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GST Registration Registration
| Free Consultancy | GST Registration |
* Stamp duty Extra for States: Punjab, Kerala, Madhya Pradesh, Sikkim
* Package includes one time application of Name approval.
Registration in just 2 - 3 Days
No Additional Government Fees
No Govt. Fees
What is GST Registration?
The Goods and Service Tax is the biggest indirect tax reform which blends in all the other taxes into one single tax structure. Under GST Regime, the goods and services are now taxed under a single law being Goods and Service Tax Laws. The taxes are levied at a single rate. The collection is then bifurcated between both Central and State Government in name of CGST and SGST or IGST.
Threshold Limit for Registration
The registration under GST is mandatory for the business entities based on the criteria of turnover or activities. The business dealing in goods and those providing service have to mandatorily apply for GST Registration if their aggregate turnover for a financial year exceeds Rs.40 Lakhs and Rs.20 Lakhs respectively. However, for business making supplies and providing services in the North Eastern States, the same is Rs. 20 lakhs and Rs. 10 lakhs respectively. Owing to its benefits, many dealers also obtain voluntary registration under GST.
The GST registration in India is completely an online process. GST Registration affirms seamless flow of Input Tax Credit in addition to providing recognition as a registered supplier.
Benefits of GST Registration in India
Input tax credit and lower cost
Once the supplier of goods or services has obtained the registration under GST, he can take credit of the GST paid to the previous supplier concerning business activities. The decreased cost of inputs lowers the pricing of supplies. The registered GST supplier is also eligible to pass the ITC to the consumers.
Simplified and permanent registration
The online registration process is simplified with the assistance from LW experts. With the completion of registration process, the certificate is granted to the applicant stating the GST registration number, which is called GSTIN. The registration granted is permanent registration without any renewal requirement.
Legally recognized as Supplier
With compulsory or voluntary registration under GST, the supplier is eligible to collect the taxes legally. Further, the supplier can also pass on the credit. The voluntary registrant also gets equal status and responsibilities of taxpayer registered under the mandatory criteria. With the said registration, the registrant can also issue pakka invoice to the consumers.
Easy compliance requirements
Upon registration, every registrant is liable to fulfil compliance in the form of return filing in a periodical manner. These compliance requirements are simplified under the GST regime. It is also proposed to simplify the compliance through single return filing from multiple filings. A regular taxpayer would be awarded a higher GST Compliance rating as compared to others.
Documents of GST Registration of Company
- The Certificate of Incorporation issued by the Registrar of Companies
- Board Resolution
- Bank Details of Company and KYC of its directors and the digital signature is required.
- List of Documents and Formats
Document for GST Registration of LLP / Partnership
- Firm Registration Certificate
- Firm Agreement
- The address proof and Bank details of the firm and KYC documents of all the designated partners of the LLP or all partners of the firm plus the digital signature.
- List of Documents and Formats
Document for GST Registration of Proprietorship / Individual
- Obtaining the GST registration is easier.
- There is no need to get the digital signature
- Registration can be done based on Aadhar based OTP.
- Essential KYC documents are required
How will the goods and services be classified under GST regime?
HSN (Harmonised System of Nomenclature) code will be used for classifying the goods under the GST regime. Taxpayers whose turnover is above Rs. 1.5 crores but below Rs. 5 crores shall use 2 digit code and the taxpayers whose turnover is Rs. 5 crores and above shall use 4 digit code. Taxpayers whose turnover is below Rs. 1.5 crores are not required to mention HSN Code in their invoices. Services will be classified as per the Services Accounting Code (SAC)
Can composition scheme be availed, if the taxable person effects inter-State supplies?
No, composition scheme is applicable subject to the condition that the taxable person does not affect interstate supplies.
Can the customer who buys from a taxable person who is under the composition scheme claim composition tax as input tax credit?
No, customer who buys goods from taxable person who is under composition scheme is not eligible for composition input tax credit because a composition scheme supplier cannot issue a tax invoice.
Are promotional items and/or free samples subject to GST?
Yes, the stock transfer of promotion materials and/or free samples will be subject to GST, and supply of those promotions materials/free samples to the retailers who stock your product, or end customers, will also be subject to GST.
What is Goods and Service Tax Identification Number(GSTIN)?
Goods and Services Tax Identification Number (GSTIN) is a 15 digits state-wise PAN-based number to be used to identify businesses registered under GST.
Do i need PAN to apply for GST registration?
Yes, PAN is mandatory to apply for GST registration.