GST Registration Certificate
Penalties for Failure to GST Registration
Voluntary Registration under GST (for Companies with a Turnover below Rs.20 Lakhs)
Any small business with turnover less than 20 lakh can voluntarily register for GST even though it is not compulsory by law.
Voluntary GST registration has its own advantages and some of them are:
Take input credit
In GST, there is a flow of input credit right from manufacturers of the goods till the consumers, across the country. Input credit means a taxpayer while paying tax on output can deduct the tax that has already been paid on inputs and pay only the remaining amount. Voluntarily registered businesses can increase their margins and profits through this.
Do inter-state selling with no restrictions
SMEs can increase the scope of their businesses and find prospective customers and explore online platforms
Register on e-commerce websites
SMEs can widen their market by registering through e-commerce sites.
Have a competitive advantage compared to other businesses.
Accounting
Accounting part of GST
Who must maintain account under GST?
It is the responsibility of following person to maintain specified records
- The owner
- Operator of warehouse or godown or any other place used for storage of goods
- Every transporter
Every registered person whose turnover during financial year exceeds the prescribed limit (2 crore) will get his account audited a character accountant or a cost accountant.
For all the organization and traders those are involved in goods and service transaction they has to maintain different accounts important accounts apart from the regular accounts.
The trader has to maintain the following accounts like purchases a/c, sales a/c, stock a/c, cash a/c etc.
- Input CGST a/c
- Output CGST a/c
- Input CGST a/c
- Output CGST a/c
- Input IGST a/c
- Output IGST a/c
- Electronic cash ledger (to be maintained on Govt. GST portal to pay GST)
Process
What is the GST Registration process?
The process of getting registered in the GST potrtal for getting GSTIN number is GST registration. GST registration usually takes between 2-4 working days. We’ll help you to register for GST.
For registration we have to visit the site www.gst.gov.in
The registration of GST is quite easy and simple divided into two parts
PART A of registration
PART B of registration
In PART A of registration you need to confirm few tax pays
- STATE
- DISTRICT
- LEGAL NAME OF THE BUSINESS
- PAN NUMBER
- EMAIL IP
- MOBILE NO
After one confirming these 6 fields you need to click on submit. Submit the GST network system will generate 2 individual OTP’S one send to mobile and email id. You need to confirm these two things. If your legal name of the business and the pan card details as per CBDT (Central board of director taxes)
Automatically that will generate a TRN number. TRN number stands for a temporary reference number. And it is valid of next 15 days. By using these TRN number you need to login to PART B of registration. In the PART B of registration you need to fill total few pages.
The pages are like a
- Business details
- Promotional partner
- Authorized signatory
- Principle place of business
- Additional place of business
- A goods and services
- Bank details
- Professional tax registration
- Verification
- There is actually 8 pages are mandatory to be filled.
GST registration application
GST registration is a tedious 11 step process which involves submission of many business details and scanned document. You can opt for Vyapar Formations Goods And services Tax (GST) Registration services where GST expert will assist you, end with GST registration.