GST REGISTRATION & RETURN

About GST Registration

Introducing product and Services Tax (GST) has been a giant tax reform and then a lot of time has passed since its introduction that queries like “what is GST Registration” don’t make sense. thus here could be a temporary introduction

GST is that the solely tax that one has got to get his/her business registered underneath.
If your business isn’t GST registered, serious fines and penalties are often levied.
GST Registration permits you to gather GST from your customers.
So avoid going against the law, get your business registered for GST.
You can get your GST Registration through Binodini e-services. Here, we tend to surpass in to reduce the burden of a drawn-out registration method. Our skilled team can guide you on however you’ll be able to get GSTIN in an exceedingly hassle-free manner.

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Who Must Get GST Registration

All businesses involved in purchasing or selling goods, providing services, or both should register for GST. Except for the people listed below, all of the people listed below must register for GST.

Previous Law Converted Taxpayer – All particulars or firms registered under the Pre-GST tax laws like Service Tax or Excise or VAT, etc.

Turnover for Goods Providers—If your annual sales or product turnover exceeds Rs. 40 lakh, you must register for GST. For the special class standing, the limit is Rs. 20 lakh in a year.

Turnover for Service Provider – If you’re a service supplier and your sales or turnover crosses Rs. 20 lakh in a year, then GST registration is necessary. For the special class standing, the limit is Rs. 10 lakh in a year.

Casual Taxpayer – If you sell merchandise or provide services at events or exhibitions but do not have a permanent location, GST is charged at a supported rate with a calculable turnover of ninety days. The validity of the registration is also ninety day.

Agents of Suppliers or Input Service Distributor (ISD) – To benefit from the Input Tax Credit, all provider agents and ISDs must be GST registered.

NRI Taxable Person – If you are an NRI or handling the business of NRI in India.

Reverse Charge Mechanism (RCM) –Businesses that have to pay taxes under the RCM additionally have to be compelled to be GST registered..

E-Commerce Portals & Sellers – Every e-commerce portal (such as Amazon or Flipkart) has multiple vendors that are promoting their merchandise. Or for all vendors. If you want to register for GST,

Outside India Online Portal – For suppliers of online information and database access or retrieval services from a place outside India to Indian Residents.

Transferee – When the business has been transferred.

Inter-State Operations – Persons making an inter-state supply. Whatever the turnover.

Brands – Aggregator who supplies service under his Brand or Trade Name.

Other Taxation –People who are required to deduct tax under Section 37 of the Income Tax Act.

Voluntary GST Registration – Any entity can obtain GST registration at any-time. Even when the above mandatory conditions don’t apply to them.

Inter-State Registration – If you are a supplier in more than one state you need GST Registration in all the states that you supply goods or services to.

Branches – If your business has multiple branches in multiple states, register one particular branch as the main office or head office and the remaining branches as additional. (Not applicable if the business has separate verticals as listed in Section 2 (18) of the CGST Act, 2017.)

GST Registration Process On Government Portal

To register for GST on the Government site, you need to follow the below steps. Cautiously & Accurately.

Go to the Government GST Portal and look for Registration Tab.

Fill PAN No., Mobile No., E-mail ID and State in Part-A of Form GST REG-01 of GST Registration.

You will receive a temporary reference number on your Mobile and via E-mail after OTP verification.

You will then need to fill Part-B of Form GST REG-01. To be duly signed (by DSC or EVC) and upload the required documents specified according to the business type.

An acknowledgment will be generated in Form GST REG-02.

In case any information is pending from your side. It will be sought from you by intimating you in Form GST REG-03. for this, you may be required to visit the department and clarify or produce the documents within 7 working days in Form GST REG-04.

The office may also reject your application if they find any errors. You will be informed about this in Form GST REG-05.

Finally, a certificate of registration in Finally, a certificate of registration will be issued to you by the department after verification and approval in Form GST REG-06

Procedure Of GST Registration

Complete A Simple Form

Fill the simple application form provided on our website.

Send Your Documents

Send your documents that ar needed in keeping with your class of business.

Documents Submission

We will file all of your forms on your behalf, along with the declaration.

GST License Issued

As soon as we will get your GST number, we will send you by E-mail.

Penalties Of Non-Compliance

All GST returns should be filed by the 20th of the subsequent month. There are strict laws underneath the GST Act for non-compliance with the rules and regulations.

A penalty of 100% tax due or Rs. 10,000, whichever is higher, is also applicable to those who choose Composition Scheme despite not being eligible to it.

