GST Registration

The goods and services tax (GST) is a value added tax that applies to most goods and services sold for internal consumption. The Goods and Services Tax Law was approved in Parliament on March 29, 2017. The Law went into effect on July 1, 2017; The Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is applied to each value added. 

In simple words, the goods and services tax (GST) is an indirect tax that is applied to the supply of goods and services. This GST law has replaced many of the indirect tax laws that previously existed in India. The GST is paid by consumers, but the companies that sell the goods and services refer it to the government. In effect, goods and service tax generate revenue for the government. Read more

2. GST Registration Online?

The GST (Goods and Services Tax) is an indirect tax that has been implemented to replace multiple taxes in India. Onlne GST registration was approved in Parliament on March 29, 2017, but went into effect on July 1, 2017 in India. According to the changes at the 32nd council meeting, the threshold limit for GST registration is 40 lakhs for the goods provider and 20 lakhs for the service provider. along with that, the northeast states have an option to choose between 20 lakhs and 40 lakhs. 

Once you have registered under this regime, you will receive a unique GSTIN (Tax Identification Number for goods and services). There are several advantages to GST registration. You can also take advantage of the entry tax credit and collect GST from recipients of goods and services. 

GST registration online can be done easily by visiting the online GST Website. It's easy to fill out the form on the GST online portal, but at the same time it requires experts to fill out the form with accurate information and submit documents accordingly. Few of the terms during the drafting of the GST record cannot be understood by many of the taxpayers. Therefore, at the initial stage, GST registration should be done with the help of experts and here at TaxCaller you will be able to complete your GST registration with a simple and quick process.

3. Types of GST Registration?

As per the GST Law, the GST registration can be of various types. taxpayers have option to choose GST registration according to nature of business. The multiple types of GST registration are given below:

GST Registration as Normal Taxpayer: The largest number of companies in India belong to this category. example: service provider, inter-sate supplyer, etc. The applicant does not need to provide any deposit to enter the normal taxpayer category.

GST Registration as Non-Resident Taxable Person: In case people are residing outside India but supplying goods and services to companies staying in India, they should select this type of GST registration. taxpayers are required to pay a deposit that is the same as the anticipated GST payable for as long as the GST registration is active. The duration of Non-Resident Taxable Person GST registration is usually three months, although it can be extended or renewed at the time of expiration.

GST Registration under Composition Scheme: A taxpayer whose turnover is less than Rs 1.5 crore * may opt gst registration under the Composition Scheme. For the northeastern states and Himachal Pradesh, the limit is now 75 lakh rupees. Under the 2018 CGST (Amendment) Act, a composition distributor can also supply services to the extent of ten percent of turnover, or Rs.5 lakhs, whichever is greater. This amendment will be applicable from February 1, 2019. In addition, the GST Council at its 32nd meeting proposed an increase to this limit for service providers on January 10, 2019 The billing of all companies registered with the same PAN must be taken into account to calculate the billing.

GST Registration as a Casual Taxable Person: The Casual taxable person is a person who occasionally supplies taxable goods or services, such as an event management company that has multiple events in different states, needs to register as casual taxable person for that particular taxable state before supplying or offer goods or services.

4. Mandatory Registration under GST?

Annual Turnover limit: exceed turnover rs 40 lakh for business which supply of goods & rs 20 lakh for business which supply of services. this limit is rs 10 lakh in specific state

Inter-state Supply: GST registration is mandatory in case of supply of goods or services from one state to another state (inter state). For example, if a company in mumbai supplies goods to a company in delhi, then GST registration is required for company in mumbai.

E-commerce Operator: Each e-commerce operator and the person supplying through the e-commerce operator are required to register with GST.

Casual Taxpayers: This category includes the person who occasionally supplies goods or services without a fixed place of business.

Non-Resident Taxable Person: if you want to supply goods or services out of india its is mandatory to register under GST.

RCM: person responsible to pay tax under reverse charge mechanism required gst registration.

5. Benefits of GST?

The following advantage of gst registration is given below.

1. Legally recognized your business as a provider of goods & services.

2. Legally authorized to collect taxes from your buyers and transfer the credit of the taxes paid on the goods or services supplied to the buyer or recipients.

3. Be eligible to take advantage of other benefits and privileges under GST laws

4. Business becomes 100% tax compliant

5. You can claim the tax credit you have paid on your purchases and improve profits.

6. Regular accounting of taxes paid on incoming goods or services that can be used for the payment of GST due for the supply of goods or services or both by the company.

7. The GST certificate can be used as one of the documents when opening a current account or a business account.

8. You can easily request multiple states and Central Government tenders if you have GSTN.

9. To start payment gateways and use mobile wallets, use the GST number.

10. Expand your business through various channels such as Online, Import-Exports