GST – Registration | Number | Return
Under the present GST system, each individual or organization that provisions merchandise and enterprises needs to enlist under Goods and Service Tax (GST). Along these lines, in the event that you maintain a business with a yearly turnover that surpasses Rs.20 Lakh (in every single Indian state, other than north-eastern states) at that point you should enlist with GSTN (Goods and Service Tax Network).
When you have enrolled under this system, you will get a special GSTIN (Goods and Service Tax Identification Number). The Central Government gives a state-wise, 15-digit number to you once you complete registration. There are numerous points of interest of GST registration including the way that you will get a legitimate way of life as a provider. You can likewise benefit input charge credit and gather GST from beneficiaries of products and enterprises.
Documents for GST Registration
PAN card of the applying candidate
Partnership deed or consolidation testament
PAN cards, voter IDs or Aadhaar cards of designated partners
Address proof of the business (electricity bill or rent agreement or for a SEZ) issued by the concerned government organization
Bank statement of the registering organization, firm or person
WHO NEED GST REGISTRATION IN INDIA?
- Turnover Criteria: All citizens who have a yearly turnover above ₹40 lakhs are required to get New GST registration.
- Casual taxpayer: If you supply merchandise or administrations in occasions/display where you don’t have a perpetual spot of business, you have to get Online GST Registration before beginning a business. Such a seller needs to pay GST based on an expected turnover of 90 days. The legitimacy of causal GST Registration is 90 days.
- NRI taxpayer: NRI citizen, who doesn’t have a position of business in India, wishes to begin a business, at that point he needs to apply for GST Registration in India before starting activities in India. The legitimacy of another GST registration is 90 days.
- Agents of a provider and Input administration merchant: All Input administration wholesaler who needs convey forward advantage of information charge credit requires GST registration.
- Reverse Charge: Any business who requires to pay charge under the switch charge system need GST Registration.
- E-Commerce Websites: Every web based business entryway, (for example, Amazon or Flipkart) under which various merchant’s selling their item requires GST Registration.
BENEFITS OF GST REGISTRATION
Become progressively serious: You will be increasingly serious in contrast with your unregistered rivals since you will convey legitimate assessment registration.
Expand your business Online: You can’t sell items or administrations on web based business stage without GST registration. In case you want to give a blow on web based business stage like Flipkart, Amazon, Paytm, Shopify or through your own site, you should require a GSTIN.
Can get input tax acknowledgment: Only Registered GST holders can profit contribution of GST charge paid on their buys and spare the expense.
Can sell all over India with no limitations: Without having GSTIN you can’t exchange between states. This is conceivable just on the off chance that you enlisted your business under GST.
Apply Government Tenders: Various government tenders requires GSTIN to apply delicate. On the off chance that you don’t have you may pass up on the business opportunity.
Get Current Account in any Bank: Especially, if there should arise an occurrence of sole owner business Banks and Financial Institution doesn’t open a present ledger for the sake of business exchange name except if you convey any administration confirmation for the sake of your business. GST registration declaration can assist you with opening a present financial balance.
Dealing with MNCs: Generally, MNC’s doesn’t happy to manage independent venture elements until they convey legitimate duty enlistment evidence.
Types of GST
|Features||Central GST – CGST||State GST – SGST||Integrated GST – IGST|
|Tax Levied By||Central Government on Intra-State supplies of Goods and/or Services||State Government, on Intra-State supplies||Central Government, on Inter-State supplies|
|Applicability||Supplies inside a state||Supplies inside a state||Interstate supplies and import|
|Input Tax Credit||Against CGST and IGST||Against SGST and IGST||Against CGST, SGST, and IGST|
|Tax Revenue Sharing||Central Government||State Government||Shared between State and Central governments|
WHAT IS GSTIN?
GSTIN is a shortening for Goods and Service Tax Identification Number. It comprises of 15 alphanumeric digits. This is created by the administration after you have effectively finished GST registration.
- First 2 digit show state code
- Next 10 digits shows PAN Number
- Next 1 shows sequential number of GST Registration in a state.
