BBNC

GST Registration


Any service business whose turnover exceeds 20 Lacs in a financial year. And any goods business whose turnover exceeds 40 lacs in a financial year, requires to GST registration and a valid GST Number.
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Overview

What is GST Registration?

Any Goods & Service business whose turnover exceeds 40 lacs and 20 lacs respectively (10 lakhs for NE and hill states), required register as a taxable person. This process of tax registration is called GST registration.

For certain businesses, GST registration is mandatory. If those organizations carry out business without a valid GST registration, it will be an offence under GST and will face heavy penalties.

Who should get a GST registration?

  • Business with turnover above 40 lakhs in a financial year. (10 lakh for Northeast states, J&K, Himachal Pradesh and Uttarakhand).
  • Every e-commerce business.
  • A Person or business who wants to sell through e-commerce business.
  • Those who are paying tax under reverse charge mechanism.
  • Agents of supplier and input service distributors.
  • Casual taxable person/ Non-Resident taxable person.

    • What are the GST Tax Rates?

    GST Tax rates vary from one business to another depends on the type of goods and nature of the services. However below is the list
  • Items that are considered as basic necessities come under 0% GST tax rates.
  • Household necessary items and life-saving drugs, etc. are taxed at 5% GST.
  • Product like processed foods and computers are taxed at 12% GST.
  • Services and products like Hair oil, toothpaste, soaps are taxed at 18% GST.
  • Luxury items are taxed at 28%.



    • Benefits of GST Registration

    Advantages of getting registered under GST are given below

    GST Eliminates the Cascading Effects of Tax

    GST eliminates the double taxation effect. Which means when a business receives and pays GST, it will only have to pay the received access amount of GST to the government.

    Higher threshold for registration

    Before the GST regime, in the VAT structure, any business with a turnover of more than 5 Lakhs was liable to VAT. Also, service tax was exempted for service providers with a turnover of less than 10 lacs. But under the GST regime, this threshold has been increased to 20 Lakhs, which exempts many small traders and service providers.

    Composition Scheme for Small Businesses

    To bring down the tax burden of the small business whose turnover is between 20-75 lakhs. The government has introduced a composition scheme. That benefits the small businesses by options to lower the taxes.

    Easy Online Process

    The process of GST from registration to filings is made online, and it is very simple. This has benefited new businesses as they do not have to take various registration such as VAT, Service tax, excise etc.

    Number Compliance is Reduced Under GST

    Earlier businesses have to take various registrations such as VAT, Service Tax, Excise, etc. And for each and every registration had a different return filings system. But now only GST registration is sufficient and only GST return filings is mandatory.

    The Unorganized Sector is Regulated Under GST

    Before GST, certain industries in India were not organized. Such as construction, textiles, etc. Under GST there are provisions for online compliances and payments. This has brought in accountability and regulations to these industries.

    Checklist/Requirements

    Each director/Partner/Proprietor

    1. PAN card
    2. Photographs
    3. ID proof any one of
      1. Voter ID
      2. Aadhar
      3. Passport

    Entity details

    1. PAN card of the business entity
    2. Bank statement/ Cancelled check leaf
    3. Proof of address for business premises (Rental agreement if rented, Property tax paid challan if owned, NOC from the owner of the property)
    4. Copy of electricity bill/landline bill/water bill of place of business

    Each director/Partner/Proprietor

  • For Pvt Ltd or OPC
      o Certificate of Incorporation
      o Memorandum of Association (MOA)
      o Articles of Association (AOA)
      o Copy of Board resolution (format to be provided by us)
  • For LLP or partnership
    •   o Certificate of Incorporation
      o Utility bill
      o LLP/Partnership deed

    Process of GST Registration

    GST registration is quite a simple process

    Step 1: Share your requirements + Documents with us

    Step 2: Assigned professional will submit the documents on the GST Portal

    Step 3: ARN Number will be Generated for the submitted application

    Step 4: On obtaining GST Number, we will provide GST Certificate along with several e-guidelines on GST

    Key Deliverables

    a. Registration Certificate

    b. GST Login Credential

    GST Registration

    Why Choose Us

      Entrepreneur Friendly

    We make the process so easy and fast that you will not even feel the headache of all the paperwork, and our professionals will provide you all the promised deliverable within a given span of time.

      Experienced Professionals

    All our professionals are qualified and specialized in that particular work. Making sure no mistakes are done at the time of filings with the authorities so that company won’t have to pay any penalties due to mistakes.

      One Stop for All Your Requirements

    We support you throughout the journey of your business, from the incorporation, Accounting and taxation support, Secretarial compliance support, and Legal support.

      Cost-Effective

    We believe that cost plays a vital role in any company’s growth stage, that’s why we do not surprise our clients with hidden charges, you pay what you see in the initial proposal.


    Frequently Asked Questions


    What is reverse charge mechanism?
    Normally, the supplier of goods or services pays the tax on supply. In the case of Reverse Charge, the receiver becomes liable to pay the tax, i.e., the chargeability gets reversed.
    A penalty of 10% of the tax amount due subject to a minimum of Rs.10,000. The penalty will at 100% of the tax amount due when the offender has deliberately evaded paying taxes.
    If a business operates from more than one state, the taxpayer should obtain a separate GST registration for each state.
    GST will have 3 tax components
    1. Central Goods and Services Tax or CGST
    2. State Goods and Services Tax or SGST
    3. Inter-state transactions will attract the Integrated Goods and Services Tax (IGST)
    Input tax credit lets you reduce your tax you have already paid on inputs and pay the remaining amount at the time of paying tax.