Patent Original price was: 33,900.00 ₹.Current price is: 28,999.00 ₹.
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GST Modification Original price was: 1,499.00 ₹.Current price is: 999.00 ₹.
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GST Registration

Benefits of GST Registration

  • Legal Recognition: GST registration provides legal legitimacy to your business, enhancing its credibility in the market.
  • Expand Online Sales: GST registration is mandatory for businesses planning to sell on e-commerce platforms like Flipkart, Amazon, and Shopify.
  • Input Tax Credit: Registered businesses can claim ITC on their purchases, reducing their tax burden and improving profitability.
  • Inter-State Trade: GST registration allows businesses to trade across state borders without restrictions, opening up new market opportunities.
  • Government Tenders: Many government tenders require GST registration. Without a GSTIN, you may miss out on lucrative business opportunities.
  • Open a Bank Account: Banks require GST registration to open a current account in the business name, especially for sole proprietorships.
  • Dealing with MNCs: Most multinational companies prefer dealing with businesses that have valid GST registration, boosting your chances of securing large contracts.

Original price was: 1,499.00 ₹.Current price is: 1,299.00 ₹.

Required Documents
  1. PAN Card: The GSTIN is linked to the business PAN, making it essential for registration.
  2. Identity and Address Proof of Promoters: Documents like PAN, Aadhaar, passport, voter ID, or driving license of the promoters.
  3. Proof of Business Address: Rental agreement or sale deed, along with supporting documents like an electricity bill or municipal tax receipt.
  4. Bank Account Proof: A scanned copy of the first page of the business bank passbook showing the account holder's name and business address
Services

GST Registration
Dedicated GST Pro Support
GST Starter Guide
GST Invoice Guide
GST Invoice Template
Guidance on HSN/SAC Code
GST Tax Rate List
GST E-Waybill Guide

Description

Goods and Services Tax (GST) is a comprehensive indirect tax system introduced in India on July 1, 2017. It replaced multiple taxes like VAT, CST, Service Tax, Central Excise Duty, and Entertainment Tax. GST ensures uniform taxation across India, simplifying compliance and reducing tax-related complexities for businesses.

GST registration is mandatory for businesses with an annual turnover exceeding ₹40 lakh (₹20 lakh for service providers). Additionally, businesses involved in inter-state supply or those operating through e-commerce platforms must register under GST.

1. GST Tax Rates: The GST tax rates in India range from 0% to 28%, depending on the nature of goods or services being supplied.

2. Input Tax Credit (ITC): Registered businesses can claim input tax credit on purchases, allowing them to reduce their overall tax liability by offsetting the tax paid on inputs.

3. GST Return Filing: GST registrants are required to file monthly or quarterly returns, along with one annual return. The tax payments must be made every month.

4. Composition Scheme: Small businesses with an annual turnover of less than ₹1.5 crore can opt for the Composition Scheme, which offers simplified compliance with lower tax rates ranging from 1% to 5%. Under this scheme, businesses need to file quarterly returns.

GST Composition Scheme

The GST Composition Scheme is designed for small taxpayers with an annual turnover of up to ₹1.5 crore. It simplifies tax compliance by reducing the need for monthly returns and allowing businesses to pay GST at nominal rates (1% to 5%) based on turnover. Under this scheme, businesses cannot avail of input tax credit and must file quarterly returns.

Types of GST Registration

  • Regular Scheme: Involves standard compliance with GST rates between 0% to 28%. Regular taxpayers can avail input tax credit and are required to file monthly returns.
  • Composition Scheme: Offers simplified compliance for small businesses with a fixed GST rate of 1% to 5%. Composition taxpayers cannot avail input tax credit and must file quarterly returns.

Penalty for Not Registering Under GST

As per Section 122 of the CGST Act, businesses failing to register under GST are liable to a penalty of ₹10,000 or 10% of the tax due, whichever is higher. Additionally, businesses will need to pay GST on the supplies made along with applicable interest, irrespective of whether they collected GST from customers or not.

Failing to register for GST can also result in:

  • Goods and vehicle detention or confiscation.
  • Ineligibility to claim input tax credit or transfer credits.

GST Registration Process

  1. Submit Business Details: Provide your business information on the web portal.
  2. Choose a Package: Select a registration package and make payment.
  3. Application Review: Your application will be reviewed by a professional for accuracy.
  4. Document Verification: The professional will file the GST application after verifying the documents.
  5. Government Follow-Up: Regular follow-ups with government authorities for processing the application.
  6. Receive GSTIN: Once approved, you will receive the GST certificate and additional resources like eGuides on GST invoicing.

GSTIN Explained

GSTIN, short for Goods and Services Tax Identification Number, is a 15-digit alphanumeric code assigned to businesses upon GST registration. It comprises:

  • First 2 digits: State code.
  • Next 10 digits: PAN number.
  • Next 1 digit: Serial number of GST registration.
  • Last 2 digits: Randomized characters.

How to Check GST Registration Status

  1. Visit the official GST portal at www.gst.gov.in.
  2. Click on “Services” and select “Registration.”
  3. Select “Track Application Status” and enter the ARN (Application Reference Number).
  4. Enter the captcha code and click “Search.”
  5. The status of your application will be displayed, including whether it’s “Submitted,” “Pending for Verification,” “Pending for Clarification,” “Rejected,” or “Approved.”