GST registration is essential for businesses in India. If your business revenue surpasses certain threshold levels or belongs to specific categories that require GST registration, it's imperative to register following the GST regulations. KRITIKA GUPTA AND ASSOCIATES s can assist you in obtaining your GST registration seamlessly.
Contact our experts today to streamline your GST registration process!
Overview GST Registration online ?
Since its introduction on 1 July 2017, the Goods & Services Tax (GST) has been mandatory for all service providers, traders, manufacturers, and even freelancers in India. The GST system was implemented to replace Central and state-level taxes such as Service Tax, Excise Duty, CST, Entertainment Tax, Luxury Tax, and VAT, making the tax process more streamlined. The GST registration charges vary depending on the type of business and turnover.
For those taxpayers whose annual turnover is less than 1.5 crore, the GST framework provides an option for a composition scheme. This scheme allows them to undergo simplified GST procedures and pay taxes at a predetermined rate according to their turnover.
The GST mechanism operates throughout various stages of the supply chain. This includes acquiring raw materials, production, wholesale, retail, and the eventual sale to the end consumer. Notably, GST is imposed at every one of these steps. For example, when a product is produced in West Bengal and then used in Uttar Pradesh, the GST revenue generated is allocated entirely to Uttar Pradesh, emphasizing the consumption-based nature of GST.
Key Components of GST Registration
The Goods and Services Tax (GST) in India is structured around three primary components:
- Central Goods and Services Tax (CGST):
- State Goods and Services Tax (SGST):
- Integrated Goods and Services Tax (IGST):
This tax is levied by the Central Government on the supply of goods and services within a particular state. CGST applies to transactions carried out entirely within the boundaries of one state.
SGST is charged by the State Government on the supply of goods and services within its jurisdiction. Similar to CGST, SGST is also limited to transactions happening within a specific state.
This tax is imposed by the Central Government on the supply of goods and services that occur between different states or between a state and a Union Territory. IGST is relevant for transactions where goods or services cross state or Union Territory boundaries.
- Business Entities:
- Service Providers:
- Exemptions:
- Previously Registered Entities:
- Inter-State Suppliers:
- Casual Taxable Entities:
- Entities under Reverse Charge Mechanism:
- Input Service Distributors & Agents:
- E-Commerce Platforms:
- Non-Resident Taxable Entities:
- Supplier's Agents:
- E-Commerce Suppliers:
- Online Service Providers:
Any enterprise with an aggregate annual turnover exceeding Rs. 40 lakhs. For special category states under GST, the threshold is Rs. 20 lakhs.
Those with an aggregate annual turnover surpassing Rs. 20 lakhs. For special category states, this limit is Rs. 10 lakhs.
It's important to note that entities dealing exclusively in GST-exempted goods or services are not bound by these thresholds.
Entities that were registered under older tax frameworks (like Excise, VAT, Service Tax, etc.) need to migrate and register under the GST regime.
Any entity or individual involved in the supply of goods across state boundaries.
Those who undertake taxable supply occasionally.
Businesses obligated to pay tax under the reverse charge.
Distributors of input services, including their representatives.
Operators or aggregators of e-commerce platforms.
Individuals or entities that are non-resident but engage in taxable supply within India.
Representatives who supply on behalf of a principal supplier.
Individuals or entities that offer goods or services through an e-commerce aggregator.
Entities delivering online information, database access, or retrieval services from outside India to an individual in India, excluding those already registered under GST.
GST Registration Turnover Limit
GST registration can be obtained voluntarily by any person or entity, irrespective of turnover. GST registration becomes mandatory if a person or entity sells goods or services beyond a certain turnover. For businesses that need to register, GST apply online allows for a quick and convenient process.
Service Providers:
Any person or entity who provides service of more than Rs.20 lakhs in aggregate turnover in a year is required to obtain 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 any person who is engaged in the exclusive supply of goods whose aggregate turnover crosses Rs.40 lakhs in a year is required to obtain GST registration. To be eligible for the Rs.40 lakhs turnover limit, the supplier must satisfy the following conditions:
- Should not be providing any services.
