ServicesGST Registration & Returns
dsaWho needs to take GST registration?
Any business aiming to sell goods or services lawfully and steer clear of tax issues must take note. If your annual turnover exceeds ₹40 lakhs for goods or ₹20 lakhs for services, it's advantageous to register for GST promptly. Failure to do so might attract unwelcome attention from tax authorities, resulting in requests for contributions to the government – a scenario best avoided unless you aspire to become the government's personal ATM machine!
Step into the dynamic realm of GST!
The Goods & Services Tax (GST), introduced on 1 July 2017, is applicable to all Indian service providers, traders, manufacturers, and even freelancers. GST represents a consolidation of various Central and state taxes, such as Service Tax, Excise Duty, CST, Entertainment Tax, Luxury Tax, Octroi, and VAT. For those with a turnover below ₹1.5 crore, a composition scheme offers the option to sidestep intricate GST procedures by paying a fixed rate based on turnover. GST is imposed at every stage of the supply chain, spanning from raw materials to the ultimate sale to the consumer, irrespective of the product's origin and destination. In essence, if you're vending tea from Darjeeling to someone in Kerala, the entire revenue is attributed to Kerala, not Darjeeling.
The Goods and Services Tax (GST) comprises three primary components: CGST, SGST, and IGST.
CGST is the tax imposed by the central government, while SGST is the tax component enforced by the state government. Both CGST and SGST are applicable to all entities for transactions transpiring within the state.
Conversely, the IGST component is levied by the central government when a transaction takes place between two states. Whether conducting business within a state's boundaries or across state lines, GST encompasses all scenarios!
To register for GST, businesses must furnish specific documents according to their entity type. The document requirements for various business structures are as follows:
For Proprietorship:
- PAN card and address proof of the proprietor.
For LLP (Limited Liability Partnership):
- PAN card of the LLP, LLP agreement, partners' names, and address proof.
For Private Limited Company:
- Certificate of Incorporation, PAN card of the company, Articles of Association (AOA), Memorandum of Association (MOA), resolution signed by board members, identity and address proof of directors, and a digital signature.
It's crucial to double-check the document requirements to avoid future complications and stress!
Acceptable Proofs of Address for a Director:
- Passport
- Voter Identity Card
- Aadhar Card
- Ration Card
- Telephone or Electricity Bill
- Driving License
- Bank Account Statement
For identity proof, PAN Card and Aadhar Card can be used. As for address proof, any director can present their voter's ID, passport, telephone bill, electricity bill, or telephone bill.
- Are you engaged in the sale of goods or services?
- Do your business activities involve taxable supplies?
- Are you managing an e-commerce platform?
- As a non-resident, do you periodically provide goods or services in India?
- Are you participating in the inter-state supply of goods or services?
- Do you function as an input service distributor or a casual taxable person?
- Have you transitioned from the previous tax regime to GST?
If any of these apply to you, then you need to register for GST services with the prescribed threshold limit of ₹20 lakhs for most businesses.
The GST Certificate stands as a crucial document, affirming the official registration of your business under the Goods and Services Tax (GST). It contains vital information such as your GST identification number, business name, and address, serving as a prerequisite for charging and collecting GST from your customers. Beyond its foundational role, this document holds the key to availing input tax credits, facilitating loan applications, and participating in tenders.
In essence, it's akin to a superhero's cape, albeit without the ability to make you fly – unless, of course, you operate in the aviation industry.
If you are involved in:
- Selling goods or services
- Making taxable supplies
- Operating an e-commerce platform
- Infrequently providing goods or services in India as a non-resident.
- Involved in the interstate provision of goods or services.
- Functioning as an input service distributor or a casual taxable person
- Migrating from the old tax regime to GST
Then, registering for GST is imperative, with the prescribed threshold limit typically set at ₹20 lakhs for most businesses.
GST return filing stands as an essential procedure wherein registered taxpayers provide the government with comprehensive information on their sales, purchases, and the corresponding taxes paid. This process is mandatory for all GST-registered taxpayers in India, irrespective of the scale of their sales or purchases during the filing period.
Essential Components for GST Return Filing:
- Output GST (On sales)
- Sales
- Input tax credit (GST paid on purchases)
- Purchases
To complete the GST return filing, it is imperative to have GST-compliant sales and purchase invoices attached, ensuring accuracy and compliance with regulatory requirements.
- Invoice issued to person with B2B or GSTIN invoice
- Invoice issued to person without B2c or GSTIN invoice
- This needs to be submitted only when its total value is above ₹2.5 lakhs
- A consolidation of inter-state sales
- HSN-wise summary of all goods sold
- Any other debit or credit notes or advance receipts
FAQ's
There are four GST types with different taxation rate, namely
- Integrated Goods and Services Tax (IGST)
- State Goods and Services Tax (SGST)
- Central Goods and Services Tax (CGST), and
- Union Territory Goods and Services Tax (UTGST)
Here are the steps to download the GST registration certificate:
- Login to the GST portal
- Go to ‘Services’ > ‘User Services’ > ‘View/ Download Certificate
- GST registration certificate
- Click on the ‘Download’ icon
- Open the downloaded PDF file document and take a print
- Display the printed certificate prominently at all your places of business in the State or UT.
Listed are the benefits of GST registration:
- Eliminates tax cascading
- Allows for the composition scheme for small businesses
- Simple online procedure
- Clear treatment for e-commerce operators
- Reduces compliance requirements
- Enhances logistics efficiency
- Regulates the unorganized sector under GST.
