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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:
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 of the CGST Act deals with the mandatory registration requirements for persons liable to pay GST.
Section 23 of the CGST Act outlines the circumstances under which a person may be exempt from obtaining GST registration.
Section 24 of the CGST Act deals with the compulsory registration of certain categories of persons, irrespective of their turnover.
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.
Owner’s PAN card
Owner’s Aadhar card
Owner’s Photograph (in JPEG format, maximum size – 100 KB)
Bank account details
Address proof
PAN card of all partners
Copy of partnership deed
Photograph of all partners and authorised signatories (JPEG format, maximum size – 100 KB)
Address proof of partners
Aadhar card of authorised signatory
Proof of appointment of authorized signatory
LLP Proof of Registration
Address proof of principal place of business
PAN card of HUF
PAN card and Aadhar card of Karta
Photograph of the owner (JPEG format, maximum size – 100 KB)
Company’s PAN card
Ministry of Corporate Affairs incorporation certificate
Memorandum/Articles of Association
Signatorty’s PAN card and Aadhar card
PAN card and address proof of all directors of the Company
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.
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.
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.
All GSTIN holders are entitled to acquire collateral-free loans after the evaluation of their business's financial output potential.
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.
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.
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.
No initial deposit requirement or the expiry date is imposed on most regular businesses that belong to this category.
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.
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.
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.
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.
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Businesses with an annual turnover exceeding ₹40 lakh (₹10 lakh for special category states) must register for GST. Additionally, GST registration is mandatory for:
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:
Need clarity? Consult BC Shetty & Co. for personalized guidance.
The documents required depend on your business type:
The GST registration process typically takes 15 days, provided all documents are correct. If additional verification is needed, the process may take longer.
Here's how you can check your application status:
You will be able to view your GST application status.
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.
The purpose of a tax audit is to ensure that taxpayers maintain proper books of accounts and comply with the Income Tax Act provisions.
The tax audit report needs to be filed electronically using the Income Tax Department's online portal.
The due date for filing the tax audit report as per Section 44AB is September 30th of the relevant assessment year.
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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