GST Registration

We know that the implementation of GST is biggest indirect Tax reform in india , GST promotes the government policy of ease of doing business, it mitigate the adversity  of   indirect taxation, & help in reducing the hurdles to carry the business activities , its provide the single tax mechanism for taxation , before  GST there are many taxes which was very complicated .

 Basic slogan  for GST ‘One Nation – One Tax – One Market’ has played a Important  role in transforming this country into a common national market, as it has subsumed a number of previous indirect taxes.

GST regime covered goods and services for taxation purposes , it replaced all the different taxation regime like service tax, valu added tax , entertainment tax, luxury tax etc.

GST has greatly altered the traditional business concepts and tax rules. Under the GST regime, every taxpayer has to be GST registered. To become a GST registrant the prescribed annual turnover limit are  as follows :-

 As per the 32nd GST Council Meet this limit (will come in effect from 1st April 2019) has been increased up to:- ₹ 20 Lakh for Special Category States & 40 Lakh for All States and Union territories

Important facts should be know about the GST Regime

  1. If any person selling or supplying the taxable services more or then 40 lakh then such person needs to get GST registration .
  2. If any person not having turnover more then 40 lakh then there is no need to get GST registration ,But any body may get Voluntary GST registration irrespective of turnover .there are some benefit of getting the Voluntary gst registration
  3. To improve the business credibility
  4. To satisfy the requirements of B2B customers
  5. To claim input tax credit benefits
  6. There are 3 type of tax under GST
  7. CGST
  8. SGST
  9. IGST

GST no is PAN-based 15-digit Goods and Services Taxpayer Identification Number (GSTIN).
First two digits represents the state code ( Every state code has a unique state code)
Next 10 digits will be the Pan no. of taxpayer
13th digit will be based on how much registration take by the applicant , The fourteenth digit will be Z by default, The last digit will be for check code. It may be an alphabet or a number

Type of GST Registration

Compulsory Registration

 Under certain scenarios, the businesses have to get registration under GST.

 

Voluntary Registration

The business does not have the liability to register under GST, however, can apply for GST Registration. This usually is when the businesses are willing to take advantage of the Input Tax Credit facility.

Registration under Composition Scheme

Composition scheme is a voluntary and optional scheme for registering under GST. Under the composition scheme, the compliance is simpler and lesser returns are to be filed. The tax is to be filed at a fixed rate. If the business turnover is  1.5 Crores, they can opt for GST Registration under Composition Scheme.

DOCUMENTS REQUIRED FOR GST REGISTRATION

PAN Card of applicant
Adhar card /Voter ID card / driving License
Cancel cheque/ Passbook copy/ Bank statement
Electricity bill & Rent Agreement / NOC in case applicant is principle place of business  owned  by the applicant of his/ her family member
MOA, AOA, Partnership Deed in case of applicant is company of partnership firm
Authorization Letter ,Board Resolution (Applicant is a company) in case applicant appoint any other person as authorized signatory for the business operation