GST REGISTRATION

Gst Registration

The Goods and Services Tax, or commonly known as GST, was first implemented on the 1st of July 2017. Till now, it has undergone various changes to ease up the process of complying with the law. But, despite all the efforts made for easing the process, complying with all the requirements is still a huge task. The first step in the process of GST compliance is obtaining GST registration. Every business whose taxable turnover in the financial year has crossed Rs.40* lakhs is required to obtain registration under the GST regime. On the other hand, a service provider is required to obtain registration if the value of taxable services provided by exceeds Rs. 20 lakhs. The threshold in case of North-Eastern States for the purpose of registration under GST Act has been fixed at Rs.20 lakhs in case of goods and Rs.10 lakhs in case of services. GST Registration as a process takes around 7 to 10 days and has a few formalities.

But, here comes the team to the rescue. Our experts will help you to obtain the registration hassle-free and as soon as possible. You do not need to worry about the compliance, the details or any other problem. Just provide us with the requisite documents and get your firm registered in no time.

The threshold limit for registration is different in different states as per their choice and applicability.

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The Merits of GST Registration

GST registration along with providing your business a platform in the eyes of law of a Registered Business, also helps the business in numerous ways. The benefits that can be derived by obtaining GST registration are listed below:

InputTax Credit (ITC) : The first and foremost feature and benefit of getting registered is that you will be able to claim the credit of tax already paid by you on purchases which is only allowable to registered applicants.

Business Expansion Opportunities : Once registered, the business gets eligible to deal with governments and other organisations that specifically require registration of the business to deal with. Also, E-commerce portals like Amazon, Flipkart, etc. require GST registration as their precondition for registration on their portals as a seller. So, if you wish to take your business online, this is the first step of the ladder.

PAN India Dealing & MNC relations : Once a business is registered under the GST regime, it becomes eligible to operate on PAN India level that means the business can transact anywhere in the country without any restrictions. Further, as the business world is growing and MNC’s seem to be the future, GST registration proves essential for business growth when it comes to business with MNC’s as they require a business registered to get into relation with it.

The Obligation of GST Registration

GST registration can be availed on suo-moto basis but, in certain situations, the registration under the GST regime becomes mandatory. These situations are as follows:

Turnover Threshold : First criteria for registration is the taxable turnover of the business and the threshold for registration is Rs. 40/20 lakhs in case of goods/services respectively.

Input Service Distributor : An ISD is a business that only makes purchases but sales are transacted through its branches. Thus, in order to utilise the input taxes paid on purchases, an ISD is required to be registered first. This includes agents of a supplier, they are also required to get registered.

NRI & Casual Taxpayers : A NRI taxpayer not having a place of business in India is required to obtain registration before the start of business and is valid only for 90 days. Same is the case with a Casual Taxable person, who does not have a permanent place of business and usually operates in events, exhibitions, etc. , is required to obtain registration before starting business and is required to pay GST on estimated turnover of 90 days. This registration is also valid for 90 days.

E-Commerce Operators &Reverse Charge : Every E-Commerce portal such as Amazon, Flipkart requires GST registration as the preliminary requirement for allowing sellers to operate on their portal. Also, those businesses, who have to pay taxes to the Goods and Services Department on Reverse Charge basis are mandatory to get GST registration.

DOCUMENT REQUIREMENT FOR REGISTRATION

To get registered under the GST Regime, the following documents are required: In case of Proprietorshp/ Partnership/ Company

  • Photo of Proprietor/ Partners/ Directors
  • Aadhaar Card
  • PAN Card of Proprietor/ Partners & Firm/ Company
  • Proof of Ownership of Premises(Electricity Bill/ Rent agreement, if rented)
  • Mobile Number
  • Email ID
  • Certificate of Incorporation in case of Company
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COMPOSITION SCHEME:

Those dealers who have the turnover upto Rs. 1.5 crore in the previous financial year may opt for composition levy of taxes under which they would be required to pay reduced taxed ranging from 1 to 5 % and also will be allowed to file returns quarterly but no Input Tax Credit will be allowed to be claimed.

GST MODIFICATION

Modification in the GST registration is a technical and time consuming task too as is the registration process. It is not impossible for a businessman to do that on his own, but, it surely takes a huge amount of precious time of enterprenuers that can be used in the growth of business. Thus, our team helps you to concentrate on your business and shares your burden of formalities with modifications.

All you have to do is provide us with the requisite documents and we will file form GST REG-14 on your behalf for modifications. Once the modifications are verified and approved by the officer, GST REG-15 is issued by the department for modifications.

GST CONSULTANCY

The Goods and Services Act, 2017 or the GST Act as a law is complex, huge and requires expertise in the area of law to rightly understand the law and its implications. The law is not easily understandable by the common man, thus the need for a GST Consultant arises in every business organisation whether big or small, whether company or proprietorship to understand the applicability of the act and its implications on the business.

Our team consists of dedicated professionals that are experienced to provide educated guidance and opinions on various implications of the GST Act, its implementation in the business and help make the compliance with the Act smooth and error free.

GST RETURN FILING

Once the business is registered, the next step is to comply with the provisions of the act applicable to the business that means filing of returns of GST and that too within the time prescribed. The GST returns including GSTR 3B, GSTR 1 and all others are required to be filed every month and have their due dates spread across the whole month. And, with the inclusion of GSTR 9, The Annual Return, the return filing has become a nightmare for the businessman. If the businessman tries to comply with these return filing dates and procedures, the business is bound to hamper.

But, here is where our team proves its worth. We relieve you of all the worries relating to return filing & compliance and thus help in the hassle-free and smooth functioning of the business. All you have to do is sit back and focus on your business and its growth.

E-WAY BILL

Under the GST regime, transporters are required to carry along with them an eway bill while they are transporting the goods from one place to another.

Under the GST regime, transporters are required to carry along with them an eway bill while they are transporting the goods from one place to another.

Eway bill is reffered to as Electronic Way Bill that has been made mandatory for the movement of goods from one place to another. E-Way bill is generated from the E- Way bill portal. Every registered person transporting goods through a vehicle valuing more han Rs. 50000 is required to carry an E-Way Bill along with the goods.

E-Way bill is required to be generated for supplies, either for consideration in the course of business or without it. They are also required to be generated in case of stock transfers between branches.

Apart from a registered dealer, an unregistered person is also required to issue E-Way bill for supplies until and unless, the supplies are being made to Registered dealers as in those cases, the registered dealers are bound to ensure the compliances as if they were the suppliers. Apart from them, transporters are also required to generate E-Way bills in case the supplier does not.

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