- Last 2 digits are arbitrary
Penalty for not registering for GSTIN
Any wrongdoer not paying his due assessment is at risk to take care of a punishment of 10% of the duty sum. This sum must not be not as much as Rs 10,000.
If there should be an occurrence of short installment of assessment, a base punishment of Rs 10,000 must be paid. The most extreme sum can be the sum identical to 10% of the unpaid duty.
Penalty for non-filing of GST Returns on or before due date
In the event of non filling of unpaid Tax, there is a penalty fee of Rs 50 every day. The most extreme sum must not surpass Rs. 5000.
There is additionally arrangement of punishment by prison term for guilty parties with the aim to submit extortion.
WHAT IS GST COMPOSITION SCHEME?
GST Composition Scheme is for the little citizens, which is encircled to diminish the assessment consistence trouble. Little citizens need not record month to month GST returns and they have to pay ostensible GST at a fixed pace of turnover. Any business having a yearly turnover up to ₹1.5 Crore can choose GST registration under arrangement plot.
Merits of GST Composition Scheme
- Need to document a solitary quarterly return. Four returns in a year
- Limited compliances
- Less expense obligation
- Pay modest quantity of expense on turnover (1% for dealers and 5% for eatery)
- Not require keeping up point by point records
- Can offer auxiliary type of services up to ₹ 5 lakhs every year under this scheme
Flaws of GST Composition Scheme
- Cannot benefit input charge credit of buys made
- Cannot issue charge receipt
- Cannot charge structure charge on receipt from client as regular practice if there should arise an occurrence of typical GST scheme
GST Registration Process
You can enroll for GST online through an administration entry, or you can enlist at a GST Seva Kendra. Investigate how to enroll for GST online in not many simple advances.
- Go to the GST PORTAL.
- Select ‘Registration’ under the ‘Services’ tab and then opt for ‘New registration‘.
- Select ‘Taxpayer’ starting from the drop menu of ‘I am a’
- Now, fill up the form of GST REG-01 for your new registration and submit the required information, for example, the official name of your business, state, email address, portable number and PAN card.
- Verify your data by entering the OTP sent to your mobile number and email ID, and then submit details by clicking on ‘Proceed’.
- When you complete the procedure and move to Part B, you will get a Temporary Reference Number (TRN), after confirmation. Note down this number.
GST Registration Process – PART B
- To beginning with part B, login with your TRN and enter the CAPTCHA code. Complete the OTP confirmation with the OTPs sent to your email id and enrolled portable number. You will at that point be diverted to the GST registration page.
- Now, submit business data, for example, the name of your organization, PAN, name of the state you are enlisting your business in and date of initiation of your business. Here, you need to make reference to on the off chance that you have any current registrations.
- Then, submit details of up to 10 partners of your business. In the event of ownership firm, you should present the subtleties of the owner. You should give individual subtleties, assignment, DIN (Director Identification Number), PAN and Aadhaar number.
- Next, present the details of the individual you have approved to document GST returns.
- Add the principal place of business, enter the location, official contact subtleties and nature of ownership of premises.
- Add subtleties of any extra places of business, subtleties of products and enterprises to be provided, and the financial balance subtleties of the organization.
- Upload the necessary records dependent on the kind of business you are enrolling.
- Now submit details through on ‘Save and Continue’. When you present the application, you should sign it carefully.
- Click on ‘Submit’ to enter details.
- After submission, you will get an Application Reference Number (ARN) by means of email or SMS to affirm your enrollment.
Instant GST Registration Process
- Submit details through GST Registration form
- Get expert consultation for your requirements
- Provide required documents
4. Get GSTIN
FAQ on GST Registration
- What is the Full Form of GSTIN?
GSTIN is alluding to Goods and administration charge distinguishing proof number which we previously talked about over the 15 digit GSTIN Number.
- At what stage, GST Registration gets compulsory for a business?
Essentially, it’s necessary just when your business cross in excess of 40 lakh rupees in a year yet some efficient B2B or E-trade or Trader’s which is required interstate deals required GST Registration from the Starting of business.
- Do I need the Multiple GSTIN for my Business?
