GST Registration

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Introduction

Goods and Services Tax is an indirect tax imposed by the government on Indian Goods and Services It is a value-added tax levied on most goods and services sold for domestic and commercial consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. The taxes under GST are bifurcated into three parts i.e. CGST, SGST and IGST.

Firm registration ensures you the high level of satisfaction and timely delivery of GST Registration Certificate and better dealing with the requirement of government through its expert professionals. You may get in touch with our team on 072407-51000 or email admin@firmregistration.in for GST registration and GST Compliance services.

Advantages

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Advantages under Goods and Services Tax

Simple and easy procedure

GST registration is a very simple and online mechanism and can be done with the help of our expert advice. The GST Registration is permanent and does not requires any renewal and can be cancelled when not required.

Input Tax credit

Under GST the supplier becomes eligible to take credit of the GST paid by him to the earlier suppliers This in turn reduces the cost of the goods and services supplied to the ultimate consumer.

Composition scheme for small businesses

GST composition scheme is a tax paying mechanism offered to small businesses. When compared to normal GST filing, the composite scheme offers two main benefits i.e. reduced paperwork, compliance and lower tax liability.

Less Compliances

Under GST the compliance level is lower and has a unified return system. There is a proper online mechanism under which you can easily upload your data and file your returns without any hassle.

Requirements

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Eligibility for GST Registration

Supplier of Goods (Turnover Exceeding 40 Lakhs): Business having Aggregate turnover of more than Rs. 40 lakhs during financial year needs to take GST registration with terms and conditions. (Rs. 20 lakhs for North Eastern states and Rs. 10 Lakhs in special category states)
Supplier of services: Aggregate turnover of more than Rs. 20 lakhs during financial year needs to take GST registration. (Rs. 10 lakhs for North Eastern states)
Registered under Previous Indirect tax: Businesses registered under any previous indirect tax law
Interstate supply of Goods and Services: If the entity deals in Inter-state supply of Goods and Services, needs to apply irrespective of the Turnover limit.
Input Service Distributor: An Input service distributor (ISD) is a business which receives invoices for services used by its branches. It distributes the tax paid, to such branches on a proportional basis by issuing an ISD invoice.

Casual taxable person: Casual taxable person is the one who occasionally supplies goods and/or services in a territory where GST is applicable but he does not have any fixed place of business such person is also required to get registered its business under GST
Non-Resident taxable person: Non-Resident taxable person is a person who is not resident of country having GST and supply Goods and Services in such territory is required to get registered its business under GST.
Reverse Charge Mechanism (RCM): Businesses who need to pay taxes under the RCM.
E-Commerce operators and Vendors: Every e-commerce portal and vendors who are selling their products online.

Requirements

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More Insights on GST Registration

Voluntary GST registration: A person who is not mandatorily required to take Goods and Services (GST) registration as prescribed can take registration voluntarily and file the returns accordingly. That means Small businesses with turnover less than 20 lakhs /40 lakhs who are not covered under mandatory category for GST registration can voluntarily register under GST. That gives you all GST benefits and comply with all the GST Regulations.

Input Tax Credit: Input Tax Credit or ITC is the tax that a supplier pays on a purchase of such goods and services that are used in business and that can reduce tax liability of supplier when supplier makes a sale of finished goods and services. In other words, businesses can reduce their tax liability by claiming credit to the extent of GST paid on purchases of Inputs used to make taxable supply of Goods and Services. Supplier can get Input Tax Credit (ITC) only for those goods used in business to make taxable supplies that means supplier cannot take credit of:

Personal use
Exempt supply
Supplies on which credit specifically not provided by the Act

Registration under Composition scheme: Taxpayer having turnover is below Rs 1.5 crore can opt for Composition Scheme. Composition Scheme is a simple and easy scheme under GST for taxpayers. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. This scheme can be availed by any taxpayer whose turnover is less than Rs. 1.5 crore. In case of North-Eastern states and Himachal Pradesh, the limit is now Rs 75 lakh.

Person that cannot opt for the composition scheme:

Manufacturer of ice cream, pan masala, or tobacco
A person making inter-state supplies
A casual taxable person or a non-resident taxable person
Businesses which supply goods through an e-commerce operator

Taxpayers registered under composition schemes have to pay a nominal amount of GST and cannot take credit of input tax paid on purchase of goods and services.

Condition of Composition scheme:

The dealer cannot supply GST exempted goods
The taxpayer has to pay tax at normal rates for transactions under the Reverse Charge Mechanism
No Input Tax Credit can be claimed by a dealer opting for composition scheme
The taxpayer has to mention the words “composition taxable person” on every notice or signboard displayed prominently at their place of business and on every bill of supply issued by him.
If a taxable person has different segments of businesses (such as textile, electronic accessories, groceries, etc.) under the same PAN, they must register all such businesses under the scheme collectively or opt out of the scheme.

Reverse charge mechanism: Reverse charge is a mechanism under which the recipient of the goods or services is liable to pay the tax instead of the provider of the goods and services that means under reverse charge mechanism (RCM), liability to pay tax shifts from supplier to recipient.

Services liable for Reverse charge provided by:

Any person who is located in a non–taxable territory
Goods Transport Agency (GTA)
An individual advocate or firm of advocates
Government or local authority
Sponsorship services
Author or music composer, photographer, artist, etc

Central Government by its notification notified such goods and services liable for reverse charge

Penalty for not registering under GST

An offender not paying tax or making short payments has to pay a penalty of 10% of the tax amount due subject to a minimum of Rs.10000.

The penalty will at 100% of the tax amount due when the offender has deliberately evaded paying taxes

Faq's

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FAQ's on GST Registration

Can I take credit of Goods partly used for business or taxable purpose?

Yes, off course one can take input tax credit on Goods and Services partly used for business or taxable purpose.

Can I take registration with my residency home address?

Yes, you can register at your residential address .You do not require any commercial address to get registered under GST.

What if have my business address in the name of my parents?

If you have your business address under your parents name you can file GST registration with Electricity bill of the business and a NOC from the person in whose name your Business address is registered.

I don’t have a Permanent Account Number (PAN). What should I do?

Before you apply for a GST Registration as a normal taxpayer, it is mandatory to obtain a PAN except for TDS registration which is possible through TAN. Our firm will help you to get your PAN.

What is the time limit for applying GST?

A person has to apply for GST Registration within 30 days from the date he becomes liable to get the registration. Further a Casual Taxable Person and NR taxable person have to get the GST Registration atleast 5 days before commencing the business.

Do I need to file GST Returns if I do not have any transactions in any month.

Every entity registered under GST whether through the act or voluntarily has to file GST returns regularly whether there is any transaction or not during the month or year, i.e. you need to file NIL returns as well.

In case of sole proprietorship firm or partnership firm, do we need to check the trade name availability

There is no restriction on the trade name for such firms. You can register with any name of your choice or preference.

In which cases do we require DSC for registration?

Yes, you can put your books of accounts and other documents at any other place by informing the Ministry/Registrar by filing the relevant form.

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