GST Registration GST Registration - Everything You Need to Learn

GST registration permits your business to be legitimate and establishes your company as reliable and genuine. With GST registration, the GST portal has simplified numerous processes, from applying to filing returns GST registration can be the initial step in ensuring that your company is managing its taxes effectively.

If you're a business owner or a service provider even a consumer or a customer, you've heard about the Goods and Services Tax (GST). The GST was implemented in India on the 1st of July 2017 and has transformed the entire taxation system in the nation.

In simpler phrases, it's an indirect tax that is imposed on the value added by a company through its products and services. From manufacturing to distribution, companies are taxed by the Government of India only on their own offerings while the end user has to pay the tax.

Paying GST begins by creating your company's account on GST. This is done through the GST portal. If you're a new business owner, chances are that you'll be overwhelmed by the process. This is a brief guide to help you to learn everything you need to know about tax registration and GST for your company.

Who is eligible to sign up with GST?

In order to apply for GST registration the amount you earn annually must be in line with any of these thresholds

• For manufacturing The threshold for manufacturing is for manufacturing at Rs. 40 lakhs or more.
• In the service industry, the threshold for the service sector is. 20 lakhs or more.
• For businesses operating in the hill and north-eastern states, the minimum threshold is at least Rs. 10 lakhs or greater.

In addition, if you have any of the following conditions, you are required to be eligible in order to be eligible for GST registration:

• You offer goods or services in another state than the one that you are in.
• You can use e-commerce platforms such as Flipkart as well as Amazon to sell your items
• You're in the business of export-import
• You'd like to issue tax invoices for your customers
• You represent a business that is participating as a Casual Taxable Payer at an event or exhibition in another state
• You are tax liable under the reverse charge mechanism
• The agent you are for is an individual taxpayer who is registered.
• If you are an Input Service Distributor (ISD)
• You run an e-commerce website or operate an aggregator
• You are an out-of-country OIDAR (Online Access to Information Databases and Retrieval) service provider for India

What are the GST registration documents you require?

To be eligible for GST You must have the following documents in your possession:

• Photos (passport size)
• Company PAN Card
• Identity proofs like Aadhar Card/Passport/Driving Licence
• Address proof for your office
• The bank's details are available in statements or a canceled cheque or passbook
• Certificate of Incorporation Private Ltd Company or LLP or OPC
• Partnership agreements for partnership companies

Which are the steps to take to register for GST Registration?

The GST portal lets you complete GST Registration online. This is a no-cost process or you can request an accountant to complete the process for a fee. The steps to take are

First Step) When you visit the portal, choose Service > Register > Create a New Account.

Step 2.) In the next screen, click on the option 'New Registration. Select 'Taxpayer' from the first dropdown. Complete the remainder of the form and then click the 'Proceed' option.

Step 3.) Once you receive the OTP and confirm it, enter the same in the following screen. If you haven't received an OTP either on your mobile or email, press the button to Resend OTP to receive a new one.

4.) A Temporary Reference Number, or TRN, can be created. Additionally, it will be sent to you via email and delivered as an SMS message on your mobile. Note it down.

5.) Go back to GST portal > Services > Registration New Registration. This time, choose the radio button that says Temporary Reference Number. Enter the information you entered in the prior step.

step 6) You will have to do OTP verification once more.

7.) A new application is created, and it can be modified to provide essential information.

Step 8.) You will have to submit all necessary information including proofs section-wise.

9.) When you reach the section on verification, make sure you select that checkbox beside the declaration. Once you have completed the form, send it for the complete application.

After you've submitted your application After you have submitted application, you will receive an Application Reference Number or ARN will be issued. You can follow the progress of your application using this number via the GST website.

What exactly is GSTIN?

After the GST registration is completed after which a GST officer will review your application. If they are able to approve it they will issue you with a distinctive GST Identification Number, also known as GSTIN which you have to be sure to include on your invoices.

The whole process starting with the registration process to receiving GSTIN approximately takes between about two to six days.

What is the best time to apply for multiple GST registration?

There are instances where you can apply for multiple GST numbers:

• If your company is operating in more than one state, e.g. shipping goods to multiple states, then you require a GST registration for every state.
• If your business operates from a single state but is spread across multiple verticals, you may be able to register with multiple GSTs to streamline the accounting process.
• If a company operates in a single state but provides items and/or services to the other states of India the business should not be able to apply for more than one GST registration.

What is the time when a company requires GST composition? GST structure?

The Composition Scheme was created to aid small business owners as well as taxpayers whose income does not exceed the amount of Rs. 1.5 crores (or Rs. 75 lakhs for states in the Northeast).

The benefits they enjoy as taxpayers are the following:

• They only have to file one quarterly return rather than filing quarterly returns, as do other taxpayers.
• They are tax-exempt with limited liability.
• They will have fewer compliance requirements to observe, in the form of records and books invoices, records, etc.

However, the scheme has its negative side as well:

• Taxpayers are not eligible for an in-tax credit.
• They are not able to raise a tax bill.
• They are not able to carry out interstate transactions.

The following dealers are not eligible to avail of the composition scheme

• Service providers
• Sellers on online platforms
• Goods supplied by suppliers that are not tax-deductible
• Businesses that offer interstate sales
• Notified of manufacturers of certain goods

What are the reasons to be registered to GST?

There are numerous benefits of GST Registration for entrepreneurs over the long term. This includes:

• Taxes you pay to the government can be reduced because you will only have in order to cover the cost of the value-addition made by your company and not pay any other "tax related to tax."
• GSTIN is a sign of your credibility to your customers and online platforms as well as government tenders financial institutions and banks MNCs, among others. If you do not have a GST identification, the companies will not cooperate with you.
• There is only one return to file under GST it means there are fewer requirements to comply with.
• For online-based brands, GST has explicit provisions for interstate movement items, which weren't previously defined.

In all times, GST registration gives your company to be legitimacy and makes your company's image an authentic, trustworthy one. With GST registration, the GST portal has streamlined a variety of procedures, from registering to filing tax returns GST registration can be the very first step in managing your company's tax obligations efficiently.