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GST Registration (Regular)

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Goods and Services Tax (GST) is a tax reform of modern-day in India, and has come into effect from 1st July 2017. GST has modified the panorama of tax compliance significantly, and requires customized technology to assist for secure, smarter and faster reporting of transactions. It has a significant influence over planning for Tax Structure & Incidence, Compliances, and Credit Mechanism. It led to an entire overhaul of erstwhile Indirect Tax System.

The revolution is not just confined to the law and regulations but GST has led to infuse technology for reporting compliances. The Authorities have been proactive in streamlining needs of industry, however, with given magnitude of updation, it comes with its own set of challenges and complexities which makes it crucial for companies to re-visit the GST positions on regular intervals to restrict impact in a longer run.

The GST Laws provides a composition scheme for small dealers having turnover of Rs. 1.5Cr. (For Himachal Pradesh, JK, Assam and all other Territories) and Rs. 75 Lacs for North Eastern states.

Required Documents

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Self attested PAN Card of entity (Patnership/Company/LLP)

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Self Attested PAN Card of proprietor/partners/directors

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Self attested Aadhar Card of proprietor/partners/directors

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Self attested address proof of proprietor/partners/directors (Aadhar/passport/Driving License/Voter ID Card

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Photograph of proprietor/partners/directors in JPEG Format (Max 100KB)

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Cancelled cheque or Bank account statement for 3 months

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Address proof of place of business (Rent Deed/Lease Deed or NOC from owner, along with utility bill)

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Board Resolution/ Authorization Letter for Authorized signatory (for LLP & Company)

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Incorporation Certificate of LLP & Company

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Partnership deed in case of partnership

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DSC of Authorized signatory (in case of LLP & Company)

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Valid Indian Mobile numbers of Directors/partners/proprietor

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Email id of directors/partners/proprietor

Required Documents

Self attested PAN Card of entity (Patnership/Company/LLP)

Self Attested PAN Card of proprietor/partners/directors

Self attested Aadhar Card of proprietor/partners/directors

Self attested address proof of proprietor/partners/directors (Aadhar/passport/Driving License/Voter ID Card

Photograph of proprietor/partners/directors in JPEG Format (Max 100KB)

Cancelled cheque or Bank account statement for 3 months

Address proof of place of business (Rent Deed/Lease Deed or NOC from owner, along with utility bill)

Board Resolution/ Authorization Letter for Authorized signatory (for LLP & Company)

Incorporation Certificate of LLP & Company

Partnership deed in case of partnership

DSC of Authorized signatory (in case of LLP & Company)

Valid Indian Mobile numbers of Directors/partners/proprietor

Email id of directors/partners/proprietor

Step by Step Procedure of GST Registration (Regular)

STEP 1

Document Verification

STEP 2

Issuance of DSC in case of a Pvt. Ltd. Co./Public Limited Co./LLP

STEP 3

Submission of documents on GST portal

STEP 4

Providing GST Registration certificate to you

Benefits of GST Registration (Regular)

  • Simplified registration process

    Registration process of GST is very simple and completely online. After successful submission of relevant documents, the Registration Certificate is granted to the applicant online stating the GST registration number (GSTIN)

  • Removal of cascading effect

    One of the major reason for introduction of GST was to avoid cascading effect of tax i.e. tax on tax. GST has been so formulated that the tax is chargeable only on the value addition by a business entity, thus, eliminating double taxation effect.

  • Input tax credit and lower cost

    The dealer registered under GST can take the input of tax paid on goods and services procured by him. As such, the cost of input decreases. The decreased cost of inputs lowers the pricing of supplies. The registered GST supplier is also eligible to pass the ITC to the consumers.

  • Hassle free movement of goods

    A business entity registered under GST as a regular dealer can make hassle free movement of goods for inter-state trade or export/import

  • Composition Scheme for Small Business

    Under the Composition Scheme, a Business with a turnover of less than 1.5 Cr. can pay GST on concessional rates, and also have lesser compliances for fillings. However, a composition dealer cannot collect tax and cannot take credit of inward supplies.

  • Easy compliance requirements

    After registration, a periodic return has to be filed declaring the amount of turnover and tax payable thereon. Such returns are filed online through GST portal in simple formats. The Government is under process of simplifying those returns further for ease of doing business.

Frequently Asked Question

What is GSTIN?

GSTIN means Goods & Service Tax Identification Number. All business entities registering under GST are allotted a unique GSTIN which consists of 15 alphanumeric digits.

  • First 2 digit show state code
  • Next 10 digit indicates PAN Number
  • Next 1 shows serial number of gst registration in a state.
  • Last 2 digits are random

What are the categories of business entities which are required to register under GST?

