Why do we need GST Registration ?
GST registration not only helps you in getting your business recognized as a legal registrant but also opens a number of opportunities for your business. Benefits to GST registered business at glance are as follows
Documents Required For Registration
COMPLETE LIST OF DOCUMENT REQUIRED
Import Export Code
What is GST ?
GST stands for goods and service tax. it is an indirect tax which has to be collected from customers when you sell your goods or services and required to be submitted to the government
When is registration under GST mandatory?
It is mandatory to register under GST when
If you are Casual taxable person / Non-Resident taxable person
If you are required to pay tax under reverse charge
If your annual turnover exceeds INR 20 Lacs* or
If you’re doing inter-state sales or
If you’re selling products online through e-commerce portal or
If you’re into the import or export business
If you want to raise tax invoice for your customers
If business participating in exhibition/event outside the State as Casual Taxable Payer
*In case of North Eastern States, annual turnover threshold limit is INR 10 Lakhs
Can i take GST registration voluntarily?
Yes, you can voluntarily apply for GST Registration even if your business annual turnover does not exceed threshold limit (20/10 Lacs).
GST registration not only helps you in getting your business recognized as a legal registrant but also help you avail various benefits like avail to raise GST Invoice, avail input tax credit, and much more if you take GST Registration voluntarily.
To know more about various benefits of GST Registration download our GST guide from above.
When a business needs multiple GST registrations?
– If business entity doing supply of goods and services from multiple States, then he/she mandatorily required to register under GST in different States.
Further, any business entity can apply for multiple GST registrations even if they are operating from single state under multiple verticals to avoid accounting complexity between multiple businesses.
XYZ Private Limited doing the business of selling merchandise and also doing the business of selling software from Bangalore only. Still, a company can apply for multiple GST Registration for their different business domain.
If you are supplying goods and services from one state to all over India. You do not need multiple GST registration.
Is there any penalty for not registering under GST?
If any business entity mandatorily required to register under GST, however, failed to apply or intentionally ignoring the same then business is liable to pay the penalty of 10% of the tax due or INR. 10,000 whichever is higher
What are the details and documents required for GST registration?
Documents required depends upon the type of business you are running. Following documents are required for GST Registration: –
Passport Size Photograph
Aadhaar card or Passport or Driving License
Pan card of business entity
Address proof of business premises
Bank Statement or Cancel cheque or Passbook
Identity and Address proof of Promoters/Director with Photographs
ADDITIONAL DOCUMENTS FOR PRIVATE LIMITED COMPANY /LLP /OPC / PARTNERSHIP FIRM
Certificate of Incorporation in case of Company, OPC or LLP
Partnership Deed in case of partnership firm
What is GSTIN?
GSTIN stands for Goods and Service Tax Identification Number consists of 15 digits. This will be get generated from government, when you have successfully applied for GST registration.
First 2 digit denotes represent State in which business registered under GST
Next 10 Digits denotes PAN of business entity
13th digit denotes the number of business located in the same state
Last two digits are randomly generated
How much GST rate will apply to my business?
GST rate varies from nature of goods/services you are selling; it ranges from 0% to 28%. To find out GST rate on your business download our GST guide from above
Can I sell both Goods and Services with one GST Registration?
Yes, you can sell both Goods and Services with one GST Registration, if you have listed such Goods/Services while registering under GST.
Can I apply GST on our firm name?
Yes, in case of individual/sole proprietorship you are free to apply for GST registration on your firm name. Further, you can apply on your personal name as well.
Is the current account mandatory for the firm to be registered for GST?
No, both savings and current accounts can be provided for GST registration.
Can I make changes in my firm's or company's Name, State Name and PAN in the enrollment application?
No, In case of private limited company, LLP, OPC, and partnership firm you can not change the name and other details however in case of sole proprietorship firm it is possible to change the business trade name
Can I apply GST Registration on my home address?
Sure why not, you can start a business from your home. You just need to provide proof of your residential address for GST Registration.
What to do after getting GST Registration number?
This is the most common question business doers are facing these days, you need to raise GST invoices with respect to every sale transaction and requires filing monthly/quarterly returns
Do I have to charge any tax from the customers, if my turnover is not exceeding 20 lakh?
Yes, from the very moment you get GST registration certificate, you need to charge GST from your customers.
If I am selling my goods all over India, do I need to apply GST Registration for all states?
No, you need single GST registration if you are supplying goods from single state to all over India. If you are supplying goods from 2 or more states then you require registering under GST of all such states.
What is the procedure to migrate from the service tax account to GST registration?
The process of converting from the old service account to GSTN through GST registration is as follows-
#1.Login to CBEC Portal.
#2.Receive the Provisional id and password.
#3. Create the new user id and password on the GST portal.#
4. Enter all your business details along with the promoter details and the business address, Bank details and upload the required documents on the GST portal.
#5. Finally, verify with the DSC or Aadhaar generated EVC.
What is GST Composition Scheme?
GST Composition Scheme is an easy scheme made for the small taxpayers to reduce the compliance burden. Small taxpayers can get rid of tedious GST formalities and pay GST at a fixed rate of turnover. Any business having an annual turnover less than ₹1Crore* can opt for composition scheme under GST registration application.
*For Assam, Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, Sikkim and Himachal Pradesh the above threshold limit is ₹ 75 lac.
What are Benefit of GST Composition Scheme?
Advantages of GST Composition scheme
Need to file a single quarterly return. Four returns in a year
Less tax liability
Pay small amount of tax on turnover (1% for traders & 5% for restaurant)
Not require maintaining detailed records
Can provide auxiliary services up to ₹ 5 lakhs annually under the composition scheme.
Disadvantages of GST Composition scheme
Cannot avail input tax credit of purchases made
Cannot issue tax invoice
Cannot charge composition tax on invoice from customer as usual practice in case of normal GST scheme
Who can NOT opt for composition scheme?
If Annual turnover exceeds 1 Crore
If you involved in Inter-State supplies
All Service Sector Business except restaurant
Importer of goods & services
Supplier of non-taxable goods
Manufacturer of Notified Goods
Relaxation announced on GST Composition Scheme on 23rd GST Council Meeting held.
What is ARN in GST Registration?
ARN stands for Application Reference Number. It is the conclusive proof of successful submission of the application to the GST servers. It is generated after the TRN (Temporary Reference Number) & uploading of requisite documents
What is Principal Place of Business?
Principal Place of Business is the primary location within the State where a taxpayer’s business is performed. The principal place of business is generally where the business’s books of accounts and records are kept and is often where the head of the firm or at least top management is located.
What are HSN and SAC code in GST Registration?
HSN stands for Harmonized System of Nomenclature which is internationally accepted product coding system to maintain uniformity in the classification of goods. Service Accounting Codes (SAC) are adopted by the Central Board of Excise and Customs (CBEC) for identification of the services
Do I need to physically present for the process?
No, You don’t need to be physically present for the process, OneCall Global is an online catering platform all you need is internet connection in your phone/computer and the required documents with you and we can get the job done no matters even if you are present at remotest location of the India
Is Digital Signature Required for GST registration?
Yes, Digital Signature Certificate is required if you are Private limited, Public limited, LLP or One Person Company