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Online GST Registration Service - Simplifying Your Tax Compliance Journey!
The introduction of GST in India's tax system has been a game changer in the Indian tax regime, eliminating the old multi-layered tax system. GST registration is a post-registration compliance for the business entities registered in India. The registration process includes several key steps, starting with finding the type of GST registration needed, finishing an e-learning course to understand GST laws, and sending the application through the GST website. Businesses must provide important papers such as PAN, Aadhaar, proof of business registration, and bank account information to finish the registration process properly.
Upon successful filing of the application, businesses await the handling of their GST registration, which may involve additional scrutiny through an audit review. Once accepted, the business gets a GST registration number and an effective date of registration, marking the start of charging and receiving GST on taxable goods.
Benefits of GST Registration
1. Eligibility for Input Tax Credit (ITC)
One of the most significant benefits of GST registration is the ability to claim Input Tax Credit (ITC). ITC allows businesses to set off the GST they pay on purchases (raw materials, equipment, services) against the GST they collect on sales.
For instance, if you buy materials for Rs. 1,00,000 and pay Rs. 18,000 as GST, and later sell the finished product for Rs. 2,00,000 and collect Rs. 36,000 GST, you can deduct the Rs. 18,000 paid on your purchases from the Rs. 36,000 you collect on sales; thus, you pay only Rs. 18,000 to the government.
2. Increased Business Credibility and Trust
Many businesses, especially in B2B transactions, prefer dealing with GST-registered entities. GST registration can give your business credibility and instil trust in your customers, suppliers, and investors.
3. Access to Government Tenders and Contracts
Most government contracts, tenders, and projects require the business to be GST-registered. This is especially true for public sector undertakings (PSUs) and government procurement processes. Without GST registration, your business would be ineligible to participate in most government tenders, which might limit growth opportunities.
4. No Restrictions on Inter-State Sales
Under the GST regime, businesses can conduct inter-state transactions without any limitations, provided they are registered under GST.
5. Easier Export of Goods and Services
Under GST, exports are zero-rated, which means that even a single tax is applied on goods or services sold outside India. If you are exporting goods or services, being GST-registered allows you to claim refunds on taxes paid on inputs, which helps reduce the cost of export operations. GST registration helps exporters claim refunds on unutilized input taxes paid on raw materials or services that are used in manufacturing goods or services for export.
6. Access to Various GST-Linked Schemes
Several GST-related schemes are available for small businesses. For example, Small businesses with a turnover of up to Rs. 1.5 crore can opt for the Composition Scheme under GST. This scheme gives the benefit of paying tax at a lower rate on their turnover without needing to maintain detailed records, making compliance easier.
7. Ease of Obtaining Loans and Credit
Banks and financial institutions prefer GST-registered businesses because, through GST registration, the banks and financial institutions can easily access the financial health of the business. This credibility allows the banks and financial institutions to advance loans to the businesses.
Requirements for New GST Registration
Businesses have to submit a number of crucial documents in order to register for GST in India and guarantee adherence to the Goods and Services Tax Act. A bank account statement or cancelled cheque with the account holder's name and IFSC code displayed, a digital signature, a letter of authorization or board resolution for the authorised signatory, the applicant's Permanent Account Number, Aadhaar card, proof of business registration or incorporation certificate, address and identity proof of promoters or directors with photographs, address proof of the place of business. All of these documents are essential for GST registration.
By furnishing these documents quickly and correctly, businesses can ease their GST registration process, receive their unique Goods and Services Tax Identification Number (GSTIN), and start their operations within the legal framework set by the GST laws in India.
Eligibility Criteria for Register a GST in India
GST registration is mandatory if the annual turnover of the business surpasses a certain threshold.
1. Threshold Limit for Annual Turnover
For Goods Suppliers:
- If the annual turnover of the business is more than Rs. 40 lakhs for businesses engaged in the supply of goods (except for special category states, where the limit is Rs. 20 lakhs).
- For businesses in hill states and northeastern states, the threshold limit is reduced to Rs. 20 lakhs.
For Service Providers:
- If the annual turnover of the business is more than Rs. 20 lakhs for businesses providing services (except for special category states, where the limit is Rs. 10 lakhs).
- For special category states (like Jammu & Kashmir, Himachal Pradesh, Uttarakhand, etc.), the limit is Rs. 10 lakhs.
For Special Category States in the North-Eastern Part of India
The threshold limit for turnover of the business in good supplies is more than Rs. 20 lakhs and for the business involved in services, the threshold limit is Rs. 10 lakhs.
