GST Registration

GST Registration

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OVERVIEW

Government of India has shown determination to improve the Indian tax system and biggest change in the Indian tax system, and it is mentioned here. Goods and service tax (GST) will subsume most of the present indirect taxes levied in India. To bring about this movement, every taxpayer or assessee registered under the previous indirect tax levies and who meets the criteria laid down in the Model GST Law is required to register under GST. Also, if any supplier’s turnover is more than 40 lakh or more, you are eligible to register under goods and services. However, for North-East states, the limit is set to 20 lakhs.

The GST Council, met on January 10 had decided that there would be two threshold limits for goods suppliers 40 lakh for the bigger States apart from Himachal Pradesh, Assam and J&K and 20 lakh for the seven North Eastern States apart from Uttarakhand and Pondicherry. At present, these limits are 20 lakh and 10 lakh, respectively.

CGST+SGST

BENIFITS OF GST REGISTRATION

You can legally collect taxes from your customers and pass on the Tax Benefits to suppliers.
Business Becomes 100% tax Compliant.
You can Claim Input Tax Credit which you have paid on your purchases and improve profits.
GST certificate can be used as one of the documents while opening a current account or Business Account.
You can easily apply for various states and Central Government tenders if you have GSTN.
Expand your business through various channels like Online, Import-Exports.
To start payment gateways and use mobile wallets GST number is used.

 

 

BENEFITS OF GST (GOOD AND SERVICE TAX)

Ease of business.
Easy tax filing and documentation.
Cascading tax effect removed.
Prices of Goods and services will be better regulated across one big India market.
The shift from unorganized to organized market.
Promotion of Digital economy.
GST certificate can be used as one of the documents while opening a current account or Business Account.
You can easily apply for various states and Central Government tenders if you have GSTN.

 

IMPORTANT POINTS TO BE NOTED

1.  The new registration limit is only for goods and not for services.

2.  Inter-state supply of goods shall not be covered since persons making inter-state supplies are mandatorily required to get registered as per Section 24.

3.  If the person has obtained registration because of Section 24, the new limit of Rs. 40 Lakhs shall not apply then.

4. The new limit is applicable from 1st April 2019, i.e., Financial Year 2019-20.

 

 

FREQUENTLY ASKED QUESTIONS

All businesses that are registered under GST are assigned with a unique Goods and Service Tax Identification number or GSTIN.
If a business provider operates from more than in one state, then a separate GST registration is required for each state. For example- a shoe manufacturer sells in Karnataka and Tamil Nadu; now he has to apply for separate GST registration in Karnataka and Tamil Nadu respectively. A business with multiple business verticals in a state has the option to obtain a separate registration for each business vertical.
Small businesses that have an annual turnover of less than Rs 1 crore (Rs 75lakhs for NE states) can opt for Composition scheme. In GST Registration the composition dealer is required to pay nominal taxes based on the nature of business.
GST Registration is not mandatory for persons who:1.Supply agricultural produce from cultivation.2.Make only exempt supplies (Nil Rated or Non-Taxable supplies) of goods or services.Make supplies which are entirely covered under reverse charge.
Yes, a person can get registered voluntarily under GST in terms of sub-section (3) of section 25. All the provisions will apply to him as they apply to a registered person.
A Casual taxable person is one who has a registered business in some State in India but wants to effect supplies from some other State in which he is not having any fixed place of business. Such a person needs to register in the State from where he seeks to supply as a Casual taxable person.
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