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About this item
Terms and conditionsOffers and discounts
What is GST?
GST is a product of the biggest tax reform in India that has tremendously improved the ease of doing business and also increased the taxpayer base in India by including millions of small businesses under one uniform tax system. The tax complexities have reduced considerably due to the introduction of GST in India. As multiple tax systems are abolished and subsumed into a single, simple tax system under GST.
The GST regime mandates that all the entities that are involved in buying or selling the goods or providing services or both are required to register and obtain the GSTIN.
What is GSTIN?
GSTIN is a unique 15 digit code that is allocated to every taxpayer that has valid GST registration in India. It is a unique code that is allocated to every taxpayer which is given based on the state and the PAN. GSTIN is mandatory for businesses when the annual turnover is exceeding Rs.20 lakh. If the business is carrying out a business e-commerce platform it is necessary to obtain the GSTIN.
GST registration is mandatory once the entity is crossing a minimum threshold turnover or when the individual starts a new business that is expecting to cross the prescribed turnover.
Who is eligible to obtain GST registration?
Businesses are required to get a GST registration if they fall in the below categories.
What are the documents required to obtain GST registration?
The following documents must be submitted by regular taxpayers applying for GST registration.
What are the different types of GST Registration?
Mentioned below are the different types of GST registration:
Normal Taxpayer
This category of GST registration in India applies to the taxpayers that are operating a business in India. Taxpayers that are registering for normal taxpayers do not require to deposit and are also provided with unlimited validity dates.
Procedure to obtain GST registration
How to obtain GST registration?
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When we receive your request our GST expert reaches to you and understands your business activity, the state where the business is operating.
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The documents required to obtain GST registration are collected by the GST expert.
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Once the payment is initiated we start with the registration process begins and our advisors will be available for any queries relevant to GST registration.
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You obtain the GST registration within 3 to 7 working days. Everything is completely online you don't need to be physically present at the office for the same.
*As IndiaFilings is a cloud-based service provider the documents needed are to be submitted online*
Benefits of GST registration
What are the benefits of GST Registration?
GST registration has various benefits here we have listed some of them:
GST has eliminated the cascading effect of Tax: GST is a form of Indirect tax that is designed to subsume all the indirect taxes under one umbrella. GST has reduced the cascading effect of tax that was evident earlier.
Registration threshold is higher: Earlier under VAT any business that had a turnover of more than Rs. 5 Lakh was liable to pay VAT. This limit was different in different states. Also, the service providers were exempted from service tax if the turnover was less than Rs.10 lakh.
Under GST this threshold has been increased to Rs.20 lakh which has exempted many small traders and service providers.
Composition Scheme for the small businesses: Small businesses are benefitted as they can exercise the option for utilizing the composition scheme. The composition scheme has considerably brought down the compliance and the tax burden on small businesses.
Simple and easy online procedure: The process of GST registration is completely online and it is super simple. All you need to do is submit the documents required to our experts.
Fewer Compliances: Under GST there is only one return that is to be filed. There are around 11 returns under GST out of which all of them can be filed online. IndiaFilings can also help you to file your GST returns.
Improved efficiency of the logistics: Under the Goods and Services Tax Act the restrictions on the interstate movement of the goods have been reduced considerably. This reduction in unnecessary logistics costs has caused profits for the businesses that are involved in the supply of goods through transportation.
The unorganized sector is now regularized under GST: Before the GST era, a lot of industries in India like construction and textile were largely unregulated and unorganized. Under GST there are provisions where the compliances can be met online. This has brought considerable accountability and regulation to these industries.
Composition Scheme under GST
What is the composition scheme under GST?
The composition scheme under the GST Act has minimized the burden of compliance for the small taxpayers. The Government came up with the composition scheme wherein the taxpayer with a turnover of less than Rs.10 crore choose not to register as a normal taxpayer. Instead, the taxpayer may choose to get registered under the Composition scheme and pay taxes on the supplies at a nominal rate. Here under the composition scheme the taxpayer is not eligible to issue a tax invoice and also cannot utilize the input tax credit.
Benefits of registering as a Composite taxpayer
Here are some benefits of registering as a Composite taxpayer under GST:
Limited Compliance: When the taxpayer is registering as a composite taxpayer he is required to furnish the quarterly return and should not be worried about other compliance burdens.
Limited Tax Liability: The major reason to register as a Taxpayer is that under the composition scheme the tax rate is such that the taxes paid by the taxpayer are nominal.
To know more about the GST Composition Scheme click here.
GST Return Filing
What is GST return filing?
A person having a valid GST registration is required to file the GST returns that contain the details of the income of the taxpayer. The GST return filings can be done using our Ledgers GST Software.
Why Ledgers GST Software for GST return filings?
Ledgers GST software has been on a roll since the introduction.
A GST return filing form has to include the following details:
Failure to file GST returns can lead to penalties, interests, and late fees too.
Penalties, Interests and Late fees
What happens if the taxpayer fails to file the GST returns?
GST Cancellation: In case if a person is failing to file the GST returns it can lead to penalties and the cancellation of the GST registration. Also if the taxpayer has not filed the GST returns for six months then the GST registration will be canceled. Here the person will not be able to obtain another GST registration unless the late filing penalty is paid. So it is always better to file the GST returns on time.
Nil GST returns: Even when the person has no business still he has to file the Nil GST returns. Again failure to file the GST returns can lead to a penalty.
Interest on Late GST payment: Also in case, the taxpayer is remitting the GST payment late to the government then the person has to pay the interest at the rate of 18%. Once you subscribe to our services we have regular followups, which help avoid the penalties, interests, and late fees.
General questions (5)
What is the deadline for getting registered under GST?
