GST registration comes with increased compliance requirements. Registered businesses must file regular GST Return, maintain detailed records, and adhere to strict invoicing guidelines. This can be time-consuming and may require additional administrative resources.
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GST registration is the process by which a business obtains a 15-digit unique identification number, known as a GSTIN (Goods and Services Tax Identification Number), making it liable to pay Goods and Services Tax (GST) in India. According to the Central Goods and Services Tax Act of 2017, businesses with an annual turnover exceeding Rs. 40 lakhs (in case of goods), Rs. 20 lakhs (in case of services) are required to register as taxable entities. It is mandatory to generate the GSTIN if annual turnover exceeds the above prescribed limit. If the company conducts business without registering for GST, it is an offence and faces severe penalties.
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Easy -
Fast -
Secure
4 easy steps to GST Registration
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Fill up the Form.
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Submit the documents.
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Pay Minimal fees.
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Get your GSTIN.
Step-by-step Guide explaining GST Registration Process Online
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š Get in Touch with Us
Call, WhatsApp, or email us for a free consultation. We assess whether GST registration is mandatory or beneficial for your business, and guide you on the best approach.
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š Document Submission
Submit documents like PAN, Aadhaar, Photograph, Mobile Number, eMail ID, Business address proof, and bank details.
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š³ Fee Payment
You pay only required fees securely via UPI, bank transfer, or online payment link.
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š¤ Application Filing on GST Portal
We file your GST application on the official portal, attach all supporting documents, and complete Aadhaar authentication.
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šµļø Scrutiny of Filled Form
GST officer may scrutinise the form filled for registration and raise certain queries. The Taxpayer may need to even visit the GST Officer.
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š¬ GSTIN & Certificate Issued
Once approved, you receive your 15-digit GSTIN, login credentials, and GST Registration Certificate on your email.
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š§ Post-Registration Support
Once GSTIN recieved you are obligated to file GST Returns. We facilitate Monthly, Quarterly as well as Annual return filing, eWay BillsĀ along with Book keeping services.
GST related Compliances
Monthly Returns
A monthly summary of all the Purchases and Sales are reported via a specified Return before specified dates.
Quarterly Returns
A quarterly summary of all the Purchases and Sales are reported via a specified Return before specified dates.
Annual Returns
A true and whole summary of all the returns filed throughout the year is compiled in an Annual return.
Book Keeping
Records of all the purchases and sales are to be maintained in a specified format provided by the department.
Special Audit
As per the guidelines of department, as it deems fit, tax payers are directed to undergo a Special Audit for the specified period.
eWay Bill
A mandatory document required for movement of goods from one place to another. Generated before such movement of Goods.Advantages of GST Registration for Businesses
Legal Compliance
Ensures that businesses remain compliant with tax regulations, thus avoiding any potential penalties.
Input Tax Credit
Businesses can claim credits for the GST they’ve paid on purchases, which can then be set off against the GST charged on sales, leading to a reduction in tax liability.
Inter-State Trade Ease
Encourages businesses to transact across state boundaries without facing tax-related challenges.
Elimination of Cascading Effect
By removing the effect of tax being levied on an already taxed amount, the overall cost of products or services is reduced.
Competitive Edge
Being GST compliant can instill trust in potential customers, opening more business opportunities.
Access to Larger Markets
Major corporations often prefer collaborating with GST-registered vendors.
Optimized Cash Flow
Efficient management and lower tax liability can enhance the cash flow within a business.
Enhanced Credit Rating
Maintaining a consistent and positive GST compliance record can boost a business’s credit profile.
Legal Safeguard
A GST registration protects businesses and ensures their rights are upheld.
Simplified Compliance
The GST process is streamlined, enabling businesses to file returns and make payments online easily.
Transparent Operations
Ensures businesses maintain accurate records, promoting a sense of trustworthiness and professionalism.
Composition Scheme
Composition Scheme Under GST for Small Businesses allows them to pay tax at a lower, fixed rate. This reduces their tax burden and compliance requirements, making it easier to manage their finances.
Disadvantages of GST in India
Increased Compliance Burden
Higher Operational Costs
The compliance and administrative tasks associated with GST registration can lead to higher operational costs. Small businesses might need to hire accountants orĀ invest in softwareĀ to manage their GST obligations effectively.
