GST Registration: Requirements, Process, & Expert Assistance

GST (Goods and Services Tax) registration is a process that makes a business a taxpayer under the Goods and Services Tax regime in India. It is mandatory for certain businesses, while it can also be voluntarily done by others who want to avail of the benefits of GST.
For expert guidance and assistance with GST registration and compliance, businesses can contact Accountants Factory LLP, which specializes in helping clients navigate through the GST system and ensure timely compliance.

Very useful to get accounting work done. Startup services like company registration, LLP creation etc are well handled by the team, also they handled income tax returns and guided us with an appropriate investment strategy. They were available all the time for our queries and guided us.

Roshan Chittoor

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Who Should Register for GST?

GST registration is mandatory for the following types of businesses or individuals:

1. Businesses with a Turnover Above the Threshold Limit:

For Service Providers: If the annual turnover exceeds Rs. 20 lakhs (Rs. 10 lakhs for special category states).
For Goods Suppliers: If the annual turnover exceeds Rs. 40 lakhs (Rs. 20 lakhs for special category states).

2. Inter-State Suppliers:

Any business engaged in the supply of goods or services across state borders must be registered for GST, regardless of the turnover.

3. E-Commerce Sellers:

Businesses that sell goods or services via e-commerce platforms must register under GST, including those who are suppliers on platforms like Amazon, Flipkart, etc.

4. Casual Taxable Persons:

Individuals or businesses that occasionally undertake taxable supplies are required to register for GST.

5. Input Service Distributors and Agents:

Any business engaged in distributing input services to other businesses must register under GST.

6. Non-Resident Taxable Persons:

Non-resident entities providing taxable goods or services in India must be registered under GST.

7. Entities Under Reverse Charge Mechanism (RCM):

In cases where the recipient of goods or services is required to pay the tax (instead of the supplier), businesses must register under GST.

8. Voluntary Registration:

A business with turnover less than the threshold can voluntarily opt for GST registration to avail the benefits of tax credits, inter-state trade, and to establish credibility in the market.

Types of

GST Registration

There are several types of GST registration available based on the nature and requirements of the business:

1. Normal GST Registration:
This is for businesses whose turnover exceeds the prescribed threshold limit.

2. Composition Scheme Registration:
Available for small businesses whose turnover is less than Rs. 1.5 crores. It allows them to pay tax at a fixed rate based on turnover, without detailed tax accounting.
It simplifies the process for small traders, manufacturers, and service providers.

3. GST Registration for E-Commerce Sellers:
Any business selling through e-commerce platforms must register and comply with GST norms, even if their turnover is below the prescribed threshold.

4. GST Registration for Non-Resident Taxable Persons:
Foreign entities that are involved in taxable supply within India, either directly or through agents, must register under GST.

5. GST Registration for Input Service Distributors (ISD):
ISD is a person who distributes the credit of GST paid on input services to other units of the same company.

6. GST Registration for Reverse Charge Mechanism (RCM):
If a business is liable to pay tax under the reverse charge mechanism, it must register for GST.

Advantages of

GST Registration

Registering for GST offers a wide range of benefits to businesses:

1. Legal Recognition:
Registering for GST ensures a business operates legally under Indian tax laws, providing security and reducing the risk of penalties.

2. Input Tax Credit (ITC):
Registered businesses can claim input tax credit on the GST paid on business purchases and use it to offset the GST they collect on sales.

3. Expanded Market Reach:
GST registration makes it easier for businesses to sell goods and services across state borders without facing complex tax implications.

4. Improved Cash Flow:
With the ability to claim input tax credit, businesses can optimize their cash flow by reducing tax outflows.

5. Credibility and Trust:
GST registration provides credibility to businesses, enabling them to build trust with customers and vendors.

6. Access to Government Contracts and Tenders:
Many government contracts require GST registration, providing access to more business opportunities.

7. Avoidance of Double Taxation:
GST eliminates the cascading effect of taxes, where taxes are levied on tax, reducing the overall cost of goods and services.

8. Streamlined Tax Filing Process:
GST registration ensures businesses can file returns online through a simplified process, reducing paperwork.

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GST Registration Process

1. Online Application:
• To begin the GST registration process, businesses need to visit the official GST portal (https://www.gst.gov.in) and fill in the application form (GST REG-01).

2. Documents Required:

Type	Documents
Sole Proprietors/Individuals	PAN Card of the owner. Aadhar card of the owner. Business address proof. Bank account details (e.g., canceled cheque, bank statement).
Partnership/LLP	PAN card of all partners. Partnership deed. Address proof of the business and partners.
Companies	PAN card of the company. Certificate of incorporation. Memorandum of Association/Articles of Association. PAN and Aadhar card of authorized signatory. Address proof of the principal place of business.

Type

Documents

Sole Proprietors/Individuals

PAN Card of the owner.

Aadhar card of the owner.

Business address proof.

Bank account details (e.g., canceled cheque, bank statement).

Partnership/LLP

PAN card of all partners.

Partnership deed.

Address proof of the business and partners.

Companies

PAN card of the company.

Certificate of incorporation.

Memorandum of Association/Articles of Association.

PAN and Aadhar card of authorized signatory.

Address proof of the principal place of business.

3. Submission of Application:
After filling out the application form and uploading the necessary documents, the business owner submits the application.

4. GSTIN Allocation:
Once the application is verified and approved, the GST officer will assign the business a GSTIN, which is valid for all GST-related transactions.

Documents Required for GST Registration

Document	Description
PAN Card	PAN Card of the applicant.
Aadhar Card	Aadhar Card of the authorized signatory.
Photographs	Photographs of the business owner and authorized signatories.
Proof of Business Address	Rent agreement, electricity bill, or property tax receipt, etc.
Bank Account Statement	Bank Account Statement or Canceled Cheque.
Company Documents	Partnership Deed/Articles of Association/Memorandum of Association.
Authorization Proof	Authorization Proof for the authorized signatory.

GSTIN (Goods and Services Tax Identification Number)

A GSTIN is a 15-digit alphanumeric code assigned to each taxpayer who is registered under GST. This number is unique to each business and helps to identify the taxpayer for all GST-related transactions.

GST Return Filing

GST-registered businesses must file regular returns based on their turnover and type of business. Returns include details of sales, purchases, taxes collected, and taxes paid. Even businesses with no sales or purchases must file returns to stay compliant.

Penalties for Non-Registration

Type	Penalty
Late Registration	If a business fails to register for GST when it is required, the government may impose penalties. Penalties could be up to 10% of the tax due or Rs. 10,000, whichever is higher.
Late Filing of Returns	A penalty of Rs. 50 per day for late filing of returns (Rs. 20 for businesses with no tax liability) is imposed.
Underreporting of Taxes	Penalties are also levied on underreporting or not reporting tax liabilities.

GST Registration: Requirements, Process, & Expert Assistance

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What is GST Registration?

GST registration is mandatory for the following types of businesses or individuals:

1. Businesses with a Turnover Above the Threshold Limit:

2. Inter-State Suppliers:

3. E-Commerce Sellers:

4. Casual Taxable Persons:

5. Input Service Distributors and Agents:

6. Non-Resident Taxable Persons:

7. Entities Under Reverse Charge Mechanism (RCM):

8. Voluntary Registration:

Types of

GST Registration

Advantages of

GST Registration

Still Confused?

GST Registration Process

Documents Required for GST Registration

GSTIN (Goods and Services Tax Identification Number)

GST Return Filing

Penalties for Non-Registration

Conclusion

Why to choose accountants factory LLP?