GST Registration
GST stands for Goods and Services Tax. It is a unified indirect tax that is levied on the supply of goods and services in India. GST has replaced many indirect taxes that were previously in place. The GST system aims to simplify the tax structure, eliminate the cascading effect of taxes, promote ease of doing business, and create a common national market. It is divided into Central GST (CGST) levied by the central government, State GST (SGST) levied by the state government, and Integrated GST (IGST) levied on inter-state supply of goods and services.
Free Consultation by Expert
Which section is related to registration under GST ?
The section related to registration under GST is Section 22.
Every person who is registered or holds a license or registration under any existing indirect tax law on the day immediately preceding the appointed day i.e. date on which the GST Act came into force, shall be liable to be registered under this Act.
What advantages come with registering GST ?
Registering for GST in India comes with several benefits:
- Legal Compliance: It makes your business legally recognized and compliant with the tax laws.
- Input Tax Credit: You can claim input tax credit on taxes paid on your purchases, which helps reduce your overall tax liability.
- Wider Market Reach: Having a GST registration allows you to sell your goods or services across states without any restrictions.
- Business Reputation: It enhances the credibility of your business as being registered under GST shows transparency and compliance.
- Competitive Advantage: It can give you a competitive edge as many businesses prefer to deal with GST-registered vendors for smoother transactions.
Who is eligible for GST registration ?
- Businesses with an annual turnover exceeding the threshold limit set by the GST council are required to register for GST.
- Interstate suppliers of goods or services are mandatory required to register for GST.
- Individuals or entities involved in the supply of goods or services through e-commerce platforms need to register for GST.
- Casual taxable persons or non-resident taxable persons conducting taxable activities in India are eligible for GST registration.
- Businesses involved in the supply of goods or services that are exempt from GST but choose to voluntarily register for input tax credit benefits can apply for GST registration.
- Businesses engaged in the supply of goods or services that are liable to pay tax under reverse charge mechanism are required to register for GST.
- Input service distributors, agents of a supplier, and those paying tax under the reverse charge mechanism need to register for GST.
- Businesses that were registered under the previous indirect tax regime (VAT, Service Tax, and Excise) are required to migrate to GST registration.
- Individuals or businesses selling through online platforms and aggregators are eligible for GST registration.
- Entities engaged in the export of goods or services are eligible for GST registration to claim refunds on taxes paid on inputs.
What are the required documents for GST registration ?
Here are the required documents for GST registration listed in points:
- Proof of business registration.
- Identity proof of the primary applicant.
- Address proof of the primary applicant.
- Bank account details.
- Incorporation certificate for companies.
- Partnership deed for partnerships.
- Memorandum of Association and Articles of Association for LLP.
- Photograph of the primary applicant.
- Address proof of the business premises.
- Authorization forms for authorized signatories.
What is the process of GST registration?
1. Visit GST Portal
- Go to the official GST Portal
2. Create a New Account
- Click on Services > Registration > New Registration
- Part A:
- – Select “New Registration.”
- – Fill in the details: taxpayer type (Individual/Company/LLP, etc.), state, district, legal name of the business (as per PAN), PAN number, email address, and mobile number.
- – Verify the email and mobile number using OTP sent to them.
3. Receive Temporary Reference Number (TRN)
- – After OTP verification, you will receive a Temporary Reference Number (TRN) on your email and mobile number.
- Part B: Application Form
- Login with TRN: Go back to the GST portal and log in using the TRN.
- Fill in Part B: Complete the application form by entering various details:
- Business Details: Trade name, constitution of business, district, sector/circle/ward, date of commencement of business, date on which liability to register arises.
- Promoters/Partners: Details of promoters or partners including personal information, designation, and contact information.
- Authorized Signatory: Provide details of the authorized signatory, including personal details and contact information.
- Principal Place of Business: Address of the principal place of business, nature of possession (owned/rented/leased), and contact information.
- Additional Place of Business: Details of additional places of business, if any.
- Goods and Services: Description of the goods and services provided by the business (HSN and SAC codes).
- Bank Account Details: Bank account number, IFSC code, and other details.
- Verification: Verify the application using DSC/E-Signature or EVC.
5. Submit Application
- – Submit the application along with the required documents. Acknowledgment Reference Number (ARN) will be generated after successful submission.
6. Application Processing
- – The application will be processed by the GST officer, and if found satisfactory, a GSTIN (Goods and Services Tax Identification Number) will be issued.
- – If additional information or documents are required, the applicant will be notified and given a time frame to provide the necessary details.
7. Issuance of GSTIN
- – Upon approval, you will receive a GSTIN and a GST Registration Certificate in Form GST REG-06.
- – The status of the application can be checked on the GST portal using the ARN.
What we can offer ?
Accounting and Taxation Services
- Bookkeeping: Maintain accurate financial records and bookkeeping services.
- Financial Statements: Preparation of balance sheets, profit and loss statements, and cash flow statements.
- Tax Planning and Compliance: Manage tax filings, including income tax returns and GST (Goods and Services Tax) compliance.
- Audit Services: Conduct audits as per statutory requirements.
Legal and Regulatory Services
- Legal Advice: Provide legal guidance on contracts, agreements, and compliance issues.
- Intellectual Property (IP) Services: Assist in trademark registration, copyright protection, and IP strategy.
- Labour Law Compliance: Ensure compliance with employment laws, contracts, and HR policies.
Marketing and Branding Services
- Digital Marketing: Develop online marketing strategies, SEO (Search Engine Optimization), social media marketing, and content creation.
- Branding: Design logos, brand identity, and marketing collateral.
- Advertising: Plan and execute advertising campaigns and promotions.
Administrative and Support Services
- Virtual Assistant Services: Provide administrative support, scheduling, and customer service.
- Document Management: Organize and manage important business documents and records.