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GST Registration Online - An Overview
Launched on 1 July 2017, the Goods & Services Tax (GST) applies to all Indian service providers (including freelancers), traders and manufacturers. A variety of Central taxes like Service Tax, Excise Duty, CST and state taxes like Entertainment Tax, Luxury Tax, Octroi, VAT are accumulated in the GST. Also, taxpayers with a turnover of less than ₹1.5 crore can choose a composition scheme to get rid of tedious GST formalities and pay GST at a fixed rate of turnover.
Every product goes through multiple stages along the supply chain, including purchasing raw materials, manufacturing, selling to the wholesaler, selling to the retailer and then the final sale to the consumer. Interestingly, GST will be levied on all of these 3 stages. Let’s say if a product is produced in West Bengal but is being consumed in Uttar Pradesh, the entire revenue will go to Uttar Pradesh.
What Are the Components of GST?
GST has three tax components, namely:
Central Goods and Services Tax or CGST, it is a central government
State Goods and Services Tax or SGST which is a state component. Where centre and state will levy GST on all entities for all the transaction in the state
The Integrated Goods and Services Tax (IGST), to be levied by the centre, i.e. when a transaction happens from one state to another.
Documents Required for GST Registration
The list of documents required for registration of GST for various business are as follows:
PAN Card and address proof of proprietor
PAN Card of LLP
Partners’ names and address proof
Private Limited Company
Certificate of Incorporation
PAN Card of Company
Articles of Association, AOA
Memorandum of Association, MOA
Resolution signed by board members
Identity and address proof of directors
The Following Can Be Shown as Proof of Address of a Director
Voter Identity Card
Telephone or Electricity Bill
Bank Account Statement
Add what works as identity proof, One can use a PAN Card, Aadhar Card as identity proof. For address proof, any of the director’s can show their voters ID, passport, telephone bill, electricity bill and telephone bill.
GST Registration Process Online in India
Step 1: To apply GST Registration Online, visit the GST portal and select ‘New GST Registration’
Step 2: Fill in the necessary details like name of business, state, pan card details, etc
Step 3: Enter the OTP and click proceed
Step 4: Make a note of the Temporary Reference Number(TRN)
Step 5: Check the GST portal and select ‘Register’ in the ‘Taxpayers’ menu
Step 6: Enter the TRN and proceed
Step 7: Enter the OTP received on your registered mobile number or your email and then proceed
Step 8: You can check the status of your application on the next page
Step 9: Fill in the necessary details and upload the necessary documents
Step 10: Submit your application after verifying by one of the three methods given
Step 11: After completion, you will receive the Application Reference Number(ARN) on your registered mobile number and email id
Step 12: Now you can access the status of the ARN on the GST portal.
After successful registration, you will get your GST registration certificate and GSTIN after verification of the GST application and other mandatory GST registration documents by the GST officer. Be aware that no hard copies of the certificate will be issued and the GST certificate can be downloaded from the GST Portal.
Who Is Eligible for GST Registration?
Any individual or business entity that carries out taxable supplies of goods or services
Annual turnover of the business exceeds the prescribed threshold limit (currently ₹20 lakhs for most businesses)
E-commerce operators that facilitate the supply of goods and services through their platform
Non-resident taxable persons who occasionally supply goods or services in India
Businesses that are involved in inter-state supply of goods or services
Input service distributors who distribute input tax credit to their branches or units
Casual taxable persons who supply goods or services occasionally in India
Businesses that were previously registered under the old tax regime (VAT, Service Tax, etc.) and have migrated to GST.
What is a GST Certificate?
A GST Certificate is a document issued by the Indian government to businesses registered under the Goods and Services Tax (GST) system. It serves as proof of the business's registration under GST and includes details such as the business's GST identification number, name, and address. Businesses are required to have a GST Certificate to be able to charge and collect GST from customers. It is also used for various other purposes such as availing input tax credits, applying for loans and participating in tenders.
GST Tax Rates 2023
Goods and Services Tax (GST) is a value-added tax that is levied on the supply of goods and services in India. The GST tax rates in India are as follows:
0% - This rate is applicable for essential items such as food grains, fresh vegetables, and medical supplies.
5% - This rate is applicable for items such as processed food, packaged food, and some household items.
12% - This rate is applicable for items such as mobile phones, laptops, and television sets.
18% - This rate is applicable for items such as air conditioners, refrigerators, and washing machines.
28% - This rate is applicable for items such as luxury cars, tobacco, and aerated beverages.
In addition to these rates, there are some special rates that are applicable to specific goods and services. For example, gold is taxed at 3%, while crude oil and natural gas are taxed at 6%. GST is also levied on services such as telecom, insurance, and banking at the rate of 18%.
It's important to note that GST rates are subject to change and may vary depending on the type of goods or services being supplied. It's always a good idea to check the current GST rates before making a purchase or offering a service.
You can see the tax rates for all the products here: https://cbec-gst.gov.in/gst-goods-services-rates.html
Check out the GST calculator, which comes in handy to calculate the Goods and Service Tax using different slabs.
