Business whose revenue exceeds Rs. 40 Lakhs * (Rs 10 Lakhs for NE and hill states) are expected to register as a regular taxable individual under the GST Regime. The Registration Process is called GST Registration. Registration under GST is compulsory for all businesses. Unless the company carries on business without registration under GST, It will be an offence under GST and will be subject to severe penalties.
Registration for GST normally takes from 2-6 working days. We’ll help you with 3 quick steps to register for GST. *CBIC told that threshold turnover had risen from Rs. 20 Lakhs to Rs. 40 Lakhs. The notice will take effect as from April-1st-2019.
What is GST?
Goods & Service Tax is known as GST. This is an indirect tax that has replaced other Indian indirect taxes such as the excise duty, VAT, Sales tax etc. The Goods & Service Tax Act was passed in Parliament of March-29-2017 and entered into forces on July-1st-2017. In other words Goods and Service Tax (GST) is imposed on Goods and Service Provision.
Goods and Services Tax Act in India is a complex, multi-stage, destination-based tax imposed on any added value. Goods & Service Tax (GST) is a single indirect domestic tax law for the entire country.
Who should Register for GST?
- Individuals enrolled under Pre-GST legislation (i.e., Excise, VAT, Service Tax etc).
- Industries with revenue above the Rs. 40 Lakhs * mark (Rs. 10 Lakhs for the North-Eastern States, J & K, Himachal Pradesh and Uttrarkhand).
- Casual taxable person / Taxable person not resident.
- Supplier’s agents & Input channel dealer.
- Those who pay tax according to the reverse charge method.
- Person delivering via e-commerce aggregator.
- Any add-on to e-commerce.
- Individual providing electronic information and data base access or retrieval services to a person in India, other than a registered taxable person, from a position outside India.
What is method of GST Registration
ClearTax’s Goods and Services Tax (GST) registration services help you register your company with GST and get your GSTIN.
Experts at ClearTax GST will instruct you on the applicability and enforcement for your company under GST and will register your company under GST.
Online GST Registration
Full Online submission of documents & follow up of applications.
- Request to register with GST.
- Safe identification number for GST.
- Dedicated boss to process end to end your GST registration.
- Fully online – No need to visit the office.
- CA helped GST Depositing all your GST requires.
* Get free transparent GST invoicing and Merg erp 9+ with this service.
Documents needed to register with GST
- PAN of the Applicant
- Aadhaar Card
- Proof of business registration or Incorporation Certificate
- Identity and Address Proof of Promoters / Director with Photographs
- Address proof of the place of business
- Bank Account Statement / Cancelled cheque
- Digital Signature
- Letter of Authorization / Board Resolution for Authorized Signatory.
Fees to Register with the GST
GST Registration is a lengthly 11 Step procedure involving uploading various company information and scanning documents. You can opt for ClearTax Goods and Service Tax (GST) Registration Services where you will be assisted by a GST Professional, ending with GST Registration.
Penalty for failing to file under GST
An criminal who does not pay tax or make short payments (genuine errors) must pay a fine of 10% of the tax sum owed subject to at least Rs. 10,000.
The fine shall be at 100% of the tax due when the defendant has knowingly evaded tax payment.
Details of GST Registration through Videos
FAQs on GST Registration
Ques:- What is GSTIN?
Ans:- A unique Goods and Services Tax Identification Number also known as GSTIN is allocated to all companies which successfully register under GST.
Ques:- When should a corporation apply for multiple GST registrations?
Ans:- When a company operates from more than one state then each state needs a separate GST registration. For example, if a sweet vendor sells in Karnataka and Tamil Nadu, he must apply in Karnataka and TN for separate GST registration, respectively.
For through vertical sector a sector with multiple business verticals in a state may receive a separate registration.
Ques:- Which is the scheme of composition and when does a company opt for it?
Ans:- Small enterprises with an annual turnover of less than Rs. 1.5 Crore (Rs. 75 Lakhs for NE States) can opt for the composition Program.
CBIC has notified an rise in threshold turnover from Rs. 1 to Rs. 1.5 Crores for opting into the composition scheme. The notice shall take effect as from April-1st-2019.
Composition dealers pay nominal tax rates depending on the form of undertaking:
- Composition dealers are expected to file only one quarterly return (instead of three monthly ordinary taxpayers returns).
- We can not issue taxable invoices, i.e. raise tax from consumers and are obliged to pay the tax in their own pocket.
- No Input Tax Credit can be received by businesses that have opted for the composition scheme.
Composition scheme does not refer to:
- Facilities suppliers
- Inter-state salespeople
- E-commerce salespeople
- Lieferant of non-taxable goods
- Hersteller of Notified Products
Conclusion on Online GST Registration Process in India
I suppose you have followed each step carefully for Online GST Registration Process in India for PC. After downloading this software, open this software.
I suppose your PC does not installed this software. Then, you can download this software from ItTechGyan website. Now import that software file to your PC.
At last, I hope you liked this post on Online GST Registration Process in India for PC.