What is GST Registration? And Who all are eligible for the GST registration
In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register under GST which will allow Taxpayer to start the business as per GST regulation in terms of Invoicing and Tax. GST is a platform where you can start your business and calculate tax to pay to Government. This process is called GST registration.
For Some businesses, GST registration is compulsory. If the organization carries on business without having GST, it will be an fault under GST which will lead penal action under GST Law. People whose turnover is not more than 40 Lack can also apply for GST but be sure to file all GST Returns on time to avoid the penalty. There is a myth in some businessmen if their turnover is less than 40 Lacks they think they are not supposed to file GST Return and not need to pay Tax. Though if you have got registered under GST you need to do all required compliances whether your turnover is less than or more than 40 Lacks.
Eligible for the GST registration
Who all are eligible for the GST registration? As far as GST Registration eligibility is concerned all can apply who has PAN. Some more points are mentioned below who can be eligible for GST registration.
- Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)
- Trades with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)
- Agents of a supplier & Input service distributor
- Who paying tax under the reverse charge mechanism
- Non-Resident taxable person / Casual taxable person
- Person who supplies via e-commerce Portals
- Every e-commerce Business
- Person supplying online suggestion and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person
GST Registration in India is very simple and you can get it online. If you face any problem contact us and our expert team will help you. GST registration usually takes between 2-5 working days.
Documents Required for GST Registration
- PAN of the Applicant
- Aadhaar card
- Passport size Photograph
- Identity and Address proof of Promoters/Director with Photographs like Aadhar Card
- Address proof of the place of business
- Bank Account statement/Cancelled cheque
- Digital Signature in case of Private Limited
- Letter of Authorization/Board Resolution for Authorized Signatory in few cases
How you need to proceed for GST Registration? You can upload the documents to Register under GST and get your registration within 2-5 days. Now a days eCommerce business is booming in the market and businessmen is selling their products online, if you are a online seller, GST Registration is compulsory for you. Today if you have offline business, and planning to take your business online, you need to register under GST, and it is mandatory for you. There are so many online selling portals which allows you sell your product online and grow your business. We at SK Tax Law Firm have a wide range of services which helps its customers to get all corporate compliances fulfilled under one roof. So if your are looking for GST Registration, contact us or write us.
What is Composition scheme and when should a business opt for it?
- Small trades having an annual turnover less than Rs. 1.5 crore** ( Rs. 75 Lakhs for NE States) can opt for Composition scheme.
- Composition merchants will pay minimal tax rates based on the type of business:
- Composition dealers are required to file their returns quarterly where as monthly GST Return is filed by Regular Taxpayers.
They cannot issue taxable invoices, but Bill of Supply, i.e., Regular Taxpayers cannot collect tax from customers and such composition dealers are required to pay the tax from their own pocket.
Trades that have opted for Composition Scheme cannot claim any ITC (Input Tax Credit).
Business which are not eligible to opt for Composition scheme:
- Inter-state sellers
- E-commerce sellers
- Supplier of non-taxable goods
- Manufacturer of Notified Goods
- So contact us and we will get you GST Registration within 2-5 days.