GST Registration
GST Registration has started...!!!
Register GST online and stay ahead on GST compliance!
For existing as well as new taxpayers who have not yet enrolled or have activated their account but not submitted the application, the enrolment window will reopen on 25th June 2017 and continue for 3 months.
GST Registration
The Goods and Service Tax or GST is a taxation system wherever there's one tax within the economy for goods and services. This taxation system is supposed to make one taxation system within the entire country for all product and services.
The introduction of the Goods and Service Tax (GST) can please most Indian businesses. It hugely simplifies issues for near to any business that needs to cope with VAT, CST, Octroi, Service Tax and even a couple of alternative taxes (pretty a lot of all Indian businesses). The Goods and Service Tax will be a new taxation system which will, cover the whole indirect taxes that were being levied by the government.
GST will be imposed during the consumption, and also the net tax will be calculated when accounting for all the taxes paid on input, even as within the case of VAT. The idea behind Goods and Service Tax (GST) is to bring all businesses, freelancers and consultants beneath one legal system, whether or not they sell any product or services.
Further, GST registration is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover. As per the GST Council business with an annual turnover of Rs.10 lakhs and above would be required to obtain GST registration. For all other entities in rest of India would be required to obtain GST registration, if annual turnover exceeds Rs.20 lakhs. Entities required to obtain GST registration as per regulations must file for GST registration within 30 days from the date on which the entity became liable for obtaining GST registration.
Who all need to get GST registration?
Any person (individual or entity) that fulfils any of the following conditions needs to get GST Registration compulsorily:
- Having an annual aggregate turnover from operations in a state which is above the threshold limit of Rs. 20 Lakhs (Rs. 10 Lakhs for North Eastern States).
- Currently registered under any of the existing indirect tax regimes (VAT, Excise Laws, Service Tax Laws) irrespective of the threshold limit.
- Having operations in multiple states (see below).
- Having multiple business verticals in one state (see below).
- Casual taxable persons & Non-resident taxable persons (occasionally make taxable supply of goods/services as a principal or agent or any other capacity, in a taxable territory, where GST applies but where you don’t have a fixed place of business).
- Making any Inter-State supply of goods and/or services.
- Required to pay tax under reverse charge mechanism.
- Required to deduct tax at source.
- Working as an E-Commerce Operator/ Aggregator.
- Person supplying through e-commerce Operator/ Aggregator.
- Engaged in supply as an agent on behalf of other registered taxable persons.
- Working as an Input service distributor.
- Supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person.
Document Required
Documents Required for GST Registration
PROPRIETORSHIP
- PAN Card and address proof of proprietor
LIMITED LIABILITY PARTNERSHIP
- PAN Card of LLP
- LLP Agreement
- Partners' names and address proof
PRIVATE LIMITED COMPANY
- Certificate of Incorporation
- PAN Card of Company
- Articles of Association
- Memorandum of Association
- Resolution signed by board members
- Identity and address proof of directors
GST Registration Procedure
GST Registration Procedure in India
GST registration procedure in very simple with hubco.in. We have well prepared and experience team working to decode GST in the most easiest way possible. Therefore, we have divided the GST registration procedure in three steps:
Step 1 - Arrange all required documents: The first step is to arrange all the required documents as said above. Further, on submitting to us the required documents, you shall be required to pay our fees in advance.
Step 2 - Application filing and response: After filing the application form along with the required document in form GST Reg 1, we shall wait for at least 3 days for the response on the application.
Step 3 - GST registration & Compliance: If the documents and application filed in is place, then the department shall be issued the GST registration certificate and after that you need to file 3 monthly returns.
Cases where no Registration needed
Cases where Registration is not Required
There are only two cases where GST registration is not required at all even if the turnover is more than 20 lakh. The two cases are as follows:
1 - PERSON SUPPLYING EXEMPTED GOODS/SERVICES: If a person is engaged exclusively in the business of supplying goods or services or both which is either not liable to tax or is wholly exempt, then he shall not be required to register under GST.
2 - AN AGRICULTURIST TO THE EXTENT OF SUPPLY OF PRODUCE OUT OF CULTIVATION OF LAND: An agriculturist means an individual or a HUF who undertakes cultivation of land by own or by use of labor.
Difference between GST, Excise, VAT/Sales Tax and Service tax
Difference between GST, Excise, VAT/Sales Tax and Service tax
Let us discuss some of the most important difference between the existing excise duty, VAT/sales tax, service and new GST.
| Factors | GST Regime | Excise Duty | VAT/Sales Tax | Service Tax |
|---|---|---|---|---|
| Levied on | Supply of goods or services or both | Manufacture of Goods & not applicable on services | Trading or goods and not applicable on services | Applicable on rendering of services only |
| Levied by | Central & State government both | Central & Statement - max by Central Government | Levied by State Government - Central has no right | Levied only by central govt - state govt has no right |
| Average Tax rate | There are 5 rates; 0%, 5%, 12%, 18% and 28% | The excise duty rate is 12% on an average | There are five rates which also differ state to state | The current tax rate is 15% |
| Returns | 3 Monthly returns | 2 to 3 monthly returns | 4 Quarterly returns | 2 Half yearly returns |
| Basic Exemption | Upto Rs. 20 lakh (Rs. 10 lakh for North eastern states) | No excise duty upto 1.5 Cr | 10 to 20 lakh, differ state to state | SSI exemption of Rs. 10 lakh |
| Due date tax | Monthly by 20th of next month. | Monthly by 15th of next month. | Quarterly for individual / HUF monthly for others | Quarterly for individual / HUF monthly for others |
| ITC | Available in most cases | Less as compared to GST | Very complex & differ state to state | Available in most cases |
| Ease? | Complex structure | Highly complex | Hight problematic | Less complex than GST |
FAQs about Goods & Services Tax (GST)
FAQs about GST
Step 1 - Arrange documents: The first step is to arrange all documents which are required for GST registration. Further, since GST is a completely new tax, one should get the documents checked by a professional to avoid the rejection from the department.
Step 2 - File application: After arranging all the documents, one should file the documents along with online application on the GSTN website. Make sure all the documents uploaded are off appropriate size otherwise you will face uploading problem.
Step 3 - GST registration: If the government officer finds all the documents in place, then they shall issue the GST registration certificate in India. It generally takes 3 to 5 days for GST registration.
- (i) all taxable supplies
- (ii) all exempt supplies,
- (iii) exports of goods and/or service, and,
- (iv) all inter-state supplies of a person having the same PAN.
- • File summarized returns on a quarterly basis instead of multiple monthly returns
- • Pay tax only to a maximum of 2% for manufacturers, 5% for restaurant service sector and 1% for other suppliers
- • Cannot collect any tax from or issue tax invoice to customer
- • Cannot avail input tax credit.
- • deal in intra-state (not inter-state) supply of goods (not services except restaurant sector),
- • have an annual turnover below Rs. 75 lakhs(Rs. 50 Lakhs for North Eastern States) in preceding financial year, and
- • are not liable to pay tax under reverse charge mechanism.