About GST Registration
GST is a consumption based tax and a comprehensive indirect tax which shall levy on supply of goods and services. This taxation system is supposed to make one taxation system within the entire country for all product and services. This would be the biggest tax reform since independence and a boon to the economy as it will eradicate the shortcomings of the current tax structure and provide a single tax on supply of all goods and services.
GST Registration Process
|Application Preparation 1 – 2 Days||Processing of Documents2 to 3 Days||Verification by GST Officer3 to 4 Days||
Certificate Of Registration
4 to 5 Days
Advantages of GST Registration
For many capital goods, input tax credit is not available. Full input tax credit under GST will mean a 12-14% drop in the cost of capital goods.
Limited Liability Lower Taxes
Currently 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 accrues 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.
Ease of Doing Business
Many Businesses in India have to comply with both VAT and Service Tax regulations which creates a burden on the business. Under GST, the distinction between goods and services will be gone
Subsuming of Taxes
subsumes various other taxes like Central Sales Tax, Additional Customs Duty, Purchase Tax, Luxury Tax, etc., Hence, under GST, many of the taxes in existence today would be subsumed and made into one tax.
Larger Tax Base
GST is expected to increase the tax base in India significantly. Hence, the overall tax liability for businesses is expected to reduce overtime, as more and more businesses become compliant..
|Fill Part A of GST Registration form 1 by login to the online GST Portal.||
After receiving application reference number on Mobile Number and Email ID, fill the second part of the form and upload the required documents according to the business type.
Certificate of registration will be issued by the department after completing the above mentioned formalities.
|Submit the documents within 7 working days along with GST REG-04||
Department will inform us in form GST REG-05 of GST Registration regarding the same, if all the above conditions are satisfied.
Registrationseva can help you to obtain GST Registration in 12-15 working days.
Frequently Asked Questions (FAQs)
How Registration Seva Can help GST Registration?
Registrationseva can help in GST registration in a very less time and affordable price.
Do I need to enrol for GST?
A business entity that is currently registered under any of the existing tax regimes then you are compulsorily required to migrate under GST law irrespective of the threshold limits. But if you are supplying goods and services and not registered under any existing tax legislative then you are liable to register only if the aggregate turnover in any financial year exceeds the threshold limit.
What are the threshold limits for registration?
Every supplier of goods and services is required to get registered under GST if his aggregate annual turnover during the financial year exceeds 20 lakhs (for North Eastern States the threshold limit is 10 lakhs).
If I have multiple business units within the same state or some other state should I apply for separate registration?
Yes, business units even though registered with the same name and under the same PAN will have to apply for separate registration for each such unit whether within the same state or some other state.
When will provisional certificate be issued?
The Provisional Registration Certificate will be available for downloading at GST Portal. The certificate will be available only if the Registration Application was submitted successfully.
When will the final Registration Certificate be issued?
The final Registration Certificate will be issued within 6 months of verification of documents by authorized Center/ State officials
Documents Required to Process?
Documents required for Private Limited Company (Pvt Ltd)/Public Company (limited company)/Limited Liability Partnerships (LLP)/One person company (OPC):
1. PAN card and Registration Certificate of the Company/LLP.
2. Memorandum and Articles of Association incase of Company and LLP agreement incase of LLP.
3. Copy of Bank Statement
4. Declaration to comply with provisions and copy of Board Resolution.
5. PAN and ID proofs of the Directors/Designated Partners.
6. Registered Office Documents (Copy of Electricilty bill or Water bill, No objection certificate from owner, Rent agreement, if premises are rented).
Documents required for Sole proprietorship/Individual:
1. PAN Card and ID proof of Individual.
2. Copy of Cancelled Cheque or Bank Statement.
3. Declaration to comply with provisions.
4. Registered Office Documents (Copy of Electricity bill or Water bill, No objection certificate from owner, Rent agreement, if premises are rented).