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GST

GST stands for Goods and Services Tax, which was imposed on 1st July, 2017.

An indirect tax, is charged for the supply of services and goods in India.GST was imposed in order to ensure that the indirect tax mechanism gets a uniformity.

In the process, the GST eliminated the other indirect taxes like service tax, VAT and Excise duty, that were levied previously.

The ‚ÄėOne nation one tax‚Äô concept pushed the concept of GST.

When an applicant applies GST, the GST officer will verify the same, along with other mandatory documents.

After that, the GSTIN and GST registration certificate will be issued.

GST THRESHOLD

  • Regular Threshold: For most states and union territories, businesses with an aggregate turnover exceeding Rs. 40 lakhs in a financial year are required to register for GST.
  • Special Category States: For businesses operating in northeastern states and special category states (like Jammu and Kashmir, Uttarakhand, etc.), the threshold for GST registration is Rs. 10 lakhs in a financial year.
What is a GST Registration?

GST registration refers to the process of registering for the Goods and Services Tax (GST), which is a consumption tax levied on the supply of goods and services in many countries. Businesses are required to register for GST once their annual turnover exceeds a specified threshold set by the tax authorities.

The registration enables businesses to collect GST on their sales, known as output tax, and also allows them to claim a credit for the GST paid on their purchases, known as input tax. GST registration helps streamline the tax system and ensures that businesses contribute to the indirect tax system based on their turnover. It’s essential for businesses to comply with the registration requirements to avoid legal consequences.

Obtaining a GST registration is crucial for several reasons:

Legal Requirement: In many countries, businesses are legally obligated to register for GST once their turnover crosses a specified threshold. Failing to do so could lead to penalties and legal consequences.

Input Tax Credit: GST registration allows you to claim a credit for the GST paid on your business purchases. This helps in reducing your overall tax liability and improves the cash flow of your business.

Compliance: Registration ensures that your business is compliant with tax laws and regulations. It helps in avoiding legal issues and ensures a smooth operation without interruptions.

Market Access: Many businesses, especially those involved in interstate or international trade, require a GST registration to participate in the market. Buyers often prefer dealing with registered businesses for input tax credit benefits.

Business Growth: Being GST registered may enhance your business credibility and make it easier to establish partnerships or collaborations. It signals to customers and suppliers that your business is reputable and compliant with tax regulations.

Avoid Penalties: Failure to register for GST when required can result in penalties and fines. Being proactive and obtaining registration helps you avoid these financial setbacks.

In summary, GST registration is not just a legal requirement but also offers financial benefits and facilitates smoother business operations in the long run.

The need for GST registration depends on various factors, and it’s essential to check the specific regulations in your country. However, here are some common criteria that often require businesses to register under the GST Act:

Threshold Turnover: Many countries set a threshold turnover limit. If your annual turnover crosses this limit, you are typically required to register for GST. The threshold may vary between countries.

Interstate Transactions: If your business involves interstate transactions or supplies, you might need to register for GST, irrespective of your turnover.

E-commerce Operations: Businesses engaged in e-commerce activities, especially those facilitating the supply of goods and services online, may have specific GST registration requirements.

Mandatory Categories: Certain categories of businesses, regardless of turnover, may be required to register under the GST Act. This could include businesses involved in the supply of certain goods or services.

Voluntary Registration: Even if your turnover is below the threshold, you may choose to register voluntarily. This can be beneficial if you want to claim input tax credits or if it enhances your business credibility.

It’s crucial to consult with a tax professional or check the specific guidelines provided by the tax authorities in your country to determine whether your business needs to register under the GST Act. Failure to register when required may lead to penalties and legal consequences.

Turnover Threshold: Register when your yearly sales go above a set limit, but this limit varies by country.

Interstate Transactions: If you do business across borders, you might need to register, even with lower turnover.

E-commerce: If you sell goods or services online, there could be a requirement to register, regardless of turnover.

Mandatory Categories: Certain businesses must register, regardless of their sales volume, especially if they deal with specific goods or services.

Voluntary Registration: You can choose to register even if your sales are below the threshold. This might be beneficial for tax credits and credibility.

For accurate details, consult a tax professional or check your local tax authority’s guidelines.

You can apply for registration under the GST Act by following these steps:

  1. Visit the Government GST Portal (gst.gov.in).

  2. Fill in the requested details in Part-A of Form GST REG-01.

  3. Next, fill Part-B of Form GST REG-01 duly signed (by DSC or EVC).

  4. If additional information is required, Form GST REG-03 will be issued.

  5. Finally, after completion of all verifications and approvals, a certificate of registration in Form GST REG-06 will be issued to you by the department.