On the off chance that your business is managing into the items or administrations both or distinctive sort of the items or administrations then you can without much of a stretch notice in your GST Certificate about these administrations or items. So, different GSTIN Number is not required for your business. Yet, in the event that you are setting up your business in an alternate state and supply the products or administrations from that distinctive area then yes it’s required the different GST Registration for the equivalent.
- Would we be able to apply GST on our Firm or Brand Name?
Truly, GST Registration required a one lawful substance name, so on the off chance that you are enlisted as ownership firm, at that point yes you can give your any firm name. There are no name rules on the firm name while applying for the GST enlistment.
- Do I need Commercial Address for the GST Registration?
No, in the event that you are maintaining your business from home, at that point the private location can be enlisted with the GST. It is required just the confirmation of address like electricity bill copy with the NOC or deal deed or lease understanding duplicate and so on.
- Do I need a financial balance for the GST Registration?
Indeed, you need an individual sparing financial balance or current ledger. In the event that you are new matter of fact and have just the individual sparing financial balance then you can give the equivalent and after the GST Registration, you can apply for the new current ledger based on GST Certificate.
- What activity required after the GST Registration
When you applied for the GST Registration, after that every month you need to raise the GST Invoice to your client or customer and charge the best possible GST Amount from them. Toward the month’s end you need to pay the expenses online for the equivalent.
- Consider the possibility that I am selling across India at that point required numerous GST.
No, you need just 1 GST Registration for the equivalent. With the GST Registration, you can sell interstate for the equivalent.
- How much time is required to complete the process of GST Registration?
Ordinarily, it generally relies upon Government endorsement. So it takes min 4-5 days for the GST Registration.
- There is any dismissal during the GST Registration
Indeed, in the event that there are not appropriate records, at that point GST Registration is liable to govt endorsement. On the off chance that govt official denied the application, at that point you need to document the new GST enlistment.
- In the event that I have as of now VAT/CST or Service charge at that point do I need change into GST
Truly, you need to relocate into the GST Registration for the equivalent. For that just login your old particular entryway where you will get the temporary client id after that basically make your GSTIN User id based on Provisional client id. From that point forward, the strategy is a similar which is referenced above for GST Registration.
- What is GST Composition Scheme under GST Law
In the event that your turnover is under 1.5 Cr aside from some state like North-Eastern states and Himachal Pradesh where limit if 75 lakh rupees. Updated from first April 2019) So you can choose the Composition Scheme during the GST Registration.
- All the business under 1.5 cr turnover qualified for the Composition Scheme
No, all the business are not qualified even they have under 1.5 Cr. turnover For ex – All administrations business with the exception of the eatery. – If business bargains interstate – If yearly turnover is more than 1.5 Cr – E-trade venders or Importer of Goods – Supplier of non-assessable things and so on.
- Step by step instructions to Track GST Registration Status
When your application has been recorded, after that you will get the ARN Number which is treated as affirmation number. So you can without much of a stretch track your application status by ARN Number.
- What documents are required for confirmation of Place of Business?
It’s constantly required power charge duplicate regardless of whether have leased a spot and NOC from the proprietor. NOC Format will be shared by Lawdef during the enlistment procedure.
- How I need to send my records to Lawdef for GST Registration
Basically we acknowledge archives secure over email or WhatsApp. Try not to stress over your archives, we have constantly 100% classified arrangement and after the work, your reports have been erased from the framework.
- The most effective method to Choose HSN or SAC Code during GST Registration
HSN or SAC Code alludes to Goods and Services code. So at Lawdef, our CA causes you to pick the privilege HSN or SAC Code in the wake of getting insights regarding your business.
- Do I need to visit the GST Department with my paper for any check
No, Lawdef deals with everything. So you have not required visiting any sort of govt office and so on essentially registering on our site and completing your GST Registration at fingertips.
- Why I Choose Lawdef for my GST Registration?
We have a strong 5 motivations to Choose Lawdef for the GST Registration:- a) Trusted by 25k+ organizations and independent company across India. b) Govt Startup India Certified Portal c) Issued more than 10K+ GSTIN Numbers d) Help in GST Return Filing Compliance and so forth.