GST registration

GST Registration

In India, GST (Goods and Service Tax) is a growing trend in the compliance world for business entities. It states that every entity from 1st July, 2017 onwards has to pay a certain amount of tax as GST to government chargeable on the taxable amount of supply made.This tax system in India was introduced by the government to simplify the tax implications faced by businesses and to come up with a common solution for problems like imposition of double taxation, misreporting of taxes etc. Based on certain slabs, GST is inclusive of different tax rates applicable on different goods and services identified through respective HSN Codes.

More about GST Registration:

  • GST Registration is an online process in which any person holding any business entity (Proprietorship/Partnership/LLP/Company) has to obtain unique GST registration number issued by the concerned tax authority to collect or pay taxes to government or avail Input tax credit (ITC).
  • Every registered taxpayer will be allotted a unique 15 digit GST Identification Number (GSTIN) comprising of the State Code and PAN Number of applicant. On successful registration, the taxpayer gets abided to follow and comply provisions & procedures stated in the CGST Act.
  • The act also provides the minimum registration criteria and specifies voluntary and compulsory registration for entities.

Who should apply for GST?

Under GST, liability for tax arises on supply of a good or service. Based on taxpayer’s business activities and service options the following need to get mandatorily registered under GST:
  • Having turnover from selling goods of Rs. 40 Lakhs or receipts from selling service of Rs. 20 Lakhs*.
  • Interstate Suppliers of goods. (Interstate supply of service is exempt from compulsory registration)
  • Casual Taxable Person (CTP).
  • E-Commerce Operator
  • Non-Resident Taxable Person.
  • Person liable to pay under the Reverse Charge Mechanism (RCM)
  • Person deducting TDS/TCS
  • Entities recognised under SEZs.
 
*Some special states where the above limit are half are as below:
  • Arunachal Pradesh
  • Assam
  • Manipur
  • Mehalaya
  • Mizoram
  • Nagaland
  • Sikkim
  • Tripura
  • Himachal Pradesh
  • Uttarakhand

Documents required for GST Registration

The following documents are required to apply for GST registration online :
DocumentsProprietorshipPartnershipLLPCompany (Public/Private/OPC/Section 8)
PAN of Applicant /Entity/Directors
Bank Account Details
KYC proof of Applicant/Directors (Aadhaar , Voter ID etc)
Proof of Registered Address of Business /Rent agreement( if applicable.)
Incorporation Certificate/Agreement/Deed  
MOA (Memorandum of Association ) and AOA (Article of Association)   
Declarations 
Board Resolution   
All documents stated above has to be presented at the time of GST Registration, while some additional documents shall also have to be provided as prescribed timely on the GST Registration portal.

Consequences for Non-Registration

Section 122 of the CGST Act, states for the penal provisions applicable on a person/entity for non registering to GST when identified to be liable for registration. The Section also states for other punitive actions to be taken against a person/entity for non-compliance of other GST provisions.

FAQs on GST Registration

Q1. Is their any renewal period for GST Registration?

– No, It is only one-time registration.

Q2. Is amendment in GST Registration possible after submission?

– Yes, a request for amendment in GST Registration can be made with prior approval of concerned GST officer.
If you are still facing any difficulty for registering your business under GST, we at Taxontips will always be there to assist you. Working with diligence since years, we provide compliance assistance on GST Registration and all financial compliance matters.
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