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GST registration stands for Goods Services and Tax. In the businesses whose turnover exceeds Rs. 40 lakh* (Rs 10 lakh for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.
When the business got registered successfully then they also required a unique identification number which is known as Goods and Services Tax Identification Number (GSTIN).
Any kind of business can be registered whether it is a small business or a large business. It is legally recognized as a supplier of goods and services to collect taxes from the customers
Benefits of GST Registration
GST Registration is applicable for companies from every sector in the country.
It also helps in creating a proper accounting system that can help you to grow your business in the future.
It saves time, money, energy, and resources for the business because the government will have all the information about them on hand.
It provides relief to corporations from various state and central taxes on income, profits, capital gains, etc.
GST pays on inputs that were bought from unregistered suppliers.
It also helps in reducing the industry-specific tax burden and creates a common tax regime across all states.
GSTR1 – Details of the outward supplies of the taxable goods and or services
GSTR 3B – Simple returns in which a summary of the outward supplies along with the input tax credit that is declared and the payment of the tax is affected by the taxpayer.
CMP 08 -Statement cum challan to make a tax payment by a taxpayer registered under the composition scheme under Section 10 of the CGST Act.
GSTR 4 -Returns to be filed by the taxpayer that is registered under the composition scheme under Section 10 of the CGST Act
GSTR 5 – Returns to be filed by a Non-resident taxable person
GSTR 7 -Is filed by the government authorities
GSTR 8 – Details of supplies that are affected through the e-commerce operators and the amount of tax that is collected at the source by them.
GSTR 9 – Annual return for a normal taxpayer
GSTR 9C – Certified reconciliation statement
GSTR 10 – Is filed by the taxpayer whose GST registration is canceled
GSTR 11 – Details of the inward supplies are furnished by a person who has UIN and also claims a refund.
Different Types of GST Registration
Normal Taxpayer –
This category of GST registration in India applies to the taxpayers that are operating a business in India.
Composition Taxpayer –
Small businesses are the backbone of the Indian economy and there are an estimated 55 million Micro, Small and Medium Enterprises operating in India. The rollout of GST would have extensive impact on over ten million SME businesses operating in India and would require compliance under the GST regime.
Casual Taxable Person –
A taxable person under GST is anyone who is registered under GST or required to be registered under GST. Various criteria’s like turnover, business activity or transaction have been specified in the GST Act, which details persons liable to be registered under GST.
What is the input tax system?
The input tax credit is a tax relief scheme that gives relief to the distributor of goods and services in the course of doing business in India. Under this scheme, the seller of goods or services can reduce its total taxable turnover by the amount of input tax credit it acquires.
Eligibility Criteria to Claim the Input Tax Credit
It is available to only those organizations that are registered under the GST Act. Those businesses that are registered under GST can claim Input Tax Credit on the tax paid on the credit of the purchase on business-relevant inputs.
Conditions for Claiming ITC
- The applicant should register under Input Tax Credit.
- All the goods and services should be received.
- All the suppliers should file the returns and pay all the taxes to the government.
- When the goods are received in installments, the ITC may be claimed on the receipt of the last installment.
Eligibility Criteria for Online GST Registration in India
- There are the following organizations are required to register under GST
- Any organization whose total turnover in a financial year exceeds Rs 40 lakh
- All the organizations that are registered under an earlier law of taxation
- Any organization or supplier deals in inter-state supply of goods
Essentials Requirement of GST Registration
- Registration Number
- Legal Name and Constitution of business
- Name of trade
- Validity Period
- Types of taxpayer
- Digital Signature of the applicant
Process for Online GST Registration in India
GST registration usually takes between 2-6 working days. We’ll assist you to register for GST.
There are below steps required to apply for Online GST registration
- Step-1: Visit to the https://reg.gst.gov.in/registration/
- Step -2: Generate a unique identification number by completing OTP Validation
- Step -3: OTP Verification & TRN Generation
- Step -4: TRN Generated
- Step -5: Log in with TRN
- Step -6: Submit all Business Information and submit all other required details.
Although the GST portal has a user-friendly interface, the GST Forms have a lot of complex fields. Hence, it is highly recommended that you seek the help of a professional for submitting the application, the required procedures, filing your returns and completing other formalities in the portal. Our legal representatives are available to explain the whole process and clear any queries you may have.
Some of the best reasons to choose us are:
Easy to get GST registration and GST Identification Number online.
No hassle compliances as we completely take control of them.
All your returns will be filed duly.
FREQUENTLY ASKED QUESTIONS
1. The business is registered under any of the state or central government laws, including companies incorporated under the Companies Act, 1956 and 1957;
2. The business carries on trade or commerce with any other country or places outside India;
3. You have a place of business located in India
4. Your total annual turnover exceeds Rs 20 lakh per annum
5. Your total number of employees exceeds 50 people
6. You are carrying on manufacturing activities or providing services to customers who are not residents of India.
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