- The supplier should not be engaged in making intra-state (supplying goods within the same state) supplies in the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripur and Uttarakhand.
- Should not be involved in the supply of ice cream, pan masala or tobacco.
If the above conditions are not met, the supplier of goods would be required to obtain GST registration when the turnover crosses Rs.20 lakhs and Rs.10 lakhs in special category states.
Special Category States:
Under GST, the following 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 based on the PAN. Hence, even if one person has multiple places of business, it must be summed to arrive at the aggregate turnover.
Advantages of GST Registration for Businesses
Registering for GST offers a range of benefits to businesses:
- Legal Compliance:
- Input Tax Credit:
- Inter-State Trade Ease:
- Elimination of Cascading Effect:
- Competitive Edge:
- Access to Larger Markets:
- Optimized Cash Flow:
- Enhanced Credit Rating:
- Legal Safeguard:
- Simplified Compliance:
- Transparent Operations:
Ensures that businesses remain compliant with tax regulations, thus avoiding any potential penalties.
Businesses can claim credits for the GST they've paid on purchases, which can then be set off against the GST charged on sales, leading to a reduction in tax liability.
Encourages businesses to transact across state boundaries without facing tax-related challenges.
By removing the effect of tax being levied on an already taxed amount, the overall cost of products or services is reduced.
Being GST compliant can instil trust in potential customers, opening up more business opportunities.
Major corporations often prefer collaborating with GST-registered vendors.
Efficient management and lower tax liability can enhance the cash flow within a business.
Maintaining a consistent and positive GST compliance record can boost a business's credit profile.
A GST registration protects businesses and ensures their rights are upheld.
The GST process is streamlined, enabling businesses to file returns and make payments online easily.
Ensures businesses maintain accurate records, promoting a sense of trustworthiness and professionalism.
GST Certificate
The GST Certificate stands as an authoritative document provided by the Indian government to entities that are registered under the Goods and Services Tax (GST) framework. This certificate confirms a business's legitimate Registration under GST and prominently displays key details such as the GST identification number, the business name, and official address.
Possessing an authentic GST Certificate is pivotal for enterprises because:
Tax Collection Authority:
t empowers businesses to impose and gather GST from their clientele.
- Tax Credit Claims:
- Loan Applications:
- Government Tenders:
- Market Reputation:
With this certificate, businesses can rightfully claim credits on the GST they've disbursed on their procurements and operational costs.
Furthermore, beyond its tax-related functions, the GST Certificate holds significance in several other domains:
When seeking financial aid or loans, businesses might be asked to present their GST certificates to validate their authenticity.
To be eligible and participate in official government tenders, the GST Certificate must often be produced as evidence of tax compliance.
The certificate enhances a business's stature in the market, reflecting its commitment to national tax regulations.
GSTIN
GSTIN, which stands for Goods and Services Tax Identification Number, is a distinctive 15-digit alphanumeric code allocated to every taxpayer who is registered under the GST framework in India. This number acts as the primary identifier for both businesses and individuals in the context of GST-related transactions and compliance. You will receive GSTIN after successfully submitting the application through the GST Apply online portal.
Voluntary GST Registration for Businesses
Businesses generating a turnover of less than Rs.20 lakhs can do the GST apply online voluntarily.. By doing so, they can benefit from advantages such as availing input tax credits, unrestricted inter-state sales, eligibility to list on e-commerce sites, and establishing a competitive stance against businesses that aren't GST-registered. While this Registration isn't a mandate, it paves the way for enhanced growth prospects and the potential for increased profitability.
GST Registration Documents Requirements
Below, we have given the GST registration documents to use it as a checklist.
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Penalty for Not Obtaining GST Registration
- For Non-Payment or Underpayments:
- Intentional Tax Evasion:
f a taxpayer either neglects to pay the requisite tax or mistakenly underpays, an acceptable equivalent of 10% of the outstanding tax amount is levied. It's important to note that while there are no GST registration fees, penalties for non-compliance can be significant.
