GST Registration
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GST registration in India is a mandatory requirement for businesses operating in India. It is a unified tax system that replaced multiple indirect taxes like VAT, service tax and excise duty and enables businesses to collect and remit GST to the government.
To register for GST in India, businesses need to submit an online application on the GST portal. The application requires details such as business name, address, PAN (Permanent Account Number) and bank account information. After submission, the application is verified by the tax authorities and once approved, a unique GSTIN (GST Identification Number) is provided to the business.
Following are the merits of opting for GST registration in India:
GST has helped to integrate the Indian market by bringing together numerous indirect taxes under a single regulator.
The cascading impact of numerous taxes and VATs was eliminated with the implementation of GST, which decreased the cost of goods and services.
Small businesses benefit from GST registration since it lets them avoid time-consuming tax services as service providers and products suppliers with annual sales value below the threshold of Rs. 20 lakh and Rs. 40 lakh respectively are exempt under GST.
GST was implemented in order to eliminate fraud and unreceipted sales. As an added benefit, it assists in lowering the amount of indirect taxes that small businesses must pay.
GST registration provides for centralised registration and brings uniformity to the taxes process, thereby facilitating online filing of tax returns by businesses.
A business in India that had a revenue of more than Rs 5 lakh was formerly required to pay VAT. Also, service providers with turnover below Rs 10 lakh were excused from the ambit of service tax. Contrarily, under the GST regime, this barrier has been raised to Rs 20 lakh, exempting many small business owners and service providers.
Small businesses with a revenue between Rs 20 lakh and Rs 75 lakh significantly gain from GST as it offers an opportunity to reduce taxes by using the scheme of composition. As a result, the tax and compliance burden for many small firms has come down.
Lesser compliances
Prior to this, there were separate returns and compliances for the VAT and service tax. On the other side, under GST, only one consolidated return needs to be submitted.
Prior to GST, certain industries in India, such as textile and building construction, were mostly unorganised and uncontrolled. However, since the introduction of GST, certain provisions for electronic filing and payment, claiming single input credit have been made possible.
>The following GST classifications are commonly observed in India:
CGST is the term used for Central Goods and Services Tax, which is levied by the central government on intrastate sales of goods.
SGST i.e. State Goods and Services Tax is collected by the State Government and imposed on transactions occurring within the state's administrative boundaries. Although the specific characteristics of SGST may vary from state to state due to individual state laws, the classification of products and services, valuation and taxable events are standardised nationwide.
Union Territory GST (UTGST):
UTGST i.e. Union Territory Goods and Services Tax applies to
business transactions in Union Territories for both goods and services, in
addition to CGST. In Union Territories such as Andaman and Nicobar
Islands, Lakshadweep, Daman Diu, Chandigarh and Dadra & Nagar Haveli,
IGST is imposed on the supply of goods.
The GST levied on transactions between two states, including exports, imports and interstate supply of goods and services, is known as interstate GST or integrated goods and services tax (IGST). The collection of IGST is done by the central government in India.
The following below mentioned person/entities are required to get registered with GST:
For registering with GST, the following documents are must:
The filing of numerous business details and scanned documents is a laborious part of the GST Registration procedure. Even though there are no fees specified by the GST law for self-registering for GST on the GST portal, using StartupFino to buy your GST registration plan will save you a ton of time and hassle.
You can use StartupFino's GST Registration services, where a trained professional will help you through the entire process.
For registering with GST in India, the following steps must be followed:
To check the status under the official GST portal, the following process must be followed:
The validity of a GST registration certificate varies depending on the type of taxpayer. For regular taxpayers, the certificate is considered valid until and unless voluntarily surrendered by the taxpayer or cancelled by the GST authority.
However, for certificates issued to casual taxpayers or NRI taxpayers, the validity is limited to ninety(90) days from the date of registration or the period specified in the registration application, whichever comes earlier. Furthermore, the appropriate authorities have the power to extend the validity period under Section 27(1) of the GST Act.
Failure to file GST returns by an entity can result in severe penalties for the defaulter, including the attachment of their bank accounts, which makes it essential for the applicant to submit their GST returns online using the appropriate form.
Under the rules, the penalty for non-compliance comes to Rs. 100 per day, with an additional penalty of Rs. 200 for any delayed payment with the maximum penalty amount capped at a sum of Rs. 5000.
Further, in addition to the late fee, an interest at the rate of 18% shall also be charged, which shall be calculated by the taxpayer on the tax amount which is due. Non-compliance with the rules pertaining to GST registration, as specified in section 122 of the CGST Act, can attract stringent penalties.
GST registration offers various benefits, including the ability to claim input tax credit, easy compliance with tax regulations and seamless inter-state trade. It also provides legitimacy to the business and facilitates participation in the formal economy.
Startupfino is a company that specialises in offering complete services for GST registration. We can aid you with everything from providing advice in the initial phase to ensuring that you meet all the necessary requirements and follow all the tedious processes for registering with GST.
Our GST registration services include the following:
By availing our services, entrepreneurs can avoid the negative outcomes of non-followance of rules and compliances. StartupFino works hard to provide services that are prompt and effective, so you can manage your enterprise without any issues and without facing penalties or problems.
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