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What is GST Registration?

Goods and Services Tax is an indirect tax used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. Multi-staged as it is, the GST is imposed at every step in the production process, but is meant to be refunded to all parties in the various stages of production other than the final consumer and as a destination-based tax, it is collected from point of consumption and not point of origin like previous taxes.

Turnover Threshold: The registration under GST is mandatory for the business entities based on the criteria of turnover or activities. The business dealing in goods and those providing service have to mandatorily apply for GST Registration if their aggregate turnover for a financial year exceeds Rs.40 Lakhs. However, for business making supplies and providing services in the North Eastern States, the same is Rs. 20 lakhs. To avail its benefits, many businesses also obtain voluntary registration under GST.

The composition levy rates under GST are as follows:

 1% of the turnover for traders and other suppliers eligible for composition scheme registration.

 2% of the turnover for manufacturers apart from manufacturers of products not eligible for GST composition scheme.

 5% of the turnover for restaurant services.

Compulsory / Mandatorily registration irrespective of threshold limit:

 Interstate taxable supply

 Casual Taxable supply

 Person require to pay tax under Reverse Charge

 Nonresident taxable persons

 Person who is require to deduct tax (TDS)

 Person who is require to collect tax (TCS)

 Person acting as agent

 Input service Distributor

 E-commerce operator (specified u/s 9(5))

 Person who supply goods and/or services [Other than supplies specified u/s 9(5)] through such e-commerce operator which is required to collect tax at source u/s 52

 Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person

Benefits of GST Registration

Online Procedure under GST

The entire process under GST regime starting from registration to return filling is online. This would be quite advantageous for startup companies who do not have to opt for registration under various indirect tax regimes

Composition scheme for small businesses

Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be opted by any taxpayer whose turnover is less than Rs. 50 Lakhs

Easy compliances

After obtaining registration, enterprise is liable to fulfil compliance in the form of return filing in a periodical manner. These compliance requirements are simplified under the GST regime. Further, enterprises having annual turnover less than Rs 1.5 crores are also eligible to opt for filing either monthly return or quarterly return.

Benefits of Input Tax Credit

Input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. Business entities can also avail credit of Gst paid on inputs.

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Documents and informations required for GST Registration

 Digital Signature(In case of Company / LLP)

 Pan Card of entity

 PAN and Aadhar Card(linked with mobile number)

 Passport size photograph

 Board Resolution or Letter of Authorization

 Address proofs for the Place of business(Electricity bills/water bills/utility bills)

 Rent Agreement( if rented)

 Bank Details

 Certificate of Registration

Steps for GST Registration:

 Preliminary Requirements

 Select a suitable package

 Provide basic details & documents required for Registration

 Make Payment through Secured Payment Gateway

 Registration

 Application for Gst Registration

 Completion of Gst Registration

 Allotment of GSTIN

*GSTIN will be allotted with 3-4 working days subject to the Government processing and approval.

Process of GST Registration:

Day 1:

 Provide basic details & documents required for registration.

Day 2:

 Application for Gst registration.

Day 3-4:

 Allotment of GSTIN

*GSTIN will be allotted with 3-4 working days subject to the Government processing and approval.