GST Registration
What is GST Registration?
GST means goods and service tax, which attacks the goods and services consumed in our country. GST is the indirect tax that has replaced several other indirect taxes in India, like VAT and service tax. GST has been enforced from 1st July 2017and. It is based on the goods and service tax passed by the Indian parliament in 2017.
A taxable person under GST
As per the GST act taxable person is the one who will conduct business in the country and is registered or should be registered under the act. The taxable person can be anybody, including individual company LLP huf or any other government company incorporated under the laws of foreign country cooperative societies government trust artificial judicial person.
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GST Registration turnover
When it comes to GST registration online, you have to get it voluntarily done by any person or entity, irrespective of your turnover. GST registration becomes essential if you sell goods or services beyond an inevitable turnover.
Service providers
Anybody or even a company that provides service of more than INR 20,00,000 in aggregate turnover in a year is required to get the GST registration. In a particular category state, the GST turnover limit for the service providers would be acceptable at INR 10,00,000.
Goods supplier
Any person engaged in the exclusive supply of goods whose aggregate turnover is more than INR 40,00,000 in a year would be required to get GST registration. It would be best if you satisfied some conditions, like you should not be providing any services. The supplier should also not be engaged in making intrastate supplies in the states of Nagaland, Arunachal Pradesh, Mizoram Sikkim, Telangana, Uttarakhand, Tripura, and others. You should not be involved in collecting pan masala ice cream or tobacco, provided you have a turnover limit of 40,00,000.
Special category states
Under GST, some states will be considered special categories like Arunachal Pradesh, Meghalaya Kashmir, Manipur Nagaland, Himachal Pradesh Tripura, and Uttarakhand.
Documents required for GST Registration
Proprietorship
- Aadhar Card
- PAN card
- Business address proof
Private Limited Company
- PAN card
- Incorporation Certificate
- Articles of association
- Memorandum of association
- Resolution signed by the board members
Proof of address as a director
- Passport
- Voter ID
- PAN Card
- Adhar Card
- Ration card
- Driving license
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Different types of GST registration
Casual taxable persons
A casual taxable person under the GST act is a person who occasionally supplies goods or services in some state or union territory where the entity does not have any fixed place for business. Hence people running the temporary business in fair exhibitions would fall under this category.
Nonresident taxable persons
Under GST, any person would be a nontaxable person or not-for-profit supplying goods or services but does not have any fixed place of business or residence in the country.
Penalty for not getting the GST registration
Anybody or entity that crosses the aggregate turnover limit should have a GST registration within 30 days of becoming liable to get the GST registration. Delay or noncompliance can lead to a penalty of INR 10,000 and the loss of input tax credits during the delayed timeline.
Basics about GSTIN
Gst is the goods and service tax identification number would be provided to entities having the GST registration number. It is 15 characters in length, and deallocation would be based on the pain and the applicant’s state in the GST registration number. The first two digits of the GSTinnumber depict the state code. The next digit represents the pan card of the applicant.
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