Mandatory Tax Payments
Once registered, businesses must collect and remit GST on all taxable supplies, irrespective of their turnover. This could lead to cash flow challenges, especially for businesses with thin profit margins or those operating in highly competitive markets.
Risk of Penalties
Non-compliance with GST regulations can result inĀ penalties and fines. Voluntarily registered businesses need to stay vigilant about timely and accurate filing of returns to avoid any punitive actions from tax authorities.
Complexity in Accounting
Managing GST accounting can be complex, particularly for businesses new to the system. Understanding various GST forms, rates, and the input tax credit mechanism requires a certain level of expertise, which might be daunting for small business owners.
Economic Disruption
The initial implementationĀ of GST cause economic disruption , Partially for businesses unprepared for the new system , leading to temporary business slowdowns.
Requirements for GST Registration
Individual
- PAN card of the Individual
- Aadhaar card of the Individual
- Photograph of the Individual
- Bank account details
- Address proof
LLP and Partnership Firms
- PAN card of all partners (including managing partner and authorized signatory)
- Copy of partnership deed
- Photograph of all partners and authorised signatories
- Address proof of partners (Passport, driving license, Voterās identity card, Aadhaar card etc.)
- Aadhar card of authorised signatory
- Proof of appointment of authorized signatory
- In the case of LLP, registration certificate / Board resolution of LLP
- Bank account details
- Address proof of principal place of business
HUF
- PAN card of HUF
- PAN card and Aadhar card of Karta
- Photograph of the Karta
- Bank account details
- Address proof of principal place of business
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GST RegistrationĀ FAQ's
What is a GST certificate in India?
A Goods and Services Tax (GST) certificate is a document issued by the Indian government that certifies that a business is registered with the Goods and Services Tax (GST) system. It is a unique identification number that is used to identify a business for taxation purposes in India.
Who needs GST certificate?
Any business that is registered for GST with the Indian government must have a GST certificate. This applies to both online and offline businesses.
Is GST certificate compulsory?
Yes, in India, businesses must obtain a GST certificate to be registered for GST. Without a GST certificate, businesses will not be able to charge GST on the goods and services they sell.
What is the minimum limit for GST registration?
Businesses with an annual turnover of more than Rs. 40 lakhs are required to register for GST. However, this limit is lower for businesses in certain special category states, such as Arunachal Pradesh, Manipur, and Nagaland. Also, there are different rules for businesses involved in e-commerce, which may have to register for GST regardless of their turnover.
ReadĀ our articleĀ to find more details on turnover limit for GST Registration.
Can a person with no GST registration collect GST?
No, only persons registered under GST are allowed to collect GST from the customers. A person not registered under GST cannot even claim the input tax credit on the GST paid.
What is an E-way bill?
An E-way bill is an electronic document which serves as evidence to the movement of goods having a value of more than Rs. 50,000. It available to a supplier or individual transporting goods. It has two components: Part A, with details such a GSTIN of the supplier and recipient, place of delivery, value of goods, HSN code, reason for transportation and part B, with details of the vehicle and transport documents.
When should an e-way bill be generated?
As per rule 138 of the CGST Rules, 2017, an e-way bill has to be generated prior to the commencement of the transport of goods.
Is it mandatory to generate an e-way bill?
It is mandatory to generate E Waybill in all cases wherein the value of consignment is more than Rs. 50,000. However, it is not necessary to generate one wherein the goods are being transported by a non- motorized conveyance or if they are being transported from the port, airport, air cargo complex, and land customs station for clearance by customs.
What is the penalty for not generating an E-way bill?
Any taxable person who transports any goods without the cover of specified documents (e-way bill is one of the specified documents) shall be liable to pay a penalty of Rs. 10,000 or the amount of tax sought to be evaded (whichever is higher). Though there are no GST registration charges, compliance measures must be followed to avoid penalties.
What is a Composition scheme?
Small businesses registered under the GST composition scheme can pay GST at a fixed rate of turnover every quarter and file quarterly GST returns. Composition levy would generally be related to small taxpayers who are supplying goods and services or both to the end consumer with a lower turnover.
Related business registrations
In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an advisor to find out registrations your business may require post registration.
Related business services
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