GST Registration
Every Business or corporation which is involved in the buying and selling of goods & services has to register compulsorily for GST Mandatory:
- Business whose turnover is more than INR 20 lakhs (INR 10 lakh for North Eastern and hill states (for supply of Service)
- Business whose turnover is more than INR 40 lakhs (for supply of Goods) yearly to register for a GST
- All businesses making interstate outward supplies of goods are liable to get registered for a GST.
- E-commerce sellers /aggregators are not required to get registered if total sales are less than INR 20 lakhs.
Documents required for GST Registration:
- PAN of the Applicant
- Aadhaar Card
- Address proof of business such as Electricity Bill, Telephone bill, Rent agreement or Letter of Consent (NOC) etc
- Bank Account statement/Cancelled cheque
- Digital Signature Certificate
- Proof of Business Existence i.e. Incorporation/Registration Certificate
- Identity & Address proof along with Passport size photo of Directors/Proprietors/Partners
- Letter of Authorization for Authorized Signatory for GST (in case of Companies/Partnership Firms/LLP)
What is GSTIN ?
GSTIN is a 15 digit PAN based unique identification number allotted to every registered GST taxpayer. An Assessee can login on gst portal through this GSTIN
What is GST Registration Certificate?
The GST Registration certificate and GSTIN will be issued upon verification of GST application and other mandatory documents by the GST officer, The Registration Certificate can be downloaded from the GST Portal.
Penalty for not registering under GST
Any assessee not paying tax or making short payments has to pay a penalty of 10% of the tax amount due subject to a minimum of Rs.10,000. The penalty will at 100% of the tax amount due if the assessee has deliberately evaded paying taxes.
GST Registration FAQs
- Is GST registration mandatory?
Yes, a person is required to obtain GST registration if its turnover exceeds the specified threshold limit. - Can a person apply for multiple GST registrations?
If a person operates business in more than one state, then the taxpayer should obtain a separate GST registration for each state. - Can a person apply for multiple registrations within a state?
Yes, a person can apply for any number of GST registrations within a state. - Who can Register for the Composition scheme under GST?
Small taxpayers who want to have lesser compliances to deal with and lower rates of taxes under GST, can opt for the Composition scheme. A trader whose aggregate turnover is below Rs 1.5 crore can opt for the Composition scheme. In the case of North-Eastern states and Himachal Pradesh, the limit is Rs.75 lakh. - What is the turnover limit for GST registration?
Turnover means the aggregate value of all taxable supplies excluding inward supplies liable to reverse charge, but including exempt supplies, exports of goods or services or both and inter-state supplies of persons having the same PAN, to be computed on an all-India basis. Further, CGST, SGST, UTGST, IGST and cess should be excluded while calculating aggregate turnover. - What are the benefits of registering under GST?
In case of normal registered business, a person after getting registered under gst can avail input tax credit and conduct interstate business without restrictions. Further in case of Composition dealers there are very limited compliance, lesser tax liability. Further in case of businesses that voluntarily opt-in for GST registration, such business can avail input tax credit, conduct interstate business without restrictions, easily register on online & e-commerce websites.