GST REGISTRATION
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Taxes And Efficiency
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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.
Any business that is registered for GST with the Indian government must have a GST certificate. This applies to both online and offline businesses.
Yes, in India, businesses must obtain a GST certificate in order to be registered for GST. Without a GST certificate, businesses will not be able to charge GST on the goods and services they sell.
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.
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.
An E-way bill is an electronic document which serves as an evidence to the movement of goods having a value of more than Rs. 50,000. It available to a supplier or an 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.
It is a wholly digital interface that eliminates the need for state boundary checks. It will facilitate faster movement of goods and improve the turnaround time of trucks thus reducing costs for the supplier.
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.
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.
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.
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.
Any existing taxpayer whose annual turnover did not cross the Rs.1.5 crore threshold in the preceding financial year. However, service providers with the exception of restaurants and caterers are not eligible, neither are casual taxable persons nor non-resident Indians.
No input tax credit cannot be claimed by a dealer opting for a composition scheme as he is out of the credit chain. He cannot take credit for his input supplies.
The validity of the composition scheme will depend upon the option exercised by a taxable person as long as all the conditions are fulfilled as specified in the law. However, individuals who are eligible for the scheme can calso hoose to opt-out of it by simply filing an application
It will be computed on an all-India basis and will include the value of all taxable supplies. It would exclude inward supplies under reverse charge as well as central, state/union territory and Integrated taxes and cess.
Inter-state supply of goods or service is when the supply location is a different state from the delivery location. In addition, the inter-state supply applies to the supply of goods or services by an SEZ unit or the export of goods or services.
An intra-state supply of goods or services applies when the place of supply is in the same state as the location of the supplier. Intra-state supply does not include the supply of goods/services to SEZ units or developers, imports, or exports.
As per the SGST Act, the State GST or SGST applies to intra-state supplies of goods and services. It is administered by the respective state government. SGST liability can be set off against SGST or IGST input tax credit only.
Central GST or CGST would be levied under the CGST Act on the intra-state supplies of goods and services. Hence in the case of intra-state supplies of goods and services, both the central and state government would combine their levies with an appropriate revenue sharing agreement between them.
Integrated GST or IGST is the tax levied under the IGST Act on the supply of any goods and services in the course of inter-state trade across India. Further, IGST would include any supply of goods and services in the course of import into India and the export of goods and services from India.
An entity liable to be registered under GST should apply for registration within 30 days of meeting the criteria. Casual taxable persons and non-resident taxable persons are required to be registered under GST prior to commencing business.
The primary authorized signatory is the person who is primarily responsible to undertake tasks on the GST portal on behalf of the taxpayer. It could be the promotion of the business or any other trustworthy person nominated by the promoters of the business.
Yes. PAN is mandatory for obtaining GST registration. In the case of proprietorship, the PAN of the proprietor can be used. In the case of LLP or Company or Trust or other types of a legal entity, PAN must first be obtained for the entity. However, PAN is not mandatory for the GST registration of foreigners and foreign companies. For non-resident taxable persons, GSTIN with a fixed expiry date will be provided based on the other documents provided to prove existence.
GST registration does not have an expiry date. Hence, it will be valid until it’s cancelled, surrendered or suspended.Only GST registration for non-resident taxable persons and casual taxable persons have a validity period that is fixed by the authorities while issuing the GST registration certificate.
Click on the “Register Now” option on the official GST website. Select the appropriate registration form from the list and fill in the relevant details and submit. Once the form is submitted, the GST number will be issued.
Any business that supplies taxable goods and services and whose turnover exceeds the GST registration threshold, which is currently set at Rs. 40 lakhs, must register for GST. Other businesses eligible for GST registration include those engaged in e-commerce activities, inter-state supply of goods, and providing services to someone in a different state.
Using the GST Registration Portal to register a business is free of charge. The entire procedure is free and conducted online.
Compulsory registration under GST means that any business entity that is supplying taxable goods or services and whose turnover exceeds the threshold limit as prescribed by the government must obtain a GST registration.
The threshold limit for GST registration is Rs. 40 lakhs for most states in India. However, some special category states have a lower threshold limit of Rs. 10 lakhs.
The process of GST registration is free of cost on the official GST Portal.