Posted: Mar 08, 2020
GST Registration - Eligibility, Process and Expert HelpGST is that the foremost important tax reform in India, tremendously improving simple doing business and increasing the taxpayer base in India by bringing in many small businesses in India. By abolishing and subsuming multiple taxes into one system, tax complexities would be reduced while assets are increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST. Entities without GST registration wouldn't be allowed to gather GST from a customer or claim an input decrease of GST paid and/or might be penalized. Further, registration under GST is mandatory once an entity crosses the minimum threshold turnover of starts a replacement business that's expected to cross the prescribed turnover
GST Turnover LimitThere are various sorts of GST registration and a few sorts of entities like casual taxable persons, non-resident taxable persons or persons supplying through eCommerce operators are required to mandatorily obtain GST registration regardless of the turnover limit. The GST turnover limit for normal GST registration for service providers and goods suppliers are provided below.
Service Providers: a private or entity that provides service of quite Rs.20 lakhs during aggregate turnover during a year is required to urge GST registration. In special category states, the GST turnover limit for service providers has been fixed at Rs.10 lakhs.
Goods Suppliers: As per notification No.10/2019 a private who is engaged within the exclusive supply of products whose aggregate turnover crosses Rs.40 lakhs during a year is required to urge GST registration. To be eligible for the Rs.40 lakhs turnover limit, the supplier must satisfy subsequent conditions:
Should not be providing any services.The supplier shouldn't be engaged in making intra-state (supplying goods within an equivalent state) supplies within the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura, and Uttarakhand.Should not be involved within the supply of dessert, pan masala or tobacco.If the above conditions aren't met, the supplier of products would be required to urge GST registration when the turnover crosses Rs.20 lakhs and Rs.10 lakhs in special category states.
Special Category States: Under GST, subsequent are listed as special category states - Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh, and Uttarakhand.
Aggregate Turnover: Aggregate turnover = (Taxable supplies + Exempt Supplies + Exports + Inter-State Supplies) – (Taxes + Value of Inward Supplies + Value of Supplies Taxable under Reverse Charge + Value of Non-Taxable Supplies).
Aggregate turnover is calculated supported by the PAN. Hence, albeit one person has multiple places of business, it must be summed to achieve the mixture turn over.
Voluntary GST RegistrationAny person or entity regardless of business turnover can obtain GST registration at any-time. Hence, GST registration is obtained by many businesses in spite of not reaching the mixture turnover limit. a number of the most reasons for obtaining voluntary GST registration are:
To improve the business credibilityTo satisfy the wants of B2B customersTo claim input decrease benefitsGST Registration ResponsibilitiesEntities registered under GST have various responsibilities and compliance requirements from time to time. Failure to suits the GST regulations or compliance requirements can cause penalties and revocation of GST registration by the authorities. a number of the most responsibilities of an individual registered under GST include:
Collecting and remitting GST amount from customersIssuing proper GST invoice as per the GST rules and regulationsFiling GST returns whenever due supported turnover - albeit there's no turnover or commercial activity FIling annual GST returnMaintaining all records concerning GST for a period of 8 yearsIndiaFilings is that the leading business services platform in India, offering a spread of services like tax filing, GST return filing, private Ltd. registration, trademark filing and more. IndiaFilings can assist you obtain GST registration in India and maintain GST compliance through a proprietary GST accounting software. the typical time taken to get GST Certificate is about 5 - 10 working days, subject to government time interval and client document submission. Get a free consultation on GST and GST return filing by scheduling a meeting with an IndiaFilings Advisor.
GST Registration – Documents RequiredThe following documents must be submitted by regular taxpayers applying for GST registration.
PAN Card of the Business or ApplicantGST registration is linked to the PAN of the business. Hence, PAN must be obtained for the legal entity before applying for GST Registration.
Identity and Address Proof alongside PhotographsThe following persons are required to submit their identity proof and address proof alongside photographs. For identity proof, documents like PAN, passport, driver's license, aadhaar card or voters card are often submitted. For address proof, documents like passport, driver's license, aadhaar card, voters card, and card are often submitted.
You can always be sure that you are filing an accurate Income tax return.