GST Registration

Overview

GST is short for Goods and Service tax. It was implemented on July 1, 2017. It is one of the largest transformations of tax collection in Indian history. A GST return is a document containing details of all income/sales and/or expense/purchase that a taxpayer (every GSTIN) must file with the tax administrative authorities.The implementation of this tax eradicated many others and merged all of them into a single one. In most cases, GST is less than the earlier norms of taxes, such as Service tax, VAT and Excise duty. GST filing is used by tax authorities to calculate net tax liability. In the GST norms, any regular business must file three monthly returns and one annual return.

Benefits

BENEFITS 

• Less tax to pay compared to earlier VAT, Service tax, excise duty 
• In the VAT, any business with a turnover of more than Rs 5 lakh was liable to pay VAT. Under the GST regime, however, this threshold has been increased to Rs 20 lakh.
• Businesses that are registered for GST are recognised by the law.
• Incentives are offered to the registered businesses.
• Lower tax rates for composition tax schemes.

COMPONENTS OF GST

• Central Goods and Service tax (CGST)- CGST is levied on intrastate supply of goods and services. It is charged by the Central government.
• State Goods and Service Tax (SGST)- SGST is levied on intrastate supply of goods and services too. It is charged by the State government.
• Integrated Goods and Service Tax (IGST)- IGST is levied on interstate supply of goods and services. The amount of IGST is shared between Central and State governments.
• Union territory Goods and Services Tax (UTGST)- UTGST is levied on intrastate supply of goods and services too. It is charged by the Union territory government.

Types of forms

Documents Required

How to register?

You can submit your ITR-1 Form either online or offline.

Process of Registration.

• Visit the website https://www.gst.gov.in/
  Click on the services tab and then on GST registration. Then, click on GST new registration.

• Fill in the information asked.
• Submit your phone number and email ID.
• Generate Temporary Reference Number (TRN)- After the information has been filled, an OTP is sent and the TRN is generated and received by the applicant.
• Input details and captcha
  Fill in the TRN details and captcha code.

• In the next step, the owner has to fill the business-related information so keep the business documents handy while filling the form.
• You will be prompted to upload the required documents.
• After uploading, submit the registration form. You will now receive ARN (Application reference number) on the registered mobile number and email.

MANDATORY FOR

• Businesses with annual turnover of Rs. 20 lakhs in case of services or Rs. 40 lakhs in case of goods.
• Businesses with interstate supply of goods.
• E-commerce businesses with turnover more than Rs. 20 lakhs.