Goods & Service Tax

GOODS & SERVICE TAX REGISTRATION:

ABOUT: GST stands for Goods & Service tax, it’s an indirect tax. This has replaced much indirect Tax in India since its inception. it is mandatory for a business that has a turnover of above Rs.40 lakh to register as a normal taxable entity. The turnover is Rs.10 lakh for businesses that are present in hill states and North-Eastern states.

There are three taxes applicable under this system: CGST, SGST & IGST.

• CGST: It is the tax collected by the Central Government on an intra-state sale (e.g., a transaction happening within Maharashtra)

• SGST: It is the tax collected by the state government on an intra-state sale (e.g., a transaction happening within Maharashtra)

• IGST: It is a tax collected by the Central Government for an inter-state sale (e.g., Maharashtra to Tamil Nadu). If businesses are operating from more than one state, then businesses will have to take separate registration for each state businesses are operating from.

Business for GST Registration: here is the list of certain businesses for which GST registration is mandatory irrespective of their turnover:

• Casual taxable person / Input Service Distributor (ISD)

• Non-resident taxable person • Inter-state supplier of goods and services

• Supplier of goods through an e-commerce portal

• Any service provider

• liable to pay tax under the reverse charge mechanism

• TDS/TCS deductor

• Online data access or retrieval service provider

Types of GST registration:

Normal taxpayers: Most businesses in India fall under this category. Businesses whose turnover exceeds Rs 40 lakh in a financial year are required to register as normal taxable persons. However, the threshold limit is Rs 10 lakh if you have a business in the northeastern states, J&K, Himachal Pradesh, and Uttarakhand.

Casual taxable individual: Occasional or seasonal businesses need to register their businesses under GST for this category. Businesses need to make a deposit equal to the GST liability from the occasional operations. The tenure for registration is 3 months. However, businesses can apply for renewal and extensions.

Non-resident taxable individual: Individuals who reside outside India but occasionally supply goods or services as agents, principals, or in other capacities to Indian residents are liable to file for registration under this category. The business owner must pay a deposit equal to the expected GST liability during the GST active tenure. The normal tenure is 3 months. However, individuals can extend or renew the registration if required.

Composition registration: Businesses with an annual turnover of up to Rs 1 crore are eligible for registration under the composition scheme. Under this scheme, businesses have to pay a fixed amount of GST irrespective of their actual turnover.

GST Registration Exemption: The below-mentioned individuals and entities are exempt from GST registration:

1. Businesses that manufacture supplies that come under reverse charge.

2. Activities that do not come under the supply of goods or services. Examples of such activities are the sale of a building or land, funeral services, and services provided by an employee.

3. Businesses that make non-GST/ non-taxable supplies. Examples are aviation turbine fuel, electricity, natural gas, high-speed diesel, and petrol.

4. Businesses that make exempt/ nil-rated supplies.

5. Businesses that fall under the threshold exemption limit.

6. Agriculturists.

Penalty for not registering under GST: All the businesses required to register under GST mandatorily will have to pay a penalty of 10% of the tax amount payable up to a maximum of INR 10,000.

Documents required for GST Registration:

• Permanent Account Number (PAN) of the applicant • Copy of the aadhaar card • Proof of business registration or incorporation certificate • Identity and address proof of promoters/directors with a photograph • Bank account statement/canceled cheque • Authorisation letter/board resolution for authorized signatory • Digital signature

## There may be complex things that occur during the registration process which is a time-consuming and lengthy process. The legal language of these forms is complex in nature.

The government Portal and its functionality are in itself quite challenging. The support of professionals and experts can save your precious business time.

Our team of LAW COMPLIANCES, having expertise in all such kinds of matters, will resolve all problems pertaining to registration & compliances and will save your precious time and Money.  

Working Process:

>Choose your Plan and Pay Securely.

> Upload required document

> An expert will be assigned to you for the procedure of submission of the application.

> Our Expert will complete the process required for your work along with the necessary assistance over a call during business hours.

BASIC PLAN: Assistance in GST Registration. GST Registration, Service Fees: 999/- excluding government Fees.

Law Compliances can help you in obtaining GST Registration in 4-7working days.

** ** Time taken for Incorporation/ Registration will depend on the submission of the relevant documents by the client and also approval from the CONCERNED Government authorities.

FREQUENTLY ASKED QUESTIONS (FAQ): Is a bank account mandatory for GST registration?

No, bank accounts are not mandatory at the time of GST registration.

Can I surrender my GST number?

Yes, you can surrender the GST number. However, you can do so only after one year from the date of registration.

Is GST registration mandatory?

Yes, you are required to obtain GST registration once your turnover exceeds the specified threshold limits. Click here to check out the latest threshold limits for GST registration.

Can I apply for multiple registrations within a state?

Yes, a business can apply for any number of GST registrations within a state. The procedure of allocating multiple GST registrations only for different business verticals within a state has been removed for ease of business.

Who can Register for the Composition scheme under GST?

Small taxpayers who wish 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 present limit is Rs.75 lakh. Click here to know all about the Composition scheme. Also, the government extended the Composition scheme to service providers having an aggregate turnover of up to Rs.50 lakhs. Click here to go through the Composition scheme for service providers.

What turnover should be considered for the GST registration threshold limit?

Aggregate turnover should be taken into consideration to calculate turnover. Aggregate 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. It is to be noted that CGST, SGST, UTGST, IGST, and cess should be excluded while calculating aggregate turnover.

Who is the primary authorized signatory?

The primary authorized signatory is the person who is primarily responsible to undertake tasks on the GST portal on behalf of the taxpayer. It could be the promotion of the business or any other trustworthy person nominated by the promoters of the business.

Is PAN mandatory for obtaining GST registration?

Yes. PAN is mandatory for obtaining GST registration.

What is the validity of GST registration?

GST registration does not have an expiry date. Only GST registration for non-resident taxable persons and casual taxable persons have a validity period that is fixed by the authorities while issuing the GST registration certificate.

Can a person with no GST registration collect GST?

No, only persons registered under GST are allowed to collect GST from the customers. A person not registered under GST cannot even claim the input tax credit on the GST paid. ***