An entity liable to be registered under GST should apply for registration within 30 days of meeting the criteria. Casual taxable persons and non-resident taxable persons are required to be registered under GST prior to commencing business.
Who is the primary authorized signatory?
Primary authorized signatory is the person who is primarily responsible to undertake tasks on the GST portal on behalf of the taxpayer. It could be the promoted of the business or any other trustworthy person nominated by the promoters of the business.
Is PAN mandatory for obtaining GST registration?
Yes. PAN is mandatory for obtaining GST registration. In the case of proprietorship, the PAN of the proprietor can be used. In case of LLP or Company or Trust or other types of legal entity, PAN must first be obtained for the entity. However, PAN is not mandatory for GST registration of foreigners and foreign companies. For non-resident taxable persons, GSTIN with a fixed expiry date will be provided based on the other documents provided to prove existence.
What is the validity of GST registration?
GST registration does not have an expiry date. Hence, it will be valid until it’s cancelled, surrendered or suspended.Only GST registration for non-resident taxable persons and casual taxable persons have a validity period that is fixed by the authorities while issuing the GST registration certificate.
Can a person with no GST registration collect GST?
No, only persons registered under GST are allowed to collect GST from the customers. A person not registered under GST cannot even claim input tax credit on the GST paid.
E Way bill (5)
What is an E Way bill?
An E-way bill is an electronic document which serves as an evidence to the movement of goods having a value of more than Rs. 50,000. It available to a supplier or an individual transporting goods. It has two components; Part A, with details such a GSTIN of the supplier and recipient, place of delivery, value of goods, HSN code, reason for transportation and part B, with details of the vehicle and transport documents.
What are the benefits of E Way bill?
It is a wholly digital interface which eliminates the need for state boundary checks. It will facilitate faster movement of goods and improve the turnaround time of trucks thus reducing costs for the supplier.
When should an E Way bill be generated?
As per rule 138 of the CGST Rules, 2017, an e-way bill has to be generated prior to the commencement of transport of goods.
Is it mandatory to generate an E Way bill?
It is mandatory to generate E Way bill in all cases wherein the value of consignment is more than Rs. 50,000. However, it is not necessary to generate one wherein the goods are being transported by a non- motorised conveyance or if they are being transported from the port, airport, air cargo complex and land customs station for clearance by customs.
What is the penalty for not generating an E Way bill?
Any taxable person who transports any goods without the cover of specified documents (e-way bill is one of the specified documents) shall be liable to pay a penalty of Rs. 10,000 or the amount of tax sought to be evaded (whichever is higher).
Composition scheme (5)
What is composition scheme?
Small businesses registered under the GST composition scheme can pay GST at a fixed rate of turnover every quarter and file quarterly GST returns. Composition levy would generally be related to small taxpayers who are supplying goods and services or both to the end consumer with a lower turnover.
What is the eligibility criteria?
Any existing taxpayer whose annual turnover did not cross the Rs.1.5 crore threshold in the preceding financial year. However, service providers with the exception of restaurants and caterers are not eligible, neither are casual taxable persons nor non-resident Indians.
Can input tax credit be claimed under composition scheme?
No input tax credit cannot be claimed by a dealer opting for composition scheme as he is out of the credit chain. He cannot take credit on his input supplies.
How long will the scheme be valid?
The validity of the composition scheme will depend upon the option exercised by a taxable person as long as all the conditions are fulfilled as specified in the law. However, individuals who are eligible for the scheme can calso hoose to opt-out of it by simply filing an application.
How will the aggregate turnover be computed?
It will be computed on an all India basis and will include the value of all taxable supplies. It would exclude inward supplies under reverse charge as well as central, state/union territory and integrated taxes and cess.
IGST, CGST, SGST (5)
What is inter-state supply?
Inter-state supply of goods or service is when the supply location is a different state from the delivery location. In addition, the inter-state supply applies to the supply of goods or services by an SEZ unit or the export of goods or services.
What is intra-state supply?
An intra-state supply of goods or service applies when the place of supply is in the same state as the location of the supplier. Intra-state supply does not include the supply of goods/service to SEZ units or developers, imports or exports.
What is SGST?
As per the SGST Act, the State GST or SGST applies on intra-state supplies of goods and services. It is administered by the respective state government. SGST liability can be set off against SGST or IGST input tax credit only.
What is CGST?
Central GST or CGST would be levied under the CGST Act on the intra-state supplies of goods and services. Hence in case of intra-state supplies of goods and services, both the central and state government would combine their levies with an appropriate revenue sharing agreement between them.
What is IGST?
Integrated GST or IGST is the tax levied under the IGST Act on the supply of any goods and services in the course of inter-state trade across India. Further, IGST would include any supply of goods and services in the course of import into India and the export of goods and services from India.
GST Registration in State
GST Registration In Maharashtra
GST Registration In Tamil Nadu
GST Registration In Uttar Pradesh
GST Registration In Madhya Pradesh
GST Registration In Chandigarh
GST Registration In Uttarakhand
GST Registration In Chhattisgarh
GST Registration In West Bengal
GST Registration In Puducherry
GST Registration In Himachal Pradesh
GST Registration in City
GST Registration In Aurangabad
GST Registration In Bhubaneswar
GST Registration In Chandigarh City
GST Registration In Malappuram
GST Registration In Pondicherry
GST Registration In Rajahmundry
GST Registration In Thiruvananthapuram
GST Registration In Tiruchirappalli
GST Registration In Tirunelveli
GST Registration In Tiruvannamalai
GST Registration In Vijayawada
GST Registration In Perinthalmanna
GST Registration In Visakhapatnam
GST Registration In Gandhinagar
Last updated: Nov 18, 2021
