BASIC PLAN
GST REGISTRATION ONLINE :
o Aggregate Turnover: Under Goods And Services Tax (GST), businesses whose turnover exceeds the threshold limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh as the case may be, must register as a normal taxable person. It is called GST registration.
o Interstate Business: An entity should get GST registration, if they are involved in supplying goods from one state to another.
o E-commerce platform: Any individuals that supply goods or services through the E-commerce platform should get the GST registration.The individuals shall register under GST irrespective of the turnover. To commence with an E-commerce business it is necessary to obtain the GST registration.
o Casual taxable persons: An individual who is undertaking the supply of Goods or services seasonally or intermittently through a temporary stall or shop is required to get GST registration. Irrespective of the turnover the individual should apply for GST registration
o Voluntary registration: An entity can obtain GST registration voluntarily. After the recent revisions, voluntary GST registration can be surrendered by the applicant at any time.
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GST REGISTRATION ONLINE
- Goods and Services Tax is an indirect tax levied on the supply of goods and service.
- It is an Indirect tax which was introduced on July 1st 2017, to replace other Indirect taxes such as value added tax, service tax, purchase tax, excise duty.
- Any company that is eligible under GST must register itself in the GST portal created by the Government of India.
- For businesses, registration under GST is mandatory.
- If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.
- WHO NEEDS A GST REGISTRATION ?
- Aggregate turnover
- A service provider that is providing services valuing more than Rs.20 Lakhs aggregate in a year is needed to get GST Registration. Whereas an entity that is engaged exclusively in the supply of the goods whose aggregate turnover crosses Rs. 40 lakh is required to get GST registration. (Rs 10 lakhs for North Eastern States, J&K, Himachal Pradesh and Uttarakhand).
- Interstate Business
- An entity should get GST registration in India if they are involved in supplying goods from one state to another.
- E-commerce platform
- Any individuals that supply goods or services through the E-commerce platform should get the GST registration in India. The individuals shall register under GST irrespective of the turnover. To commence with an E-commerce business it is necessary to obtain the GST registration.
- Casual taxable persons
- An individual who is undertaking the supply of Goods or services seasonally or intermittently through a temporary stall or shop is required to get GST registration. Irrespective of the turnover the individual should apply for GST registration
- Voluntary registration
- An entity can obtain GST registration voluntarily. Earlier an entity that has a voluntary GST registration was not able to surrender GST registration for up to a year. After the recent revisions, voluntary GST registration can be surrendered by the applicant at any time.
- WHAT ARE THE COMPONENTS OF GST ?
- GST will have 3 tax components:
- CGST: (Central Goods and Services Tax) which includes a central component.
- SGST: (State Goods and Services Tax) which includes state component.
- IGST: (Integrated Goods and Services Tax ) Inter-state transactions to be levied by the centre, i.e. when a transaction happens one state to another.
- INPUT TAX CREDIT:
- Input tax credit lets you reduce your tax you have already paid on inputs and pay the remaining amount at the time of paying tax.
- You pay taxes on the purchase when a product is purchased from a registered seller, and when you sell the product, you too collect the tax.
- With input credit, you can adjust the taxes paid at the time of purchase with the amount of tax on sales (output tax) and pay the balance liability of tax, i.e. tax on sale minus tax on the purchase.
GST REGISTRATION DOCUMENTS
- Copy of PAN card (mandatory).
- Proprietor identity proof:
- Passport.
- Aadhar card.
- Voter ID.
- Driving license.
- Proprietor address proof:
- Copy of Telephone/Mobile or Electricity bill.
- Bank Account Statement (Less than 2 months old).
- Proprietorship Address Proof:
- Telephone/Mobile/Electricity/Gas bill (Less than 2 months old).
- In case of rented premises a notarized copy of Rent Agreement with a No-Objection Certificate (NOC) for conducting business.
- In the case of self-owned premises registered title document.
- Copy of LLP PAN card.
- LLP Agreement.
- LLP Partners’ names.
- LLP Partners’ address proof
- Passport.
- Aadhar card.
- Voter ID.
- Driving license.
- Copy of Company PAN card.
- COI (Certificate of incorporation).
- MoA/AoA.
- Board resolution duly signed.
- Company Director of Identity Proof:
- Copy of PAN card (Mandatory).
- Passport.
- Aadhar card.
- Voter ID.
- Driving license.
- Address Proof:
- Copy of Telephone/Mobile or Electricity bill.
- Bank Account Statement (Less than 2 months old).
- Company Address Proof:
- Telephone/Mobile/Electricity/Gas bill (Less than 2 months old).