Yes, GST doesn’t discriminate, it covers everyone! Whether you’re a service provider, a manufacturer, or trader, GST is must! It even extends its loving arms to dealers, bloggers, writers, import-export businesses, startups of all shapes and sizes, and even those entities like LLPs, proprietorships, partnerships, and private limited companies. No one can escape the mighty grasp of GST!
GST registration usually takes between 5-7 working days.
Yes, but only if you’re operating in multiple states!
If a business spreads its wings across multiple states, it must spread its GST registrations too. Each state demands its own GST registration.
It’s a state-by-state affair, my friends!
You can opt for voluntary GST registration, even if your annual turnover does not surpass the threshold limit of 40/60 lakhs. By registering, you gain recognition as a legal entity and access various benefits, including issuing GST invoices and claiming input tax credits. Don’t miss out on these advantages – seize the opportunity to register for GST today.
Businesses engaged in the sale of goods must register as a normal taxable person if their turnover exceeds ₹40 lakhs (₹20 lakhs for north-eastern and hill states). Service providers, on the other hand, need to register if their turnover exceeds ₹20 lakhs (₹10 lakhs for north-eastern and hill states).
Some of the important documents required for GST registration are:
- PAN card
- Aadhaar card
- Proof of business address
- Proof of constitution of business
- Passport-size photograph
- ID and address proof for all directors with photographs
- Authorisation details
- Bank details
- Board resolution
The composition scheme was introduced to ease the compliance burden for small taxpayers. It enables them to file quarterly returns instead of monthly returns. Taxpayers with an aggregate turnover below 1.5 crores are eligible to opt for this scheme.
There are four GST types with different taxation rate, namely
- Integrated Goods and Services Tax (IGST)
- State Goods and Services Tax (SGST)
- Central Goods and Services Tax (CGST), and
- Union Territory Goods and Services Tax (UTGST)
Here are the steps to download the GST registration certificate:
- Login to the GST portal
- Go to ‘Services’ > ‘User Services’ > ‘View/ Download Certificate
- GST registration certificate
- Click on the ‘Download’ icon
- Open the downloaded PDF file document and take a print
- Display the printed certificate prominently at all your places of business in the State or UT.
Listed are the benefits of GST registration:
- Eliminates tax cascading
- Allows for the composition scheme for small businesses
- Simple online procedure
- Clear treatment for e-commerce operators
- Reduces compliance requirements
- Enhances logistics efficiency
- Regulates the unorganized sector under GST.
Yes, GST doesn’t discriminate, it covers everyone! Whether you’re a service provider, a manufacturer, or trader, GST is must! It even extends its loving arms to dealers, bloggers, writers, import-export businesses, startups of all shapes and sizes, and even those entities like LLPs, proprietorships, partnerships, and private limited companies. No one can escape the mighty grasp of GST!
GST registration usually takes between 5-7 working days.
Yes, but only if you’re operating in multiple states!
If a business spreads its wings across multiple states, it must spread its GST registrations too. Each state demands its own GST registration.
It’s a state-by-state affair, my friends!
You can opt for voluntary GST registration, even if your annual turnover does not surpass the threshold limit of 40/60 lakhs. By registering, you gain recognition as a legal entity and access various benefits, including issuing GST invoices and claiming input tax credits. Don’t miss out on these advantages – seize the opportunity to register for GST today.
Businesses engaged in the sale of goods must register as a normal taxable person if their turnover exceeds ₹40 lakhs (₹20 lakhs for north-eastern and hill states). Service providers, on the other hand, need to register if their turnover exceeds ₹20 lakhs (₹10 lakhs for north-eastern and hill states).
Some of the important documents required for GST registration are:
- PAN card
- Aadhaar card
- Proof of business address
- Proof of constitution of business
- Passport-size photograph
- ID and address proof for all directors with photographs
- Authorisation details
- Bank details
- Board resolution
The composition scheme was introduced to ease the compliance burden for small taxpayers. It enables them to file quarterly returns instead of monthly returns. Taxpayers with an aggregate turnover below 1.5 crores are eligible to opt for this scheme.
After successfully completing the GST registration process, you will receive a GST registration certificate and a valid GSTIN. This enables you to claim input tax credit and start filing GST returns.
If you prefer, we can handle your GST filings, making the process easy and convenient, just like the registration process.
Maximum of 30 days from the date on which they become liable to register.
No. A person without GST registration cannot claim input tax credit for the GST paid by them or collect GST from their customers.
No, GST is not charged on exported goods and services. Since GST is a tax based on consumption, and in the case of exports, the goods/services are not consumed in India, they are not subject to taxation.
Yes, it is mandatory for e-commerce operators but the threshold limit doesn’t apply to them.
- Yes, If a business spreads its wings across multiple states, it must spread its GST registrations too. Each state demands its own GST registration.
- The same goes for two states.
The new registration application form includes an online utility for selecting the HSN Code in the Goods and Services section. You can easily find the HSN Code by typing the product name or code in the search field. A dropdown menu will appear with relevant options, allowing you to select the appropriate chapter and product. The HSN Code will be automatically populated in the application. You can repeat this process for multiple goods if needed.
Yes, a PAN card is mandatory for GST registration. However, the TDS registration which is possible through TAN.
Under a single GST registration, it is possible to register multiple businesses, as long as they are located in the same state.
However, it is important to note that you cannot use two different trade names for these businesses under the same registration.
If your GST registration application is rejected, you will have an opportunity to respond to the rejection letter and address any issues. However, if you choose to submit a new application, you will need to wait for a final rejection, which typically takes around 10 days.
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