What is GST Registration?
GSTIN, or Goods and Services Tax Identification Number, is a 15-digit identifier assigned to businesses for taxation purposes. Any Business turnover exceeds the threshold limit of Rs.40 lakh, Rs.20 lakh, or Rs.10 lakh, then the business owner must register himself as a normal taxable person under Goods and Services Tax (GST). It is called GST registration. It is mandatory for a business, It is a criminal offense to carry out business without registering under Goods and Services Tax (GST) and heavy penalties are levied for non-registration.
According to GST Act, GST registration can be different types. You must be aware of the types of GST Registration before selecting the appropriate one. The types of GST registration are:
- Normal Taxpayers under GST
Normal Taxpayer category applies to businesses based on their annual turnover. You need not provide any deposit to become a normal taxpayer. There is also no expiry date for taxpayers who fall under this category.
- Casual Taxable Person under GST
Individuals or businesses they do not have a fixed place of business may be required to register as a casual taxable person. The duration of the GST Registration under this category is 3 months and it can be extended or renewed.
- Composition Scheme Registration
Under this scheme, businesses pay GST at a fixed rate on their turnover. Apply for this if you wish to obtain the GST Composition Scheme. The Input tax credit cannot be obtained under this category.
- Non-Resident Taxable Person
This category specifically addresses those who do not have a fixed place of business within India. If you live outside India, but supply goods to individuals who stay in India, opt for this type of GST Registration.
Documents Required for GST Registration
PAN card
Aadhaar card
Bank Account statement
Proof of address
Digital Signature
Passport size photo
Certificate of incorporation issued by Ministry of Corporate Affairs
Proof of appointment of authorised signatory
For LLP, the registration certificate/LLP Board resolution
Eligibility to Register for GST and Charges
- GST registration is mandatory for businesses that have an annual turnover of Rs.20 lakh and more.
- All e-commerce aggregators
- Non-Resident Taxable Person and Casual Taxable Person
- Individuals who pay tax under the reverse charge mechanism
- Input service distributors and agents of a supplier
No charges under the GST law for obtaining GST registration on the GST portal. You can easily purchasing the GST registration plan with Web Online CA.
Benefits of GST Registration
Benefits of GST registration are as follows:
Input tax credit and lower cost: Once the supplier of goods or services has obtained the registration under GST, he can take credit of the GST paid to the previous supplier concerning business activities.
Legally recognized as Supplier: With compulsory or voluntary registration under GST, the supplier is eligible to collect the taxes legally. Further, the supplier can also pass on the credit.
Simplified and permanent registration: The online registration process is simplified with the assistance from LW experts. With the completion of registration process.
Easy compliance requirements: Upon registration, every registrant is liable to fulfil compliance in the form of return filing in a periodical manner. These compliance requirements are simplified under the GST regime.
Transparent in Nature: GST is a transparent tax system with no costs or hidden charges for registered retailers. This makes the expenses involved in business lesser.
How to Apply for GST Registration?
Follow below steps and get the GST number:
- Visit the official Website at www.gst.gov.in
- Select 'Services' under Services tab and Click on 'Registration'.
- Click on 'New Registration' and enter all the requested details like valid email address, mobile number and a PAN for the business.
- Click on Proceed after submission of details to get GST Registration Number.
However, the GST registration services also available on Web online CA that helps you to get your business GST registered and obtain your GSTIN.