GST Registration should be made by those dealers with turnover of specific amount. GST Registration is quite a complex process and the entire process can be done in Online. More details on GST Registration, steps to follow, documents required, etc are discussed in the article.
What is GST Registration?GST Registration started along with the GST Bill that was passed on July 1, 2017. Before GST was introduced, registration was done under different fields and after GST all these was bought under a single roof. As per GST, tax will be collected for goods and all services provided across India under State and Central GST. GST registration has been made mandatory for those dealers with more than Rs. 20 lakh per annum. To make GST Registration, one should be eligible and proper submission of documents has to be made. More details on GST Registration methods and more details are given in the content below.
Is GST Registration Mandatory?Yes, Aadhar registration is mandatory for those business with turnover of more than Rs. 20 lakh per annum (with Rs. 10 lakh per annum for North-Eastern States). GST Registration has many tax benefits for the entities who have registered as they can avail input tax credit. Those entities and business where GST registration is mandatory, it is optional for other non-mandatory entities and business also to register for GST. GST Registration helps the entities have a track of their business turnovers and the related taxes that are applied. Once registered, it is easy to file tax returns as proper records are maintained. Eligibility criteria, online process, documents required and advantages are given in the content below, do GST Registration today and be benefited.
GST Registration in OnlineGST Council has enabled Online services to register for GST and the entire process can be done in Online. For certain companies and businesses it is mandatory to get registered under GST and it is an offence on not registering for GST. Penalties are charged heavily on found not registered under GST. Carrying out business without registering under GST for those mandatory companies is a serious offence under GST. All facilities are made by GST to complete the Registration in Online mode. Click the official link for Online Registration > GST Registration Online (https://reg.gst.gov.in/registration/)
What is the Eligibility Criteria for GST Registration?For registering under GST, certain eligibility criteria is fixed by GST Council and all those eligible are mandated to register. The eligibility criteria for GST Registration are listed below.
- Entities involved in supplying of goods or services with an annual aggregate turnover of more than Rs.20 lakhs in most States are required to register for GST mandatorily. In special category states, the aggregate turnover criteria has been reduced to Rs.10 lakhs.
- Entities undertaking inter-state supply of goods and/or services, irrespective of aggregate annual turnover
- All entities having service tax or VAT or central excise registration must be registered under GST mandatorily.
- Entities involved in the supply of goods or services through e-commerce platforms are mandatorily required to be register irrespective of annual turnover
- A casual taxable person is someone who occasionally undertakes supply of goods or services having no fixed place of business.
- Person liable to register under this act should register within 30 days from the date he becomes liable to registration.
- Apart from this, any non-eligible/non-mandatory person or business can voluntarily register under GST.
What are the Documents required for GST Registration?GST Registration is possible if the eligibility criteria is fulfilled. All necessary documents are to be submitted for the purpose of GST Registration and the list of documents are listed below.
- PAN Card of the Business or Applicant
- Identity and Address Proof of Promoters
- Aadhar Card
- Proof of Business Registration
- Address proof of place of Business
- Bank Account Proof
- Digital Signature
- Letter of Authorization/Board Resolution for Authorized Signatory
What is the Timeline for GST Registration?To register under GST, apart from the turnover of the company or person there is another set of eligibility that has to be followed. Timeline for registration is given for certain business types and those are listed below.
- Regular Taxpayers - Within 30 days of being liable
- Casual Taxable Person - 5 days before commencing activity
- Non-resident taxable person - 5 days before commencing activity
- VAT or Service Tax or Excise Taxpayers - Before 1st July 2017
What are the Benefits of GST Registration?There are many benefits of GST Registration for all including normal registered business, composition dealers and also for business that voluntarily opt for GST even when their turnover is below Rs.20 lakhs. Some of the benefits for each category are listed below.
Normal Registered Business
- Can take input credits
- One can make inter-state sales without much restrictions
- Limited compliance
- Has less tax liability
- High working capital
Business that Voluntarily Opt for GST
- Can take input credits
- One can make inter-state sales without much restrictions
- Can register for e-commerce websites
- High advantage over other business
What is the Penalty of Not Registering Under GST?If a business or person who is liable to pay GST and has purposefully evaded the tax or paid less toward the tax, then there is a penalty to be paid. The penalty is 10% of amount outstanding or Rs.10000 minimum. The penalty is 100% if the person has completely evaded the tax amount. So it is advisable for necessary persons to complete GST Registrations to pay GST and avoid unnecessary penalties.
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