What is GSTIN?
GSTIN is a unique identification number given to each GST taxpayer. To verify a GSTIN number, a person who has a GST number can log onto the GST portal.
What is the GSTN (Goods and Service Tax Network)?
The Goods and Service Tax Network (or GSTN) is section 8 (non-profit), non-government, private limited company. GSTN is a one-stop solution for all your indirect tax requirements. GSTN is responsible for maintaining the Indirect Taxation platform for GST to help you prepare, file, rectify returns and make payments of your indirect tax liabilities.
Penalty for Failure to Register for GST
As per the Section 122 of the CGST act, in India, there is a direct penalty for all those taxable persons who fail to register for GST online.
Voluntary Registration Under GST (for Companies With A Turnover Below ₹20 Lakhs)
Any small business with turnover less than ₹ 20 lakh can voluntarily register for GST even though it is not compulsory by law. Voluntary GST registration online has its own advantages and some of them are:
Take input credit: In GST, there is a flow of input credit right from manufacturers of the goods to the consumers across the country. Input credit means a taxpayer while paying tax on output, can deduct the tax that has already been paid on inputs and pay only the remaining amount. Voluntarily registered businesses can increase their margins and profits through this
Do inter-state selling with no restrictions: SMEs can increase the scope of their businesses and find prospective customers and explore online platforms
Register on e-commerce websites: SMEs can widen their market by registering through e-commerce sites
Have a competitive advantage compared to other businesses.
GST Return Filing
GST return filing is the process of submitting the details of sales, purchases, and taxes collected and paid by a registered taxpayer to the government. In India, GST return filing is mandatory for all registered taxpayers who are registered under GST, regardless of whether they have made any sales or purchases during the period for which the return is being filed.
Output GST (On sales)
Input tax credit (GST paid on purchases)
For filing a GST Return, you need to have GST compliant sales and purchase invoices attached.
How Can We Help You -
Some of the best reasons to choose us are:
Easy to get online GST registration service and GST Identification Number online.
No hassle compliances as we completely take control of them.
All your returns will be filed duly
Our legal representatives are available to explain the whole online gst registration process and clear any queries you may have.
Although the GST portal has a user-friendly interface, the GST Forms have a lot of complex fields. Hence, it is highly recommended that you seek the help of a professional for submitting the application, the required procedures, filing your returns and completing other formalities in the portal.
The GST Glossary
GST - GST Stands for Good and Service Tax
TRN - Temporary Registration Number - It is a unique 15-digit reference number generated when you have finished filling Part-A of the GST application and have validated your mobile number & email id.
ARN - Application Reference Number - It is the number you get after filing the GST application and you can use it to check your application details.
DSC - Digital Signature Certificate - It is a certificate that acts as proof of the identity of individuals in digital space and protects data.
SGST - State Goods and Services Tax - A part of GST which is levied by the State Government.
CGST - Central Goods and Services Tax (CGST) - A part of GST which is levied by the Central Government.
IGST - Integrated Goods and Services Tax (IGST) - It is a type of GST paid in the case of interstate supply of goods and services.
UGST - Union Territory Goods and Services Tax (UTGST) - A part of GST which is levied by the Union Government.
GSTIN - Goods and Services Tax Identification Number/GST registration number is a unique 15-character identity number given to the businesses that register for GST.
GSTR - GST Return (GSTR) is a document capturing the details of the income, which a taxpayer is supposed to file with the authorities to calculate his tax liability. There is a total of 11 types of GST returns.
GSTN - Goods and Services Tax Network (GSTN) is a non-profit, public-private partnership company that provides IT infrastructure and services for the implementation of GST.
ITC - Input tax credit [ITC] is the credit a taxable person receives for paying input taxes towards inputs used for his business.
HSN Code - HSN code is a 6-digit uniform code that classifies 5000+ products and is accepted worldwide. HSN stands for Harmonised System of Nomenclature.
SAC Code - SAC code is a code used to classify services under GST. Each service has a unique SAC code.
Reverse Charge - Reverse charge is when the liability to pay tax is on the recipient of goods instead of the supplier (which is the norm). However, this only applies to special categories of supply.
Aggregate Turnover - Aggregate turnover is the total value of all taxable supplies and it is used to determine the threshold for GST.
Taxable Person - A taxable person is any individual engaged in economic activity in India and who is or is required to be registered under GST.
Mixed Supply - Mixed supply is when two or more individual supplies of goods and/or services made together by a taxable person for a single price (when it does not form a composite supply).
Composite Supply - Composite supply is when a supply consists of two or more goods and/or services, which are naturally bundled and provided together, where one is the principal supply.
Continuous Supply - Continuous supply is when the supply is provided at a specific interval (eg. weekly & monthly) and the payments are made accordingly.
GST Compliance Rating - GST Compliance Rating is a score between [0 -10] assigned to all the taxpayers, that depicts their GST compliance.
Assessment - Assessment is the process to determine the tax liability. There are 6 types of assessment in GST.
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