GST-Registration

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GST Registration

GST isthe only tax that one has to get his/her business registered under.

If yourbusiness is not GST registered, heavy fines and penalties can be levied.

GSTRegistration allows you to collect GST from your customers.

Soavoid going against the law, get your business registered for GST

Features	Central GST - CGST	State GST - SGST	Integrated GST - IGST
Tax Levied By	Central Government on Intra-State supplies of Goods and/or Services	State Government, on Intra-State supplies	Central Government, on Inter-State supplies
Applicability	Supplies inside a state	Supplies inside a state	Interstate supplies and import
Input Tax Credit	Against CGST and IGST	Against SGST and IGST	Against CGST, SGST, and IGST
Tax Revenue Sharing	Central Government	State Government	Shared between State and Central governments
Free Supplies	Applicable	Applicable	Applicable

WhoMust Get GST Registration

PreviousLaw Converted Taxpayer - All individuals orcompanies registered under the Pre-GST tax laws like Service Tax or Excise orVAT, etc.

Turnoverfor Goods Provider - If your sales or turnover ofgoods is crossing Rs. 40 lakh in a year then GST Registration is mandatory.For the Special Category Status, the limit is Rs. 20 lakh in a year.

Turnoverfor Service Provider - If you are a service provider& sales or turnover is crossing Rs. 20 lakh in a year then GSTRegistration is mandatory. For the Special Category Status, the limit is Rs.10 lakh in a year

Casual Taxpayer - If you supply goods or services, in events/exhibitions, and nothave a permanent place of doing business. In such cases, GST is charged basedon an estimated turnover of 90 days. The validity of the Registration is also90 days.

Agentsof Suppliers or Input Service Distributor (ISD) - Allsupplier agents and ISD, to earn benefits of Input Tax Credit, need GSTRegistration.

NRITaxable Person - If you are an NRI or handling thebusiness of NRI in India.

Reverse Charge Mechanism (RCM) - Businesses who need to paytaxes under the RCM also need to be GST registered.

E-Commerce Portals & Sellers - Every e-commerce portal(such as Amazon or Flipkart) under which multiple vendors are selling theirproducts. Or for all vendors. You need a GST Registration.

OutsideIndia Online Portal - For suppliers of online information and database access or retrieval services from a place outsideIndia to Indian Residents.

Transferee - When the business has been transferred.

Inter-State Operations - Persons making an inter-state supply.Whatever the turnover.

Brands- Aggregator who supplies service under his Brand orTrade Name.

Other Taxation - Persons who are required to deduct taxu/s 37 (TDS) of the Income Tax Act.

Voluntary GST Registration - Any entity can obtain GST registration at any-time. Even when the above mandatory conditions don’tapply to them.

Inter-State Registration - If you are a supplier in more thanone state you need GST Registration in all the states that you supply goodsor services to.

Branches - If your business has multiple branches in multiple states,register one particular branch as the main office or head office and theremaining branches as additional. (Not applicable if the business hasseparate verticals as listed in Section 2 (18) of the CGST Act, 2017.)

The Special Category States under GST Act are:

(a)Arunachal Pradesh, (b) Assam, (c) Sikkim, (d) Meghalaya, (e) Tripura, (f)Mizoram, (g) Manipur, (h) Nagaland, and (i) Himachal Pradesh. These statescan opt for tax payable at a concessional rate.

Benefits

Eliminationof Multiple Taxes

One ofthe benefits of GST is the elimination of multiple indirect taxes thatexisted earlier. So many taxes have been replaced. Taxes like excise, octroi,sales tax, Service tax, CENVAT, turnover tax, etc are not applicable anymoreand all those have come under common tax called GST.

SavingMore Money

GSTapplicability has resulted in the elimination of double charging in thesystem for a common man. Through this, the price of goods and services hasreduced & helping the common man saving more money.

Ease ofbusiness

GSTbrought the concept of “One Nation One Tax”. That unhealthy competition thatexisted earlier among the States has benefited businesses wishing to dointerstate business.

CascadingEffect Reduction

Frommanufacturing to consumption, GST is applicable at all stages. It isproviding tax credit benefits at every stage in the chain. In the earlierscenario, at every stage, the margin used to get added and tax was paid onthe whole amount. Under GST the businesses are taking benefit of Input TaxCredit and tax is being paid on the amount of value addition only. GST hasreduced the cascading effect of tax thereby reducing the cost of the product.

MoreEmployment

BecauseGST has reduced the cost of products, the demand, for some - if not all,products have increased. With the increase in demand, to meet the increase insupply, the employment graph has started going up.

Increasein GDP

Thehigher the demand, the higher will be the production. This results in ahigher Gross Domestic Product (GDP).

Reductionin Tax Evasion

Goodsand services tax is a single tax that includes various earlier taxes

and hasmade the system efficient with fewer chances of corruption and Tax Evasion.

MoreCompetitive Product

Manufacturinghas become more competitive with GST eliminating the cascading effect of thetax, inter-state tax, high logistics cost. Bringing competitiveness as GSTwill address the cascading effect of the tax, inter-state tax, high logbenefits to the businessman and consumer.

Increasein Revenue

Underthe GST regime, 17 indirect taxes have been replaced into a single tax. Theincrease in product demand means higher tax revenue for state and centralgovernment.

Voluntary GST Registration

Aperson who is not liable, still files for GST application, can getregistered. However, then, it becomes essential for him to file Returns,after getting a GST number. Else, he will have to pay a penalty, asapplicable.

You canchoose to register for GST voluntarily too.

Especiallyif you are wishing to claim Input Tax Credit. Even if you are not liable tobe registered, you can be registered voluntarily. After registration, youwill also have to comply with regulations as applicable to those required tobe registered.

Benefitsof registering voluntarily under GST

TakeInput Tax Credit

Operateinterstate without restrictions,

Havethe option to register on e-commerce websites,

Have acompetitive advantage compared to other rival businesses,

Fewerhassles and better compliance with government licensing agencies,

Focuson Your Business Growth.

Compositionscheme under GST

Smallbusinesses with an annual turnover of less than Rs. 1.5 crore (Rs. 75 Lakhsfor the Special Category States) can opt for the Composition scheme.

1.Composition dealers need to pay nominal tax rates based on the type ofbusiness. (a maximum of 2% for manufacturers, 5% for the restaurant servicesector and 1% for other suppliers.)

2.Composition dealers are required to file only a single quarterly return(instead of the monthly returns filed by normal taxpayers).

3. Theycannot issue tax invoices. That is, they cannot collect tax from customersand they are to pay the tax out of their own pocket.

4.Entities that have opted for the Composition Scheme cannot claim any InputTax Credit.

What is GSTIN

GSTIN isa unique 15-digit alphanumeric code that is allotted to eachFirm/Company/Individual, who are registered under GST.

Thegovernment has ensured that everything under GST is digital so that there ismaximum transparency with minimum corruption.

Thefirst 2 digits of the GSTIN represent the state code which is given as perthe 2011 census.

Thenext 10 digits are the PAN number of the entity.

The14th digit is Z by default.

The15th or the last digit is the Checksum digit. It comes, automatically, as aresult of the calculation of the other 14 digits.