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GST Registration

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GST Registration - Overview

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

#1

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.

#2

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.

#3

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.

What is a GST Return?

A GST return is a record of income that must be submitted to the tax authorities in accordance with the legislation. A taxpayer is required by the GST law to submit two GST returns, either monthly/quarterly and one return each year (if applicable). All tax returns must be submitted electronically. Please be aware that there is no option to avoid return filing. All unreported invoices for the prior tax period must be included in the current month. A registered dealer is required under the GST to submit returns for purchases, sales, output, GST (On Sales), and input tax credit (GST paid on purchases).

What is GSTIN?

Each GST taxpayer receives a different identification number or GSTIN. Anyone with a GST number can access the GST portal to validate a GSTIN number.

What is the GSTN?

The Goods and Service Tax Network (GSTN) is a section 8 (non-profit) private limited business that operates outside of government. GSTN serves as a one-stop shop for all of your indirect tax needs. To assist you in preparing, filing, amending returns and paying your indirect tax bills, GSTN is in charge of managing the Indirect Taxation platform for GST.

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.

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