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Overview of Online GST Registration
The introduction of GST in the tax system has been a game-changer in the Indian tax regime, eliminating the old, multi-layered tax system. GST stands for goods and services tax. It is an indirect tax applied to the goods and services delivered in India. GST is collected where goods or services are consumed. There are four types of GST in India: CGST, SGST, IGST, and UTGST – each standing for central, state, integrated, and union territory goods and services tax, respectively. The GST registration process is entirely online. You need to provide PAN, Aadhaar, business registration proof, and information regarding the bank account to complete the registration process.
What is GST?
GST stands for goods and services tax. It is a single tax levied on the supply of goods and services at each stage of the value chain. It was introduced to replace excise duty, service tax, VAT, octroi, and entry tax, among others. The GST is collected where goods/services are consumed.
There are four types of GST:
- CGST - Central Goods and Services Tax. It is levied by the central government when the buyer and the seller are in the same state.
- SGST - State Goods and Services Tax. It is levied by the state government on the state where goods or services are consumed. It is applicable along with CGST on the intra-state supply of goods and services.
- IGST - Integrated Goods and Services Tax. It is applied by the central government when goods/services move from one state to another or are imported/exported.
- UTGST- Union Territory Goods and Services Tax. It is levied by the central government when both buyer and seller are in the same Union Territory without a legislature, like Chandigarh, Lakshadweep, Andaman & Nicobar Islands, etc.
Benefits of GST Registration in India
When you apply for GST registration, you benefit from the following:
1. Eligible to claim the Input Tax Credit (ITC)
When businesses buy goods/services, they need to pay the GST on those purchases. Later, when the business sells goods or services, it collects GST from its customers. The Input Tax Credit (ITC) allows the business to subtract the GST it already paid on purchases (inputs) from the GST it collected on sales (outputs).
For example, if you buy goods for ₹1,00,000 and pay ₹18,000 as GST, and later sell the finished product for ₹2,00,000 and collect ₹36,000 GST, you can deduct the ₹18,000 paid on your purchases from the ₹36,000 you collect on sales; thus, you pay only ₹18,000 to the government.
2. Business credibility and trust
Many businesses, especially in B2B transactions, prefer dealing with businesses registered with the GST. Registration provides credibility to your business and instils trust with your customers, suppliers, and investors.
3. Access to the government tenders and contracts
Many government contracts, tenders, and projects require businesses to be GST-registered, especially the public sector undertakings (PSUs) and government procurement processes. Without GST registration, your business will be ineligible to participate in most of the government tenders.
4. No restrictions on inter-state sales
The Business registered with the GST can conduct inter-state transactions without any limitations.
5. Easier export of goods and services
In GST, exports are zero-rated. This means that you don’t have to pay GST on goods or services sold outside India. If you are a GST-registered exporter, you can claim a refund of the GST you already paid on raw materials, goods, or services used to make the exported product.
6. Access to GST-Linked schemes
Several GST-related schemes are available for small businesses. Many Small businesses with a turnover of up to ₹1.5 crore can opt for the Composition Scheme under GST. This scheme gives the benefit of paying tax at a lower rate on their turnover without the need to maintain detailed records.
7. Easy to obtain loans and credit
Businesses registered with the GST have better credibility to get loans from banks and financial institutions.
Eligibility Criteria for GST Registration in India
GST registration is mandatory if the annual turnover of the business crosses a certain threshold.
For states other than Jammu and Kashmir and the special category of states:
|
Category |
Threshold for GST Registration |
|
Suppliers of Goods |
A business supplying goods must register under GST if its annual turnover exceeds ₹40 lakhs. |
|
Service Providers |
A business providing services must register under GST if its annual turnover exceeds ₹20 lakhs. |
For the North Eastern and special category of states
|
Category |
Threshold for GST Registration |
|
Suppliers of Goods |
A business supplying goods in these states must register under GST if its annual turnover exceeds ₹20 lakhs. |
|
Service Providers |
A business providing services in these states must register under GST if its annual turnover exceeds ₹10 lakhs. |
|
Who Needs to Register? |
Threshold / Condition |
Example |
|
Inter-State Suppliers |
Registration is mandatory regardless of turnover. |
If a seller in Maharashtra wants to sell to a buyer in Gujarat, GST registration is compulsory even if sales are below the above-mentioned threshold limit. |
|
E-Commerce Operators and Aggregators |
Registration is mandatory for turnover. |
If you are selling your business online on e-commerce platforms such as Amazon, Flipkart, Zomato, Swiggy, etc., then you must register with GST. Furthermore, the e-commerce operator also needs to register with the GST. |
|
Casual Taxable Person (Occasional supply in a state without a fixed business) |
Registration is mandatory regardless of turnover. |
|
|
Non-Resident Taxable Person (Foreign businesses supplying in India without a fixed place) |
Registration is mandatory regardless of turnover. |
A foreign company selling software services in India is required to register with the GST. |
|
Businesses under the Reverse Charge Mechanism (RCM) |
Registration is mandatory regardless of turnover. |
Example: A company receiving legal services must pay GST under RCM, so it must register. |
|
Input Service Distributors (ISD) |
Registration is mandatory regardless of turnover. |
A head office distributing input tax credit to branches must register as ISD. |
|
Agents of Suppliers |
Registration is mandatory regardless of turnover. |
Commission agents, brokers who supply goods/services on behalf of another person, must register. |
|
Voluntary Registration |
If your income is below the threshold |
Small businesses may register to claim ITC and improve business credibility. |
Documents Required for GST Registration in India
Collect the following documents for the GST registration:
- Permanent Account Number (PAN) Card of the proprietor/partner/director.
