Registration Rocket
GST Registration
GST Registration is mandatory for businesses exceeding specified turnover limits. It enables legal tax collection, availing input tax credits, and compliance with GST laws.
GST Registration – An Overview
GST, or Goods and Services Tax, is an indirect tax in India that replaced various taxes like excise duty, VAT, and service tax. Launched on July 1, 2017, GST aims to streamline tax collection, establishing a unified system for efficiency and simplicity. GST registration is mandatory for businesses with an annual turnover above Rs. 40 lakhs (Rs. 20 lakhs in North East and hill states). Additionally, businesses with turnover under ₹1.5 crore can opt for the composition scheme, simplifying GST formalities and paying tax at a fixed turnover-based rate.
Components of GST
GST comprises three tax components:
– Central Goods and Services Tax (CGST): Levied by the central government.
– State Goods and Services Tax (SGST): Levied by the state government for intra-state transactions.
– Integrated Goods and Services Tax (IGST): Levied by the central government for inter-state transactions.
Eligibility for GST Registration
– Any individual or business entity that carries out taxable supplies of goods or services.
– Businesses with annual turnover exceeding the prescribed threshold limit (currently ₹20 lakhs for most businesses).
– E-commerce operators facilitating the supply of goods and services through their platform.
– Non-resident taxable persons occasionally supplying goods or services in India.
– Businesses involved in inter-state supply of goods or services.
– Input service distributors distributing input tax credit to their branches or units.
– Casual taxable persons supplying goods or services occasionally in India.
– Businesses previously registered under the old tax regime (VAT, Service Tax, etc.) and migrated to GST.
GST Certificate
A GST Certificate is a document issued by the Indian government to businesses registered under the GST system. It serves as proof of the business’s registration under GST and includes details such as the business’s GST identification number, name, and address. Businesses are required to have a GST Certificate to charge and collect GST from customers and to avail input tax credits, apply for loans, and participate in tenders.
Types of GST Registration
1. Regular Scheme: For proprietors.
2. Pvt Ltd/LLP/Partnership: For private limited companies, limited liability partnerships, and partnerships.
3. Composition Scheme: For proprietors and partnerships with annual turnover below the threshold limit.
Differences Between Types of GST Registration
– Proprietorship: Owned and managed by a single individual.
– Pvt Ltd: A separate legal entity from its owners and directors.
– LLP: Combines features of a company and a partnership.
– Partnership Firm: Formed by two or more people who share profits and losses.
Choosing the Right Type of GST Registration
The appropriate type of GST registration depends on your business structure and annual turnover. Sole proprietors or partnership firms with turnover below the threshold limit may not be required to register but may opt for voluntary registration to avail benefits. Pvt Ltd companies and LLPs must register if their turnover exceeds the threshold limit but can also opt for voluntary registration.
If you are unsure which type of GST registration is right for you, seeking professional advice from a GST expert is recommended.
Document Required
GST Registration for Pvt Ltd / LLP / Section 8 and Other Company
GST REGISTRATION FOR PVT LTD / LLP / SECTION 8 AND OTHER COMPANY
Free GST Registration Along with 12 Months Nil Return
FREE GST REGISTRATION ALONG WITH 12 MONTHS NIL RETURN
GST Registration in Regular Scheme for proprietor
GST REGISTRATION IN REGULAR SCHEME FOR PROPRIETOR
GST Registration For Partnership
GST REGISTRATION FOR PARTNERSHIP
GST Registration in Composition Scheme for Proprietor / Partnership
GST REGISTRATION IN COMPOSITION SCHEME FOR PROPRIETOR / PARTNERSHIP
GST Regular to Composition Scheme
GST REGULAR TO COMPOSITION SCHEME
GST Composition to Regular Scheme
GST COMPOSITION TO REGULAR SCHEME
Frequently Asked Questions
Find answers to common questions about our services.
What is GST registration?
GST registration is the process by which a business gets registered under the Goods and Services Tax (GST) system, allowing it to collect and remit GST.
Who needs to register for GST?
Businesses with an annual turnover exceeding the threshold limit (e.g., ₹20 lakhs for most states) and specific categories like interstate suppliers and e-commerce operators must register for GST.
What documents are required for GST registration?
Required documents include PAN card, proof of business registration, identity and address proof of promoters, bank account details, and address proof of the business.
How long does the GST registration process take?
The GST registration process typically takes 2-6 working days, provided all documents are correctly submitted and verified.
Can I apply for GST registration online?
Yes, GST registration can be completed online through the GST portal by filling out the required forms and submitting the necessary documents.
What are the benefits of GST registration?
Benefits include legal recognition as a supplier, the ability to collect GST from customers, claim input tax credits, and participate in interstate trade without restrictions.
What happens if I don't register for GST?
Failure to register for GST when required can result in penalties, fines, and legal consequences, including the inability to claim input tax credits.
Can I cancel my GST registration?
Yes, businesses can apply for cancellation of their GST registration if they cease operations, their turnover falls below the threshold limit, or other specific conditions are met.
