Get 360° Online Assistance from India’s recommended Business Taxation Experts in GST Registration to Filing the Mandatory GST Returns Annually
Businesses must register as regular taxable persons under the Goods and Services Tax (GST) if their annual revenue exceeds the threshold limit of Rs. 40 lakhs (in case of goods), Rs. 20 lakhs (in case of services), or Rs. 10 lakhs, as applicable. GST registration is the term for it.
It is mandatory to generate the GSTIN if annual turnover exceeds the above prescribed limit. If the company conducts business without registering for GST, it is an offence and faces severe penalties.
It typically takes 4 to 6 working days to register for GST. In 3 simple steps, Team Online Legal India can assist you in obtaining GST registration more quickly.
Types of GST Registration
Regular, sporadic, non-resident and e-Commerce operators are some of the different GST registration categories. Casual taxpayers, non-resident taxpayers, and e-Commerce enterprises must register for GST regardless of the turnover criteria.
Casual Taxable Persons
According to the GST Act, a casual taxable person is a person who sporadically offers goods or services in a State or a Union territory where the firm doesn’t have a fixed location. Individuals running roaming businesses at shows or seasonal operations would so be regarded as casual taxable people under the GST.
Non-resident Taxable Persons
A non-resident taxable person is any person, corporation, or organisation that offers goods or services subject to the GST but does not have a permanent place of business or habitation in India (NRI). Because of this, any foreign person, business, or organisation that provides goods or services to India would be regarded as a non-resident taxable person and would have to follow all applicable GST legislation in India.
E-Commerce Operators
An “electronic commerce operator” is somebody who owns, operates, or oversees a digital or electronic facility or platform for electronic commerce. Anyone who sells online can be categorised as an e-Commerce Operator and is consequently needed to register for GST, regardless of the amount of business earnings.
Required Documents for GST Registration
- PAN of the Applicant(Proprietor)
- Aadhaar card
- Proof of business registration or Incorporation certificate
- Identity and Address proof of Promoters/Director with Photographs
- Address proof of the place of business
- Bank Account statement/Cancelled cheque
- Letter of Authorization/Board Resolution for Authorized Signatory
- Rent Agreement in case the PPOB(Principal Place of Business) is rented
- PPOB(Principal Place of Business) verification affitdavit by 1st class jadgical magistrate (if officer asked)
Benefits of GST Registration
Simplifies taxation services
The GST has integrated the Indian market by bringing together several indirect taxes under a single roof.
Reduction in costs of products & services
The cascading impact of numerous taxes and VATs was eliminated by implementing GST, which decreased the cost of goods and services.
Helps avoid lengthy taxation services
Small businesses benefit from GST registration since it lets them avoid time-consuming tax services. Since service providers and product suppliers with annual sales of under 20 lakh rupees and 40 lakh rupees, respectively, are exempt from paying the GST.
Aimed at reducing corruption and sales without receipts
The GST was implemented with the intention of eliminating fraud and un-receipted sales. Additionally, it assists in lowering the amount of indirect taxes that small businesses must pay.
Uniformity in the taxation process
GST registration provides for centralised registration and brings uniformity to the taxation process. This makes it easier for businesses to submit their quarterly tax returns online.
Composition scheme for small businesses
Small businesses with revenue between up to Rs. 1.5 crores can gain from the GST because it offers the possibility to reduce taxes by using the Composition scheme. The tax and compliance burden for many small firms has decreased as a result of this action.
GST Registration Fees
The lengthy 11-step procedure of registering for GST necessitates the submission of numerous business details and scanned documents. Although there are no fees specified by the GST law for self-register on the GST system, purchasing the GST registration plan with Online Legal India can save you a tonne of time and hassle. You can choose Online Legal India’s GST Registration services, where a GST Expert will help you with GST Registration from beginning to end.
Penalty for not obtaining GST registration
A penalty of 10% of the tax amount owed, subject to a minimum of Rs. 10,000, must be paid by the violator who fails to pay taxes or makes short payments (sincere errors).
When the offender has purposefully avoided paying taxes, the penalty is 100% of the amount owed.