GST Registration

A tax on products and services used in India is known as the products and Services Tax (GST). In India, the GST has mostly superseded other indirect taxes including excise duty, VAT, and services tax. Based on the Goods and Service Tax Act, which was approved by the Indian Parliament on March 29, 2017, GST became effective on July 1st, 2017.

Taxable person under GST

Anyone conducting business in India who is registered with the GST Act or who is required to register with the GST Act is referred to as a "taxable person" under the GST Act. A taxable person can be a person, a HUF, a firm, a business, an LLP, an AOP/BOI, any corporation or government company, a body corporate formed under the laws of another nation, a cooperative society, a local government, a trust, or an artificial juridical person.

GST Registration Turnover Limit

Regardless of turnover, anyone or any company can voluntarily register for GST. If a person or organization sells more goods or services than a predetermined threshold, GST registration is required.

Service Providers: A GST registration is necessary for every individual or organization that offers services with an annual total revenue of more than Rs. 20 lakhs. GST turnover limits for service providers have been set at Rs. 10 lakhs in states that fall under special category.

Goods Suppliers: According to notification No. 10/2019, everyone involved in the exclusive supply of goods with an annual turnover above Rs. 40 lakhs must register for GST. The supplier must meet the following requirements in order to be eligible for the Rs. 40 lakhs turnover limit:

• ought not to be offering any services.
• In the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripur, and Uttarakhand, the provider shall not be involved in making intra-state (supplying commodities within the same state) deliveries.
• Should not be a part of the tobacco, pan masala, or ice cream supply chains.

If the aforementioned requirements are not met, the supplier of products will be compelled to register for GST when their annual revenue exceeds Rs. 20 lakhs, and Rs. 10 lakhs in states that fall under a special category.

Special Category States: Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh, and Uttarakhand are listed as special category states under the GST. 

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.

Types of GST Registration

GST registrations come in a variety of forms, including those for regular, occasional, non-resident, and eCommerce operators. No of the threshold for turnover, casual taxpayers, non-resident taxpayers, and eCommerce businesses must register for GST.

Casual Taxable Persons: The GST Act defines as a casual taxable person as a person who occasionally supplies goods or services in a State or a Union territory where the entity has no fixed place of business. Hence, persons running temporary businesses in fairs or exhibitions or seasonal businesses would fall under casual taxable person under GST.

Non-resident Taxable Persons: Non-resident taxable person (NRI) under GST is any person or business or not-for-profit supplying goods or services but have no fixed place of business or residence in India. Thus, any foreign person or foreign business or organisation supplying goods or services to India would be a non-resident taxable person – requiring compliance with all GST regulations in India.

E-Commerce Operators: Electronic commerce operator is every person who, owns, operates or manages digital or electronic facility or platform for electronic commerce. Thus, any person selling through the internet can be termed as an eCommerce Operator requiring GST registration irrespective of business turnover.

What is GSTIN?

A GST registration number entitles an entity to a GSTIN, or Goods and Services Tax Identification Number (GSTIN). The GSTIN is 15 characters long. The applicant's PAN and State are used to determine the applicant's GSTIN. The first two digits of a GST registration number are the State Code. The applicant's PAN is shown by the subsequent 10 digits.

Download GST Registration Certificate

To those who have registered for GST, a GST Certificate is supplied. Those who have obtained a GST registration certificate are legally required to display it clearly at their place of business. The GST Portal makes downloading a GST certificate very simple. User Services can be found after logging into the GST Account. To download the GST registration certificate, select View / Download Certificate under User Services.

Register for GST through IndiaFilings

In fewer than 7 working days, you can register for GST with IndiaFilings. The procedure will start once you enter your name, phone number, and email.

When we receive your request, a GST expert will get in touch with you to discuss your business activity, the state in which your company is located, and to address any queries you might have.

The documentation needed to apply for GST registration will also be gathered and verified by the GST expert. Following the start of the payment, we begin the GST registration procedure and upload all of your applications to the GST Portal.

The GST registration is obtained in 3 to 7 working days. There is no requirement for physical presence in the office because everything is done online. Access to the LEDGERS Platform is given along with the GST registration, allowing you to complete GST billing and GST return filing.

Voluntary GST Registration

No of how much money their business makes, any individual or organization that wants to offer goods or services can voluntarily register for GST. By voluntarily registering for GST, a business can benefit from Input Tax Credit and issue GST invoices to clients.

Penalty for NOT Obtaining GST Registration.

Any individual or organization that exceeds the aggregate turnover threshold is required to register for GST within 30 days of becoming subject to registration requirements. A penalty of Rs. 10,000 can be imposed for lateness or noncompliance, and the input tax credit earned during the wait will be lost.

Documents Required for GST Registration

Benefits of GST Registration

The following are some of the advantages of GST registration:

Bank Loans: GST registration and GST return filing are used to establish a company's track record and serve as evidence of business activities. Based on information from GST returns, banks and NBFCs lend to businesses. Therefore, GST registration might assist you in formalizing your company and obtaining financing.

Supplier Onboarding: GST registration is frequently a requirement throughout the supplier onboarding process in order to become a supplier of reputable businesses. Consequently, GST registration can aid in increasing your revenue.

eCommerce: Consequently, having a GST registration will enable you to sell online. A GST registration is required to sell online and through multiple platforms like Amazon, Flipkart, Snapdeal, Zomato, Swiggy, etc.

Input Tax Credit: Businesses that have registered for GST are permitted to charge GST to customers for supplies and deduct the tax burden from GST paid on a variety of goods and services. Therefore, GST registration might lower your tax bill and increase your profit margins.