GST is an indirect tax that has replaced all the prevailing indirect taxes suitable until now. It is mainly a mixed form of all the other taxes.GST registration is a significant role to become a part of GST.
Once your business is registered for GST, then it is in the formal tax environment of the country. You automatically become eligible for a host of schemes and benefits. Plus there is always the added benefit of greater transparency.
Advantages of GST
1. Exemption to new traders
GST increases the exemption limit for small traders or service providers. Under GST, if a new business/traders have crossed the turnover limit of Rs. 10 lakhs then they are required to register under GST.
2. Legally recognized as a supplier
With compulsory or voluntary registration under GST, the supplier can now collect the taxes legally. With the said registration, the registrant or the supplier can also issue original invoices to the consumers.
3. Lesser tax compliance
The number of tax returns filed under GST is lower than the previous indirect tax regime.
4. Simple tax payment process
After the enactment of the GST Act, it offers only a single tax system, and filing tax returns is also very easy. Further, GST also offers a simple procedure of registration as all the process has been made online.
1. Select package
Start by selecting a package on an online website and then fill in all the required information in it.
2. Acquire process initial information
We will collect all the documents and registration fees that are required for this process.
3. Generate TRN number
Once the new GST registration is started, You will receive the 15-digit Temporary Reference Number (TRN) on your email and mobile.
4. Upload required documents
Using the TRN No. you have to login into the portal and upload all the required documents on the portal.
5. Prepare the document and get approved
We will help you in preparing all the documents and getting it approved.
6. Generate ARN number
At the GST System Portal, ARN numbers will be created automatically. You also can use ARN for tracking the position of your application.
7. GST certificate approval
Once the application is approved, the GST certificate is issued.
8. Handover the certificate
We will get that certificate for you and hand it over to you.
bank account details, a copy of cancelled cheque or extract of passbook/bank statement (containing the first and last page) must be uploaded. (in JPEG format / PDF format, maximum size – 100 KB) **Address proof: Upload any one of the following documents:
- Property tax receipt
- Municipal Khata copy
- Electricity bill copy
- Ownership deed/document (in the case of owned property)
- Lease / rent agreement (in case of leased / rented property) – To be submitted along with (1), (2) or (3)
- Consent letter / NOC from the owner (in case of consent arrangement or shared property) – To be submitted along with (1), (2) or (3)
At the center and state level, which taxes are being subsumed into GST?
At the Central level, the taxes are being subsumed are as follows:
• Central Excise Duty
• Additional Excise Duty
• Service Tax
• Additional Customs Duty is commonly known as Countervailing Duty, and
• Special Additional Duty of Customs. At the State level, the following taxes are being subsumed: a. Subsuming of State Value Added Tax/Sales Tax
• Entertainment Tax (other than the tax levied by the local bodies), Central Sales Tax (levied by the Centre and collected by the States),
• Octroi and Entry tax
• Purchase Tax
• Luxury tax
• Taxes on lottery, betting, and gambling.
Which are the products proposed to be retained outside the preview of GST?
Alcohol for human consumption, high-speed diesel, Petroleum Products viz. petroleum crude, natural gas and aviation turbine fuel & Electricity.
Is there any annual turnover threshold limit for GST registration in India?
Yes, if your annual turnover is above 20 lakh INR and you breach this threshold then you must register for GST and pay your taxes on time. To know more, connect with one of our advisors for clarity.
I own an optical shop and my turnover is around 10 lakh rupees per annum, do I need to register for GST?
No, you don't, however, be in touch with a tax consultant like us, you need to keep track of your accounts so that once you reach the threshold then there should be professional guidance on the way ahead.
I have a firm that is dealing in exempted products but I have a GST number. Do I need to file returns?
If you have undergone GST registration online India and have a GST number then it does not matter whether you deal in exempted or unexempted products/services. As a legal requirement you have to file GST returns.
I have a brokerage firm. Do I need to register for GST?
If your turnover is exceeding 20 lakhs then you have to register for GST. It will help you run your business smoothly and help in nation building too.
How much is the GST registration fees in India?
To know about the fees and other expenses related to GST registration please call our helpline and seek assistance from one of our executives.