GST Registration
GST Registration Online: A Fast and Easy Step-by-Step Guide
The introduction of Goods & Services Tax (GST) in 2017 made it mandatory for all individuals and companies to pay a centralised composite tax on purchasing products and services. The newly introduced integrated taxation system seemed a bit cumbersome and unrequited initially. However, it had several advantages. E.g., the large incremental value of products & services. So, whether you are already running a small business or willing to start one, it is important that you get acquainted with the GST registration process, laws, and other requisites associated with it, to avoid paying a hefty amount as tax.
Are you aware of the GST registration process? If not, then you are at the right place as here we are going to provide you the required details on the same:
What Is GST Registration?
Under the Goods and Services Tax Act, any business that has an annual turnover exceeding the threshold limit of 10 lakhs, 20 lakhs, or 40 lakhs, whichever the case might be, should register itself as a normal taxable person. This is called GST registration. You can also proceed with GST registration online.
Section 22
Section 22 of the CGST Act deals with the mandatory registration requirements for persons liable to pay GST.
Section 23
Section 23 of the CGST Act outlines the circumstances under which a person may be exempt from obtaining GST registration.
Section 24
Section 24 of the CGST Act deals with the compulsory registration of certain categories of persons, irrespective of their turnover.
GST Registration Process: Steps
Steps For Online GST Registration
Business owners willing to register for GST must log in to the official portal (www.gst.gov.in) and fill out a form that includes their personal and business details, bank account details, nature of services or goods, SAC, HSN, etc.
They must submit important documents required for GST registration. Personal ID proof (Aadhaar, voter ID, etc.), business address proof (land or shop registry, rent agreement, etc.), income proof (PAN card and bank account statement), and business registration certificates (such as a partnership agreement, company registration number, etc.) are examples of acceptable documentation.
The applicant has the option to complete Aadhaar authentication online during the registration process. If Aadhaar authentication is successfully completed, the need for physical verification by GST authorities at the principal place of business is usually waived.
Following the verification of the application and documents, the authorities allot the GSTIN.
Documents Required for GST Registration
Here is a list of documents required to apply for GST registration:
Address Proof
Director's Valid Address Verification Choices are:
Aadhaar card
Passport
Voter ID Card
Driving License
Utility Bills
Property Tax Reciept
Rent Agreement
Bank Statement or Passbook
Registered Sale or Lease Deed
Municipal Corparation Reciept
Eligibility Criteria For Businesses
GST registration is mandatory for
Manufacturers that earn an annual revenue over INR 40 lakhs,
Service providers that generate more than INR 20 lakh/year (also the e-commerce platforms and vendors),
Hill-area operations with a minimum annual turnover of INR 10 lakh.
Why GST?
Less Monetary Pressure
The GST was imposed with the objective of removing additional and unwarranted state or central taxes (like service tax, excise duty, VAT, etc.). It resulted in more savings for business owners.
Cost Benefits
Small-scale ventures meeting specific GST requirements and having an annual profit capital of over INR 75 lakhs need to pay a flat rate of 1-5% as tax.
Easier Loan Application
All GSTIN holders are entitled to acquire collateral-free loans after the evaluation of their business's financial output potential.
Greater Credibility In The Market
Getting a business registered for the GST makes it more legitimate and credible in the eyes of the government, customers, and other companies. Businesses are spared from unnecessary compliances, people trust them for partnerships or mergers, and they file income tax returns on a quarterly basis.
Affordable Transport For Interstate Deliveries
Business owners with GST registration get the opportunity to expand their footprint on a national and international scale without having to pay heavy sums for the delivery of goods and services across borders. The tax is charged at the selling location of goods and services, not at the manufacturing location.
Higher Market Value of the Final Product/Service
Because the GST is a value-added tax, the same product that goes through different stages of production is taxed multiple times. E.g., purchase of raw materials, product designing, production, packaging, marketing, distribution, and sale. It increases the market value and selling price of goods and services.
Types Of GST Registration
Normal Taxpayer
No initial deposit requirement or the expiry date is imposed on most regular businesses that belong to this category.
Composition Taxpayer
This category is exempt from the input tax credit, and business owners have to deposit a flat rate if their business falls under the GST Composition Scheme.