Following category of the business entities are required to be registered under GST as below:-

  • Turnover threshold of Rs. 40 Lakhs/ Rs. 20 Lakhs/ Rs. 10 Lakhs
  • Casual Taxable Person
  • Non-Resident Taxable Person
  • Person making inter-state taxable supply of goods
  • Agent of a supplier & Input Service Distributor
  • Any person who is required to pay tax under reverse charge mechanism
  • Any person engaged in supplying goods & services through e-commerce aggregator (with certain exceptions)
  • E-Commerce operator or aggregator
  • A person who is required to deduct TDS u/s 51 of the Act
  • Every person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person
     

Is PAN Card compulsorily for registration under the GST Act?

Yes, a PAN card is compulsorily for registering under the GST act as the GSTIN allotted by Government is PAN based. However, the non-resident taxable person may get GST registration by submitting other documents as prescribed.

When should a business apply for multiple GST registrations?

If a business operates from more than one state, then a separate GST registration is required for each state. For example, A Restaurant has its outlets in Gujarat and Rajasthan, it has to apply for separate registration in Gujarat & Rajasthan.

A business entity with multiple business verticals in a state may obtain a separate registration for each business vertical.

What are the features of GST Composition Scheme?

GST Composition scheme is an alternative method to tax small taxpayers which simplifies the compliances and thus reduced the compliance cost. Small businesses having a turnover below Rs. 1.5 Crore (Rs. 75 Lakhs in special category states) are eligible to opt for Composition Scheme. However, a composition dealer cannot collect tax from the buyer and cannot claim input credit for inward supply.

Advantages of GST Composition Scheme:

  1. Lesser Compliance –Under Composition Scheme, the dealer is required to file quarterly returns in place of monthly return. Further, the form of quarterly return is simple as compared to monthly return.
  2. Simple tax structure:- Composition dealers are required to pay tax at a fixed rate on the value of their supplies. This helps small traders like Kirana traders who deals in numerous items with different tax rates as they have to pay tax @ 1% on all categories of goods.
  3. Higher Margins:- Composition dealer enjoys higher margins in products;  it makes them more competitive.

Disadvantage of Composition Scheme:

  1. Restriction on sale: Composition dealers are not allowed to make inter-state sales of goods
  2. Restriction on online trading: Composition dealers are not allowed to sell through online platform
  3. Composition dealers cannot deal in exempted goods
  4. No Input Tax Credit: - Composition dealers are restricted from taking input tax credit on goods and services received by them

If there is no transaction during a particular month, is it necessary to file GST returns?

Yes, a PAN card is compulsorily for registering under the GST act as the GSTIN allotted by Government is PAN based. However, the non-resident taxable person may get GST registration by submitting other documents as prescribed.

When should a business apply for multiple GST registrations?

If a business operates from more than one state, then a separate GST registration is required for each state. For example, A Restaurant has its outlets in Gujarat and Rajasthan, it has to apply for separate registration in Gujarat & Rajasthan.

A business entity with multiple business verticals in a state may obtain a separate registration for each business vertical.

What are the features of GST Composition Scheme?

GST Composition scheme is an alternative method to tax small taxpayers which simplifies the compliances and thus reduced the compliance cost. Small businesses having a turnover below Rs. 1.5 Crore (Rs. 75 Lakhs in special category states) are eligible to opt for Composition Scheme. However, a composition dealer cannot collect tax from the buyer and cannot claim input credit for inward supply.

Advantages of GST Composition Scheme:

  • Lesser Compliance –Under Composition Scheme, the dealer is required to file quarterly returns in place of monthly return. Further, the form of quarterly return is simple as compared to monthly return.
  • Simple tax structure:- Composition dealers are required to pay tax at a fixed rate on the value of their supplies. This helps small traders like Kirana traders who deals in numerous items with different tax rates as they have to pay tax @ 1% on all categories of goods.
  • Higher Margins:- Composition dealer enjoys higher margins in products;  it makes them more competitive.

Disadvantage of Composition Scheme:

  • Restriction on sale: Composition dealers are not allowed to make inter-state sales of goods
  • Restriction on online trading: Composition dealers are not allowed to sell through online platform
  • Composition dealers cannot deal in exempted goods
  • No Input Tax Credit: - Composition dealers are restricted from taking input tax credit on goods and services received by them

If there is no transaction during a particular month, is it necessary to file GST returns?

Yes, every dealer registered under GST is required to file GST returns as prescribed, even if there is no turnover during the return period.