- Aadhaar Card of the proprietor/partner/director.
- Proof of Business Registration: Whether it is a sole proprietorship, partnership firm, or a private limited company, you need to show the proof of registration of your business. It can be a company registration certificate, a partnership deed, or other relevant documents.
- Bank Account Details: Bank account records or rejected cheques that show clearly the name of the account holder and the IFSC code are mandatory for GST registration.
- Address Proof: Businesses need to give address proof of their place of business. It can include a lease agreement, a rent agreement, property tax records, and 2 months’ utility.
Online Process of GST Registration in India
Follow the process below to apply for the GST registration in India:
1. Go to the GST website
Go to the "Services" section of the official GST website, then click " GST Registration" and then "New GST Registration."
2. Create a TRN, or temporary reference number
Enter your Permanent Account Number, email address, cell phone number, and registration location on Form GST REG-01. Validate PAN, cell phone number, and email through OTP to create a TRN.
3. Submit the application along with the documents
Using the TRN, finish Part B of Form GST REG-01 by adding the necessary documents, for example, proof of business registration, address proof, bank account details, and other papers on the GST website.
4. Receive the acknowledgement
Upon submission of the application, an acknowledgement in Form GST REG-02 will be automatically generated.
5. Verification and approval
The GST authority will study the application and papers within three days. If everything is in order, the registration will be accepted. The processing result is usually ready within 7-10 working days.
6. Respond to the deficiencies
In case of deficiencies or explanations needed, the officer may issue a warning in FORM GST REG-03. Respond with the necessary information and papers in FORM GST REG-04 within 7 working days.
7. Receive GST registration certificate
Upon approval, a certificate of registration in Form GST REG-06, bearing the unique GSTIN, will be issued online on the website. The certificate is digitally signed or verified by the officer.
Checklist Before GST Registration
- Verify your eligibility for GST registration.
- Collect the required documents, such as PAN, Aadhaar, business proof, bank details, and proof of address of the business.
- Fill out the online GST registration application form correctly.
- Upload all necessary documents along with the application.
- Track the status of your GST registration application regularly.
- Obtain your unique GSTIN after successful approval.
GST Compliance
Once your business gets registered with the GST, it is important to comply with its rules, which are:
- Filing the annual GST return for the sales, purchases, tax paid and/collected;
- After the registration with GST, you have to pay GST dues on time on the basis of returns filed to avoid any penalties for delay in payments.
- Maintaining proper records of accounts, goods brought & sold, invoices, and receipts.
- If the turnover of the business exceeds the prescribed limit, conduct a tax audit as mandated under the CGST Act, 2017.
Renewal of GST Registration
GST registration in India does not have a validity period for regular taxpayers of taxes and stays valid unless cancelled. However, for casual taxable persons and non-resident taxable persons, GST registration is given briefly with an expiration date. To renew GST registration and stretch its duration, temporary taxable persons or non-resident taxable persons can ask for an extension for a maximum of 90 days, which can be done only once.
Why Choose Kanakkupillai for GST Registration?
Kanakkupillai stands out as a preferred choice for companies seeking professional services in India due to several strong reasons. We have specialised experts, including professional accountants, company secretaries, and tax advisers, who provide expert advice and support to clients.
Our team strives for perfection, which helps businesses receive personalised solutions as per their wants and goals. Kanakkupillai's dedication to employee training and development ensures that its team stays updated on the latest rules, laws, and technological advancements that constantly improve the services that we provide.
Additionally, our reasonable price system makes its services available to businesses of all kinds, including compliance post-registration.
Choosing Kanakkupillai ensures not only compliance with tax laws but also access to a trusted partner for accounting, taxation, and business advice needs in India!
Frequently Asked Questions
What is the Registration of GST?
Registration of the GST is the technique by which an employer receives a unique Goods and Services Tax Identification Number after being enrolled under the GST Act.How to apply for GST Registration online?
To apply for GST Registration online, visit the official GST site, pick "New Registration," fill out Form REG-01 with needed information, share necessary papers, and await proof and approval.What are the qualifying factors for GST Registration?
Businesses with a yearly sales surpassing Rs. 40 lakhs (Rs. 20 lakhs in special category states) must register under GST. Other factors include inter-state taxed goods, e-commerce companies, and more.What papers are needed for GST Registration?
Documents typically required to complete GST Registration include PAN card, Aadhaar card, validation of business registration, address proof, bank account details, and additional information.What is the GST Registration process?
The process includes filling out the registration form online, adding necessary papers, approval by officials, and getting the Certificate of Registration with a unique GSTIN.How much are the GST Registration fees?
Under the GST law, there are no set fees for getting GST registration through the government site.Can I apply for GST if my income is below the threshold?
Businesses below the cutoff exemption limit are not needed to register under GST unless involved in specific activities like inter-state goods or e-commerce sales.Is GST Registration required for all businesses?
Businesses meeting the qualifying standards must register under GST to deal with tax rules and enjoy benefits like input tax credit.What are the perks of GST Registration?
Perks include compliance with tax rules, input tax credit claims, removal of cascading effects, higher government income, and more efficient tax processes.How often do I need to update my GST Registration?
In India, regular users do not need to update their GST registration as it has endless validity unless stopped or surrendered. Casual taxable persons or non-resident taxable persons may need to update their registration regularly based on specific conditions.What makes Us Different
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