Casual Taxpayer
Seasonal businesses (like summer/winter food stalls, marriage planners, etc.) are casual taxpayers that must deposit an advance tax equivalent to their expected GST liability at the time of operation of their business. The GST registration granted to them is renewed every three months.
Other Taxpayer
All foreign businesses offering their products and services in India apply for registration under this category. The laws are similar to the "casual category," where owners need to deposit an amount equivalent to their GST liability; however, the registration is granted only for a period of 3 months. It can be renewed or extended later.
Businesses That Run In Multiple States
Some businesses need to have multiple registrations under the same GSTIN and PAN if they're manufacturing, distributing, and selling goods at multiple locations. During GST registration, they must provide information such as the nature and manufacturing process of the goods, the various processes used for distribution and supply, environmental compliances, insurance, and the types of customers served, among other things.
GST Related
The Process of GST E-Invoicing
SOP extension
Changes brought in GST Registration
Process of Aadhar authentication for GST Registration
GST on Real Estate Sector
Finance Act 2020-GST
GST E-invoice with QR code
GST applicability on GTA
Value of Supply of lottery for GST
Do I have to pay GST on money received on breach of contract?
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Affiliations
FREQUENTLY ASKED QUESTIONS
Who needs to register for GST?
Businesses with an annual turnover exceeding ₹40 lakh (₹10 lakh for special category states) must register for GST. Additionally, GST registration is mandatory for:
- Interstate suppliers (selling goods/services outside their state)
- E-commerce operators.
- Businesses under the reverse charge mechanism.
- Non-resident taxable persons and input service distributors.
What are the benefits of GST registration?
- Legally recognized as a supplier of goods or services.
- Eligible to collect GST and claim Input Tax Credit (ITC).
- Enables seamless interstate trade without restrictions.
- Enhances business credibility and tax compliance.
- Claim refunds of ITC on exports of goods and services.
How can I determine if my business needs GST registration?
Check your turnover: If it exceeds ₹40 lakh for goods or ₹20 lakh for services (₹10 lakh for special category states), registration is mandatory.
Some businesses must register regardless of turnover, such as:
- Interstate suppliers.
- E-commerce businesses.
- Those under the reverse charge mechanism.
Need clarity? Consult BC Shetty & Co. for personalized guidance.
What documents are required for GST registration?
The documents required depend on your business type:
- PAN Card - Required for all businesses and individuals.
- Proof of Business Registration - Partnership deed, incorporation certificate, or other relevant proof.
- Bank Account Details - A canceled cheque or bank statement.
- Business Address Proof - Utility bill, rent agreement, or property tax receipt.
- Digital Signature (DSC) - Mandatory for companies and LLPs.
- Letter of Authorization/Board Resolution - Required for companies or partnerships.
- Signboard Photograph - A photo of the business premises with a visible signboard displaying the business name.
- Aadhaar Authentication (Optional but Recommended) - If completed, it speeds up approval.
- Passport size photo of Director/Partner/Proprietor
How long does it take to get GST registration?
The GST registration process typically takes 15 days, provided all documents are correct. If additional verification is needed, the process may take longer.
How do I check the status of my GST registration application?
Here's how you can check your application status:
- Navigate to the GST Portal.
- Go to Service > Registration > Track Application Status.
- Choose the SRN option.
- Enter your SRN and fill in the captcha.
You will be able to view your GST application status.
What should I do if my GST registration application is rejected?
If your application is rejected, review the reason provided by the GST department. Rectify the errors or submit additional documents as required. You can reapply or seek professional assistance from BC Shetty & Co. to ensure a smooth process.
What is GSTIN? [Goods and Services Tax Identification Number]
The purpose of a tax audit is to ensure that taxpayers maintain proper books of accounts and comply with the Income Tax Act provisions.
Penalty For Not Obtaining GST Registration
The tax audit report needs to be filed electronically using the Income Tax Department's online portal.
What is the GSTN (Goods and Service Tax Network)?
The due date for filing the tax audit report as per Section 44AB is September 30th of the relevant assessment year.
GST Service Guidance Provided By BC Shetty & Co
If taxpayers fail to get their accounts audited or submit the tax audit report by the due date, they may be liable to pay the penalty. The penalty equals 0.5% of the taxpayer's turnover or gross receipts.
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