What is GST Registration?

GST Registration Online in India

Beginning July 2017, Goods & Services Tax (GST) will be applicable to all Indian service providers (including freelancers), traders and manufacturers, once their supply turnover crosses Rs. 20 lakh. The GST is an all-in-one tax that subsumes a variety of state (VAT, Entertainment Tax, Luxury Tax, Octroi) and central taxes (CST, Service Tax, Excise Duty). GST is to be charged at every step of the supply chain, with complete set-off benefits available. The procedure for GST is completely online and requires no manual intervention. A composition scheme will also be there under GST for businesses with a supply turnover of less than Rs. 50 lakh.

Do you need GST Registration?

A business element that is right now enlisted under any of the current assessment administrations then it is necessarily required to move under GST law independent of the edge limits.The taking after focal and state level duty administrations will end with presentation of Goods and Service Tax (GST)

Central Excise duty
Service Tax
State VAT
Central Sales Tax
Entry Tax (all forms)
Luxury Tax
Entertainment and Amusement Tax (except when levied by the local bodies)
Purchase Tax
State Surcharges and Cesses so far as they relate to supply of goods and services
Taxes on lotteries, betting and gambling

Be that as it may, in the event that you are providing merchandise and enterprises and not enrolled under any current expense administrative then you are obligated to enlist just if the total turnover in any budgetary year surpasses as far as possible. The current edge restrain indicated by the GST board is 20 lakhs for every one of the states aside from North Eastern States where the breaking point is 10 lakhs.

Features of GST Registration

Subsuming of Taxes

The GST will consolidate Central Excise Duty, Service Tax, VAT, Central Sales Tax, Customs Duty, Central Surcharge & Cess, Octroi, Luxury Tax, Entertainment Tax, Purchase Tax and a few other indirect taxes. The GST will apply on all goods and services. Even petrol and petroleum products will eventually be subject to it.This would make tax collection and compliance easy for businesses across the country.

GST Rates

The GST council has decided on a four-tier structure. The GST rate will depend on the type of goods and services. Currently, the slab rates are 5%, 12%, 18% and 28%

Managing Business will be easy

Currently various businesses like restaurants, computer sales and services businesses have to deal with both VAT and Service Tax regulations resulting compliance burden on the business, as they have to calculate taxes for the transaction based on different rates for different items. With the Implementation of GST Business will be made easy

Lower Taxes

Since in some states under the VAT regime, businesses are required to comply with VAT regulations once they cross an annual turnover of Rs.5 lakhs. Under GST regime, GST liability occurs only if an entity crosses an annual turnover of Rs.10 lakhs in northeast or hill states, whereas for rest of India, the threshold is set at Rs.20 lakhs.

Eligibility Criteria for GST Registration

Following types of individuals and entities are eligible for GST registration:

Businesses whose annual turnover more than INR 20 Lakh
All people who have registered under the previous tax regime
Person making inter-state supplies
Casual taxable person
Taxable person who is a non resident
The agent of the supplier
Taxpayers paying tax under the Reverse charge mechanism
E Commerce aggregator or operator
Person supplying online information from a place outside of India to a person inside India.

Documents Required for GST Registration

FOR PROPRIETORSHIP

PAN Card and address proof of proprietor

FOR LIMITED LIABILITY PARTNERSHIP

PAN Card of LLP
LLP Agreement
Partners’ names and address proof

FOR 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

Process of obtaining the GST Registration in India

GST Registration process is as follows:

Go to taxation website
File the GST registration form
Upload the documents
Receive GST registration number after the analysis of the application and the documents.