2. Businesses Involved in Inter-State Supply of Goods or Services
If your business is engaged in the inter-state supply of goods or services (i.e., selling goods/services between two different states), GST registration is mandatory, regardless of turnover. For example, A business selling goods in Mumbai but sourcing them from Delhi must be GST-registered, as the supply is inter-state.
3. E-Commerce Operators and Aggregators
Any person or entity operating an e-commerce platform for the supply of goods or services (like Amazon, Flipkart, etc.) must register for GST.
4. Casual Taxable Person and Non-Resident Taxable Person
- Casual taxable persons are businesses that occasionally supply goods/services in a state where they do not have a fixed place of business (e.g., event organizers, traders at fairs or exhibitions).
- Non-resident taxable persons are those who occasionally carry out business in India but do not have a permanent establishment (e.g., foreign service providers).
5. Reverse Charge Mechanism (RCM)
- Businesses that are required to pay tax under the Reverse Charge Mechanism (RCM) must register for GST, regardless of their turnover.
- RCM applies in cases where the recipient of goods or services is liable to pay GST instead of the supplier (e.g., certain services like legal or transportation services).
6. Input Service Distributors (ISD)
If your business is acting as an Input Service Distributor (ISD), then you have to register for GST. An ISD is a business that distributes input tax credits to its branches or units.
7. Agents of a Supplier
If your business is acting as an Input Service Distributor (ISD), then you have to register for GST. An ISD is a business that distributes input tax credits to its branches or units.
8. Voluntary GST Registration
Even if the turnover of the business is below the threshold limit, you can still voluntarily register GST to avail of the tax benefits.
Required Documents for GST Registration in India
As part of the GST registration in India, certain papers should be provided to make sure that the Goods and Services Tax Act is followed. The most important documents needed to register for GST are:
- Permanent Account Number (PAN) Card: A person's PAN card is a basic record needed for GST registration. It also counts as a tax ID number.
- Aadhaar Card: Anyone who wants to register for GST needs to show proof of their name and address on their Aadhaar card.
- Proof of Business Registration: Whether it is a sole proprietorship or a private limited company, you have to present proof of registration of your business in order to register for GST.
- Bank Account Details: Bank account records or rejected cheques that clearly show the name of the account holder's name and IFSC code are mandatory for GST registration.
- Address Proof: Businesses need to give address proof of their place of business, which can include property tax records, power bills, ownership papers, or lease agreements.
These papers are important for finishing the GST registration process properly. Failure to provide these papers correctly and quickly can lead to delays in registration approval or possible fines for non-compliance. By sending these papers quickly and correctly, businesses can ease their GST registration process/
Checklist Before GST Registration
Ensure that you crosscheck the following checklist to obtain the Goods and Services Tax Identification Number (GSTIN):
- Verify Eligibility: Before starting the registration process, check the eligibility criteria for GST registration.
- Gather Required papers: Collect all required papers such as PAN card, Aadhaar card, business registration proof, bank account information, and address proof. Having these papers easily available simplifies the registering process and saves delays due to missing information.
- Fill out the Online Application Form: Complete the online GST registration application form correctly with all necessary information. Providing correct information ensures easy handling of the application and lowers the chances of refusal or delays.
- Submit the Application with Necessary Papers: Upload all necessary papers along with the application form on the GST site. Ensuring that all papers are properly filed improves the chances of a good registration process.
- Track Application status: Keep an eye on the status of GST application and stay informed about any changes or requirements needed.
- Get GST Number: After the successful application, business will receive its unique Goods and Services Tax Identification Number (GSTIN). This number is essential for doing the commercial transactions as well as filing tax records.
Online Process of GST Registration in India
In India, businesses must register for the Goods and Services Tax in order to follow tax rules. This detailed how-to guide will go over everything, from sending in your application to getting your Goods and Services Tax Identification Number:
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Access the GST Website:
Go to the "Services" section of the official GST website, then click " GST Registration" and then "New GST Registration."
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Create a TRN (Temporary Reference Number):
Enter your Permanent Account Number, email address, cell phone number, and registration location on Form GST REG-01. Validate PAN, cell phone number, and email through OTP to create a TRN.
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Submit Application with Documents:
Using the TRN, finish Part B of Form GST REG-01 by adding the necessary documents for example proof of business registration, address proof, bank account details, and other papers on the GST wesite.
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Receive Acknowledgement:
Upon submission of the application, an acknowledgement in Form GST REG-02 will be automatically generated.
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Verification and Approval:
The GST authority will study the application and papers within three days. If everything is in order, the registration will be accepted. The processing result is usually ready within 7-10 working days.
