Our Hon’ble Prime Minister, i.e. Mr. Narendra Modi, started a new taxation era by launching the Goods and Service Tax (GST) model in India. It was an attempt to administer prices all over the country and also to remove both the central and state government taxes imposed on the goods and services. Further, all the indirect taxes imposed were removed by beginning a new epoch of GST registration.
According to the newly started GST regulation, all the businesses whose annual turnover exceeds the threshold of rupees twenty lakhs are needed to get their registration for Goods and Service Tax (GST) done like a normal taxable person. Further, the maximum threshold for mandatory registration is reduced to ten lakhs for both the North-Eastern and hilly states. Lastly, the procedure for apply to GST Registration.
Besides the prescribed bracket for annual turnover, there are certain cases the businesses must apply for GST registration. These businesses are those which are mainly engaged in some supply of some specific goods and services. Further, an individual can apply for GST registration of his business either as a normal taxable person or under the GST Composition Scheme.
The name Goods and Service Tax (GST) itself declares that it will apply to both the goods and services. Further, this model acts as a dual system, as it works for keeping both the state and central government independent of each other. Lastly, the GST council is chaired by the Union Finance Minister, and it also includes State Finance Ministers.
Advantages of GST Registration
- For Registered Businesses
- Avail ITC (Input Tax Credit)
- Interstate sales without restriction
- For Composition Dealer
- Limited Tax Compliance imposed
- High Working Capital
- Less Tax Liability
- Businesses that chose voluntary GST Registration
- Avail ITC (Input Tax Credit)
- Inter-state supply without any restriction.
- Easy process of registration through e-commerce websites
- Provides competitive advantage in comparison to other business
- Other GST Registration benefits
- Eliminates the cascading effect of tax
- Higher threshold limit prescribed for registration
- The Simple and easy registration process
- The Facility of Composition Scheme
- Less number of compliances
Who all require GST Registration in India?
- Existing Taxpayers
- New Taxpayers
- Casual Dealers
- Non-Resident Taxable person
Documents Required for GST Registration
- PAN card
- AADHAR Card, Voter ID, Driving License for the identity and address proof
- Partnership deed and registration certificates as proof for business registration
- AADHAR card, Phone bill, Utility bill, Electricity bill, Water bill, as address proof for the registered office
- Bank account details of the business
- Lease agreement or the rent agreement for the property used as the registered office.
Procedure for obtaining GST Registration
- Firstly, log on to the official website www.gst.gov.in to apply online.
- Next step is to click on the “service” which is shown at the top of the page, now click on “Registration” from the three options available “Registration”, “User Service” and “Payment”.
- Now select the option of “New Registration.”
- The next step is to fill in all the required details like the necessary details, business nature, and nature of the applicant like whether he is a taxpayer or a GST practitioner.
- Now fill in the particulars like legal name, location, PAN account, email address, contact number of the business. Further, all these details will be included in Part A of the form.
- Also, all the details and particulars will be verified and cross-checked by the website through an email for confirmation and OTP (One Time Password).
- Now submit all the necessary documents for registration. Further, Documents required vary as per the type and nature of business.
- Now submit the Part B of the form
- Finally, the applicant will get a reference number for the application submitted by way of the text message or an e-mail to confirm the successful submission of the form.
After the scrutiny and examination of the form and documents submitted, the GST officer will either approve or reject the concerned application based on the other required documents for GST approval.
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