Goods and Service Tax Registration
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What Is Goods and Service Tax?
Introducing Goods and Services Tax (GST) was touted as one of the biggest tax reform in the history of independent India. GST is an indirect system of taxation where the supplier of goods or services is required to collect GST from its customer and deposit the same with govt. In doing so the said supplier is allowed credit of input GST paid on purchases made.
GST is the only tax system with which a business has to get registered. There are three components of GST namely CGST (central good and service tax), SGST (state good and service tax) and IGST (integrated good and service tax). CGST and SGST are charged while providing intra state supplies and IGST is charged while providing inter state supplies.
GST has removed the cascading effect on the sale of goods and services which means GST regime has eliminated the tax on tax. Removal of the cascading effect has reduced the cost of goods.
GST is mainly technologically driven. All the activities from registration to return filing, application for refund to response to notice needs to be done online on the GSTN portal which is www.gst.gov.in This accelerates the processes and increase transparency.
When is Goods and Service Tax Registration Required?
Supplier of goods – 20 lakh
Supplier of services – 10 lakh
For Other States
Supplier of goods – 40 lakh
Supplier of services – 20 lakh
INTERSTATE SALE & EXPORTS
Before making any interstate sales (i.e. sale of goods or services from one state to another) or before making export sales out of India, it is mandatory to obtaing GST registration regardless of annual turnover of the business.
If you are planning to list your goods/ services on e-commerce portals like flipkart and amazon, it is mandatory for you to obtaing GST registarion regardless of annual turnover of the business. This is also because sellers on these portals sell goods out of state as well.
Even if you donot fall under any of the these category, you can still obtain GST registration if you voluntarly want to do so. Most buisneses do so in order to take input tax credit of GST paid on purchases which results in reducing the cost of those purchases.
Stepwise Proceedure For Goods and Service Tax Registration!
PAN validation and generation of TRN.
Uploading documents, filing and submiting the application, generating the ARN.
We get approval and GSTIN is ready with registration certificate.
Documents Required For Goods and Service Tax Registration!
(Scanned Copies Will Do)
FOR COMPANY/ LLP/ PARTNERSHIP FIRM
FOR PROPRIETORSHIP / INDIVIDUAL
Note: Formats required, if any, will be shared once above documents are received.
Frequently Asked Questions (FAQ’s)
Every Business shall apply for GST registration with in 30 days from the date on which it becomes liable for registration.
GST registration is granted for lifetime, it is canceled by GST department only in case of certain non-compliances. A compliant GSTIN will never be canceled by department, nevertheless the tax payer himself always has the option to surrender the registration.
Only ‘casual taxable person’, and ‘non-resident taxable person’ have a validity period fixed by department at the time of granting registration.
When a business entity operates from more than one state, then separate GST registrations are required to be obtained from each such state. For example a business having multiple branches in multiple states need to obtain GST registration in each such state. Also a business operating in multiple verticles/ domains with in the same state may also obtain seperate registration for all such domains if they want to.
Only in case of a proprietorship, brand name can be used as the trade name while applying for GST registration.
In other form of business like a company or LLP, name of such enity will be used as the trade name.
Yes. GST registration can be obtained on any type of property including residential property. If you have complete documents as mentioned above you may apply the registarion from any address.
In case of a company and LLP, DSC is mandatory for obtaining GST registration. For partnership and proprietorship, DSC is not required.
Yes. Even if there is no reportale transaction, NIL returns are required to be filled periodically. Delay in which, late fee will be levied by department.
Recently government has started accepted NIL returns via SMS making it easy to file NIL returns.
No. As per the GST law, it is an offece to collect GST if you are not registered.
In normal course, seller is required to collect GST from buyer and deposit the same with government. So while the tax is born by the customer, it is charged and paid by seller.
Under reverse charge mechanism liability of depositing the tax gets shifted to the buyer, in other words under RCM tax born as well as paid by buyer only.
While buyer is allowed to claim input tax credit of such tax paid under RCM mechanism, the tax liability of RCM is not allowed to be paid by adjusting input tax credit and is to be paid by hard cash.
HSN (Harmonised System of Nomenclature) is an internationally accepted product coding system. It depends on the annual turnover of the business, whether the HSN codes are required to be mentioned in sales invoices or not, the criteria is mentioned below:
Digits to be used Annual Turnover
Not required Nelow 1.5 crores
2 – digit code Between Rs. 1.5 crores to Rs. 5 crores.
4 – digit code Above Rs. 5 crores.
4 – digit code Import and Export of goods
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