Goods and services sold within India's domestic boundary are subject to tax.

Most countries worldwide have implemented the tax with their customizations, simplifying the indirect taxation structure in India.

Good & Services Tax

GST refers to Goods and Service Tax which includes all taxes such as VAT, octroi, luxury tax, purchase tax, and central taxes like customs duty, central excise duty, and service tax. In GST Registration, a taxpayer(business) is registered under the GST for obtaining a unique identity that is required for collecting the tax on behalf of the government.

WHO NEEDS GST REGISTRATION?

GST registration is required by a business if the annual turnover is more than Rs. 40 lacs for the supply of goods or 20 Lacs for the supply of services.

WHAT ARE THE REQUIREMENTS FOR GST REGISTRATION?

The registration in GST is PAN-based and nationally precise. The Dealer needs to sign in each such state or Union territory from where he gets supply if he fulfills any of the below conditions:

Having an annual turnover from all-India operations that is above the restriction of Rs. 40 Lakhs (Rs. 10 Lakhs for the North-Eastern States).
Registered under any old indirect tax regimes (VAT, Excise Laws, Service Tax Laws) irrespective of the threshold limit.
Having stores in multiple states or many business verticals in one state.
Sending supply to other states.
Needs to pay tax under Reverse Charge (In case, your supplier is unregistered under GST).

Needs to deduct tax at source or an Input Service Distributor.
Agent of a supplier.
Supplying products or services by E-commerce Operator.
E-commerce Operators or Aggregators who supply products or services under their brand name (e.g. Flipkart, Amazon, Ola).
Sending online information and database access or retrieval services from abroad to a person in India, other than a registered taxable person.

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Benefits of registration under GST

GST eliminates the tax cascading effect. Thus, removing the heavy burden of extra taxes on the taxpayer.

Higher registration threshold

Composition plan for small businesses

A simple and easy online procedure

Fewer Compliances

Defined treatment for E-commerce operators

Efficient logistics

The unorganized sector is controlled under GST

GST Registration with EasyfileITR

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Who Should Register For GST?

Individuals who are registered under the Pre-GST legislation (i.e., Excise, VAT, Service Tax, etc.)
Businesses having turnover over the threshold limit of Rs 40 lacs for the supply of goods or 20 Lacs for the supply of services
A normal taxable person or Non-Resident taxable person
Agents of suppliers including input service distributors
People who are paying the tax under the reverse charge mechanism
Person who supplies via e-commerce aggregator
Every e-commerce aggregator
Person supplying online information and database access or retrieval services from abroad to a person in India, other than a registered taxable person.

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What is GST Registration Number?

The GST Registration Number is a 15-digit identifying number assigned to each applicant. The number allows a business to collect tax levied on goods and services under the applicant’s unique identity.

It is entirely dependent on the Pan Number and State Code. The first two digits reflect the state code, and the remaining ten digits represent the client’s Pan number, one digit represents the entity code (such as sole proprietorship, partnership, etc.), one digit is blank, and the last one is the check digit.

When is GST Registration Number Required?

if you are selling goods and services within the state and have an expected turnover of more than 40 lacs for the supply of goods or 20 Lacs for the supply of services in a year.
if you are selling goods and services outside the state and have a turnover of less than 40 lacs for the supply of goods or 20 Lacs for the supply of services in a year.
if you are dealing as a trader or manufacturer and your suppliers are registered under the GSTIN already then, they charge the GST on your purchase, and for the input credit or refund GSTIN Number is required
E-commerce Aggregators and Operators require the GSTIN Number from the start.

After GST Registration Compliance

Following GST registration, each business must file GST returns in accordance with compliance. You must file monthly or quarterly returns if registered under the normal GST structure. Every quarter, composition dealers are required to file with some conditions.

Documents needed for GST Registration

PAN of the Applicant
Proof of business registration or Incorporation certificate (If required)
Identification and Address proof of Promoters or Directors with their Photographs
Address proof of the place of business
Bank Account statement/Cancelled cheque
Digital Signature
Letter of Authorization or Board Resolution for Authorized Signatory (if required)

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