If an individual or business willfully avoids paying the due taxes, the penalty equals 100% of the evaded tax amount.
Get GST Registration Online quickly through KRITIKA GUPTA AND ASSOCIATES s
You can obtain your GST registration online through KRITIKA GUPTA AND ASSOCIATES s. Enter your name, phone number and email to being the process.
When we receive your request a GST expert will reach out to you and understands your business activity, the state where the business is operating and answer any questions that you may have.
The GST expert will also collect and verify the GST registration documents to ensure a smooth registration process. Once the payment is initiated we start with the GST registration online process and we upload all your application into the GST Portal.
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. Along with the GST registration, access is provided to LEDGERS Platform for your to do GST invoicing and GST return filing.
GST Return Filing
GST return filing is a formal process in which a taxpayer provides the government with information regarding their sales, purchases, and taxes collected and disbursed. In India, every GST-registered taxpayer must submit these returns consistently, even if there were no sales or purchases during a particular period. While there are no GST registration fees, ensuring a compliant and accurate registration is crucial to avoid penalties.
If you need assistance, our team of experts is at your service to guide you through the GST return filing process.
- Claim of Authorship:
- Reproduction and Storage:
- Publication Control:
- Public Display and Communication:
- Reputation Protection:
- Licensing or Transfer:
You can assert and acknowledge your role as the creator of your published work.
As the owner, you possess the right to reproduce the content in any tangible medium and store it electronically.
You hold the discretion to decide when, where, and how to publish or withhold your work from publication.
You are entitled to showcase or share your work with the public. Additionally, you have the prerogative to make translations or adaptations of the original content.
Should there be a threat to your professional standing or reputation via your work, you have the right to intervene and take protective measures.
You can opt to sell or lease your Copyright, allowing others specified rights to your work as outlined in the agreement.
These rights equip copyright owners with the tools to oversee, defend, and exercise control over their creative contributions and intellectual assets.
Duration of Copyright Protection After registering a work under Copyright, the protection generally lasts for the duration of the creator's life and then extends for an additional 60 years after their demise. This prolonged period guarantees that the work stays protected, allowing the creator's heirs or designated rights holders to benefit from it for an extended time.
Conditions for Filing a Copyright Application in India
When applying for copyright registration, ensure you adhere to the following format and size guidelines for different works:
Upload in either pdf or jpg format.
Submit in mp3 format.
Upload documents in PDF format, ensuring the file size doesn't exceed 10 MB.
Submit a PDF that includes at least the initial ten and the concluding ten pages of the source code. If the source code has fewer than 20 pages, upload the complete code. Ensure there are no redacted or obscured sections.
Procedure for Obtaining Copyright Registration
To secure copyright registration online, follow the systematic procedure outlined below:
Submission of Application
Draft an application that includes all required details and a statement of particulars using the designated format (FORM XIV). Remember, individual works require separate applications. Each application must be signed by both the applicant and an Advocate who holds a Vakalatnama or a Power of Attorney (POA). Ensure to pay the required copyright registration fees.
Issuance of Diary Number
Upon application receipt, the registrar assigns a Diary Number, signifying the commencement of the registration process. Thereafter, a 30-day waiting period is observed to allow for any potential objections.
Handling of Copyright Objections
Should no objections arise within the 30-day window, a scrutinizer evaluates the application for inconsistencies. If deemed satisfactory, the scrutinizer proceeds with registration and provides the registrar an extract for the Register of Copyright.
Resolution of Objections
If objections emerge, both involved parties will receive a notification detailing the objections. A subsequent hearing will be convened to address and resolve these concerns.
Application Scrutiny
Post-hearing, if needed, the scrutinizer conducts a thorough examination of the application. Depending on the findings, the application may be endorsed or declined.
Issuance of Copyright Registration Certificate
Upon application approval and payment of copyright registration fees, the corresponding authority dispenses the copyright registration certificate. Typically, the entire procedure concludes in around 2 to 3 months.
Trademark vs Copyright vs Patent
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