Alternatively, you can also refer to this guide for a detailed step-by-step process on how to register for GST online. The process is fully online and very simple and straightforward. You can also find information on the latest updates on GST registration on the same page.

Yes, you can apply for GST registration offline. You can download the GST offline tools from the GST portal and fill them offline. After filling them offline, you can upload them directly to the GST portal for completion of filing procedures online. The process is free and can be done even if you are not connected to the internet .

Please note that the offline registration process is only available for new GST registrations. If you are already registered under GST, you will have to file your returns online using the GST portal 

To register for GST, you need to provide certain documents and information. Here is a list of the documents that you will need to provide:

  • PAN card of the owner
  • Aadhar card of the owner
  • Photograph of the owner (in JPEG format, maximum size ‚Äď 100 KB)
  • Bank account details
  • Address proof

The documents required may vary depending on the type of business or the type of GST registration you wish to obtain .

If you don’t have a Permanent Account Number (PAN), you can apply for one online through the NSDL website. Once you have your PAN, you can proceed with the GST registration process as usual .

Alternatively, if you do not wish to apply for a PAN, you can still register for GST using your Aadhaar card. However, this option is only available for individuals who are not registered under any other tax laws and do not have a PAN

No, you do not need to submit any hard copies of documents for GST registration. The entire process can be completed online, and all documents can be uploaded in digital format.

Yes, you can submit the duly signed hard copies of the GST registration application via speed post or in person. However, please note that the entire process can be completed online, and submitting hard copies may result in delays in processing your application .

Once you have completed the registration process, you will receive a GST registration certificate in Form GST REG-06. The certificate is available for download only on the GST portal, and the government does not issue any physical certificate.

When applying for a new GST registration, you should select the state in which your principal place of business is located .

If you are unsure about the state code for your location, you can refer to the GST State Code List provided by ClearTax. The list provides unique codes assigned by the government to every state and Union Territory . You can also find information on the jurisdiction of your location on the same page.

Under the GST regime, Tax Deducted at Source (TDS) is required to be deducted at the rate of 2% on payments made to the supplier of taxable goods and/or services by certain notified persons under GST . The following entities are liable to deduct TDS under GST law:

  • A department or an establishment of the Central Government or State Government.
  • Local authority.
  • Governmental agencies.
  • Such persons or categories of persons as may be notified by the Government.

As per the latest Notification dated 13th September 2018, the following entities also need to deduct TDS:

  • An authority or a board or any other body which has been set up by Parliament or a State Legislature or by a government, with 51% equity (control) owned by the government.
  • A society established by the Central or any State Government or a Local Authority and the society is registered under the Societies Registration Act, 1860.
  • Public sector undertakings¬†.

To register as a Tax Deductor (TDS) or Tax Collector (TCS), you can follow these steps:

  1. Visit the GST portal.

  2. Fill in the required details in the registration application for Tax Deductor/Tax Collector.

  3. Submit the application online.

Once the application is submitted, you will receive an Application Reference Number (ARN) on your registered mobile number and email ID. You can use this ARN to track the status of your application on the GST portal .

If you are looking for more information on TDS and TCS, you can refer to this guide for a detailed explanation of the difference between TDS and TCS and their implications.

No, you do not get registered automatically after submitting the registration application along with the prescribed documents. The application will be forwarded to the proper officer who will examine the application and the accompanying documents. If the application and documents are found to be in order, the grant of registration will be approved within a period of 7 working days from the date of submission of the application .

If the application is found to be deficient, either in terms of any information or any document required to be furnished, or where the proper officer requires any clarification with regard to any information provided in the application or documents furnished therewith, he may issue a notice to the applicant electronically in FORM GST REG-03 within a period of seven working days from the date of submission of the application. The applicant shall furnish such clarification, information or documents electronically, in FORM GST REG-04, within a period of seven working days from the date of the receipt of such notice .

If the proper officer fails to take any action within the time limits specified above, the application for grant of registration shall be deemed to have been approved

Yes, you need to register separately in each state and appoint a person in each state/UT who will be liable to pay GST .

If you are an e-commerce operator registered as a TCS under the GST regime, you are required to collect TCS at the rate of 0.5% under CGST Act and 0.5% under SGST Act on the net value of taxable supplies made through your platform. In case of inter-state transactions, you are required to collect 1% (under IGST Act) on the net values of taxable supplies made through your platform