- In case of rented premises a notarized copy of Rent Agreement with a No-Objection Certificate (NOC) for conducting business.
- In the case of self-owned premises registered title document.
TYPES OF GST REGISTRATION
- Taxpayers that are registering for normal taxpayers do not require to deposit and are also provided with unlimited validity dates.
- To register as a Composition taxpayer the individual is required to enroll under the GST composition scheme. The taxpayers enrolled under the composition scheme can pay a flat GST rate. But the taxpayers opting for the composition scheme are not allowed to claim the input tax credit.
- A taxpayer that is establishing a stall or a seasonal shop should register under the casual taxable taxable person. Here the taxpayer is required to deposit an amount equal to the GST liability. The liability should is required to match the active registration periods. The registration is active for 3 months.
- The category of the non-resident taxable person applies to the individuals that are located outside India. To register as a casual taxable person the taxpayer is required to deposit an amount that is equal to the amount of the GST liability. The liability is required to match against the active registration periods. The registration for the Non-resident taxable person is valid for 3 months.
COMPOSITION SCHEME UNDER GST
- The composition scheme under the GST Act has minimized the burden of compliance for the small taxpayers.
- The Government came up with the composition scheme wherein the taxpayer with a turnover of less than Rs.10 crore choose not to register as a normal taxpayer.
- Instead, the taxpayer may choose to get registered under the Composition scheme and pay taxes on the supplies at a nominal rate.
- Here under the composition scheme the taxpayer is not eligible to issue a tax invoice and also cannot utilize the input tax credit.
- Benefits of registering as a Composite taxpayer under GST:
- Limited Compliance: When the taxpayer is registering as a composite taxpayer he is required to furnish the quarterly return and should not be worried about other compliance burdens.
- Limited Tax Liability: The major reason to register as a Taxpayer is that under the composition scheme the tax rate is such that the taxes paid by the taxpayer are nominal.
GST REGISTRATION PROCESS
FREQUENTLY ASKED QUESTION - FAQ.
Is GST Applicable on promotional items of free samples?
Yes, both stockings, as well as a supply of promotional items/or free samples, is subject to GST.
Are separate GST required for multiple branches within same state?
- Separate GST can be obtained in the scenario when an entity has separate business verticals within the same state.
- Otherwise, in a single state, only a single GST is allowed per PAN.
- In case multiple branches are present then one branch can be shown as the principal branch or place of business, while others can be shown as additional places of business.
Is it possible that a GST Certificate can get cancelled?
- Yes. In the following scenarios:
- In case a person wishes to cancel his GST voluntarily, or
- when a taxable person commits a default and his GST certificate is moved to cancel by the appropriate officer.
How is the classification of goods and services done under GST?
Goods under GST are classified based on their HSN (Harmonised System of Nomenclature) code. Services under GST are classified based on their SAC (Services Accounting Code).
What is GSTIN?
- GSTIN or GST Identification Number is a 15digit number which is PAN-based and State wise.
- It is used to uniquely identify businesses which have been registered under GST.
Which all entities are exempted from GST?
Entities that supply agricultural produce; or those which generate nil-rated or non-taxable supplies of services and goods; or those which are covered under the reverse charge mechanism are exempt from GST.
Can a person with No GST registration collect GST?
No, only persons registered under GST are allowed to collect GST from the customers. A person not registered under GST cannot even claim the input tax credit on the GST paid.
What is an e-way bill?
- An E-way bill is an electronic document which serves as an evidence to the movement of goods having a value of more than Rs. 50,000.
- It available to a supplier or an individual transporting goods.
- It has two components;
- Part A with details such a GSTIN of the supplier and recipient, place of delivery, value of goods, HSN code, reason for transportation and,
- Part B, with details of the vehicle and transport documents.
What are the benefits of an e-way Bill?
- It is a wholly digital interface that eliminates the need for state boundary checks.
- It will facilitate faster movement of goods and improve the turnaround time of trucks thus reducing costs for the supplier.
When should an e-way Bill be generated?
- As per rule 138 of the CGST Rules, 2017, an e-way bill has to be generated prior to the commencement of the transport of goods.
Is it mandatory to generate an e-way Bill?
It is mandatory to generate E Waybill in all cases wherein the value of consignment is more than Rs. 50,000. However, it is not necessary to generate one wherein the goods are being transported by a non- motorized conveyance or if they are being transported from the port, airport, air cargo complex, and land customs station for clearance by customs.
What is the penalty for not generating an e-way Bill?
Any taxable person who transports any goods without the cover of specified documents (e-way bill is one of the specified documents) shall be liable to pay a penalty of Rs. 10,000 or the amount of tax sought to be evaded (whichever is higher).
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