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Respond to Deficiencies:
In case of deficiencies or explanations needed, the officer may issue a warning in FORM GST REG-03. Respond with necessary information and papers in FORM GST REG-04 within 7 working days.
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Receive GST Registration Certificate:
Upon approval, a certificate of registration in Form GST REG-06 having the unique GSTIN will be given online on the site. The certificate is digitally signed or verified by the officer.
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GSTIN Generation:
The GSTIN is a 15-digit number containing a state code, PAN, business code, and a checksum character. This unique identity is important for making GST-compliant deals.
GST Compliance
Once a business gets GST registration in India, it is important to stick to legal requirements to ensure smooth operations within the Goods and Services Tax system. Compliance with GST rules includes several key aspects:
- File GST Return: Ensure that you regularly file monthly/quarterly returns (GSTR-1, GSTR-3B) for sales, purchases, and taxes paid/collected.
- Maintain Records: Maintain proper records for accounts and records of transactions, including invoices and receipts.
- Tax Audit: If the turnover of the business exceeds the prescribed limit, conduct tax audit as mandated under the CGST Act, 2017.
- Pay GST on Time: After the registration of GST, you have to pay GST dues n time on the basis of returns filed to avoid any penalties for delay in payments.
- Professional Tax: Pay professional tax if applicable.
Maintaining compliance not only ensures smooth business operations but also builds trust among partners and governmental bodies.
Renewal of GST
GST registration in India does not have a validity period for regular payers of taxes and stays valid unless canceled. However, for casual taxable persons and non-resident taxable persons, GST registration is given briefly with an expiration date. To renew GST registration and stretch its duration, temporary taxable persons or non-resident taxable persons can ask for an extension for a maximum of 90 days, which can be done only once.
The pre-conditions for asking for an extension include having a valid and active GSTIN, preparing the extension application before the end of the current registration, paying the expected tax bill in advance, and ensuring all returns are filed up to the date of the extension application.
The update process includes filing an online application through the GST site, giving business data, predicting income, paying the tax bill, and confirming the information provided. Once the application is accepted, a proof of registration with the longer expiration time will be given online on the site. It is important to meet with the renewal requirements to avoid any delays in business operations and to continue gaining from GST compliance.
Why Choose Kanakkupillai for Online GST Registration in India?
Kanakkupillai stands out as a preferred choice for companies seeking professional services in India due to several strong reasons. We have specialized experts including professional accountants, company secretaries, and tax advisers, who provide expert advice and support to clients.
Our team strives for the perfection that helps the businesses to receive personalized solutions as per their wants and goals. Kanakkupillai's dedication to employee training and development ensures that its team stays updated on the latest rules, laws, and technological advancements that constantly improve the services that we provide.
Additionally, our reasonable price system makes our services available to businesses of all kinds, including compliances post registration.
Choosing Kanakkupillai ensures not only compliance with tax laws but also access to a trusted partner for accounting, taxation, and business advice needs in India!
Frequently Asked Questions
What is the Registration of GST?
Registration of the GST is the technique by which an employer receives a unique Goods and Services Tax Identification Number after being enrolled under the GST Act.How to apply for GST Registration online?
To apply for GST Registration online, visit the official GST site, pick "New Registration," fill out Form REG-01 with needed information, share necessary papers, and await proof and approval.What are the qualifying factors for GST Registration?
Businesses with a yearly sales surpassing Rs. 40 lakhs (Rs. 20 lakhs in special category states) must register under GST. Other factors include inter-state taxed goods, e-commerce companies, and more.What papers are needed for GST Registration?
Documents typically required to complete GST Registration include PAN card, Aadhaar card, validation of business registration, address proof, bank account details, and additional information.What is the GST Registration process?
The process includes filling out the registration form online, adding necessary papers, approval by officials, and getting the Certificate of Registration with a unique GSTIN.How much are the GST Registration fees?
Under the GST law, there are no set fees for getting GST registration through the government site.Can I apply for GST if my income is below the threshold?
Businesses below the cutoff exemption limit are not needed to register under GST unless involved in specific activities like inter-state goods or e-commerce sales.Is GST Registration required for all businesses?
Businesses meeting the qualifying standards must register under GST to deal with tax rules and enjoy benefits like input tax credit.What are the perks of GST Registration?
Perks include compliance with tax rules, input tax credit claims, removal of cascading effects, higher government income, and more efficient tax processes.How often do I need to update my GST Registration?
In India, regular users do not need to update their GST registration as it has endless validity unless stopped or surrendered. Casual taxable persons or non-resident taxable persons may need to update their registration regularly based on specific conditions.We Provide Best Quality
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