There is a penalty for failing to obtain GST Registration once a business has returned below the compass. The penalty is 100% of the tax quantity if the offender has not filed for GST registration and intends to purposefully avoid it. The number is the tax as applicable. or Rs. 10,000, whichever is higher.

Any offender who fails to pay his or her due tax or makes short payments (due to genuine errors) is subject to a penalty of 10% of the tax amount. This quantity can not be less than Rs 10,000.

A person guilty of not providing the GST invoice is vulnerable to being charged 100% tax due or Rs. 10,000. Whichever is higher.

An offender will be charged a fine of Rs. 25,000 for incorrect invoicing.

If someone has not filed for unpaid tax, there’s a penalty of Rs. 50 per day. He would pay Rs. 20 per day if he was to file for NIL returns. Therefore, the maximum quantity should not exceed Rs. 5,000.

There is also a provision of the penalty by a jail term for tax offenders to commit fraud.

Benefits Of GST Registration

Elimination of Multiple Taxes

One of the advantages of GST is the elimination of numerous previously existing indirect taxes. Taxes are replaced. Taxes like excise, octroi, sales tax, service tax, CENVAT, turnover tax, etc don’t seem to be applicable any longer, and every one of those has returned under a common tax referred to as GST.

Saving More Money

GST relevance has resulted in the elimination of double charging within the system for a typical man. Through this, the value of products and services has been reduced and served to the mortal saving of extra money.

Ease of business

The GST established the principle of “One Nation, One Tax.” That unhealthy competition that existed earlier among the States has benefited businesses’ desire to try and do interstate business.

Cascading Effect Reduction

From production to consumption, GST is applicable at any stage. It’s providing tax credit benefits at each stage of the chain. In accordance with the earlier state of affairs, at each stage, the margin would get more, and tax would be paid on the complete quantity. The companies are taking advantage of the input decrease and the tax is being paid on the quantity of valuable addition solely. The cascading effect of GST has been reduced, lowering the price of the merchandise.

More Employment

Because GST has reduced the value of merchandise, the demand for some, if not all, merchandise has inflated. With the rise in demand to satisfy the rise in supply, the employment graph has started to grow.

Increase in GDP

The higher the demand, the higher will be the production. This results in a higher Gross Domestic Product (GDP).

Reduction in Tax Evasion

The Goods and Services Tax may be a taxation that has varied earlier taxes.

and has made the system efficient with fewer chances of corruption and Tax Evasion.

More Competitive Product

Manufacturing has become additional competitive with GST, eliminating the cascading result of the tax, inter-state tax, and high supply value. The cascading result of the tax, inter-state tax, and high logging advantages to the businessperson and client can be addressed as GST can address the cascading result of the tax.

Increase in Revenue

Under the GST regime, seventeen indirect taxes are replaced by one tax. The increase in product demand suggests higher revenue for state and central governments.

What Is A Voluntary GST Registration?

A person who isn’t liable but still files a GST application will get registered. However, then, it becomes essential for him to file returns when obtaining a GST variety. Otherwise, he may need to pay a penalty, as applicable.

You can choose to register for GST voluntarily too.

Especially if you desire to claim an input tax credit. Even if you’re not susceptible to being registered, you’ll be able to be registered voluntarily. Once registered, you’ll even have to accommodate regulations as applicable to those needed to be registered.

Benefits of registering voluntarily under GST

Take Input Tax Credit,
Operate interstate without restrictions,
Have the option to register on e-commerce websites,
Have a competitive advantage compared to other rival businesses,
Fewer hassles and better compliance with government licensing agencies,
Focus on Your Business Growth.

Input Tax Credit Or ITC

Inputs are all those products that went into making the finished merchandise provided to the ultimate shopper. Businesses are charged GST on goods and services that are used as inputs. The ITC mechanism permits GST-registered businesses to receive refunds on the GST paid for purchasing all inputs. This helps stop cascading taxation, which was the first reason behind the introduction of the GST.

For instance, the GST owed on the supply of the ultimate product of a manufacturer is Rs. 850 and the GST paid on inputs is Rs. 725. The manufacturer will claim the Rs. 725 as ITC. This brings the net tax owed at the time of providing to Rs. one hundred twenty-five solely (Rs. 850 – Rs. 725).

Under the previous tax regime of levy of Service Tax, VAT, and Excise, a great deal of input step-down wasn’t properly used.

Who are eligible to claim Input Tax Credit?

ITC is offered solely to those entities that UN agencies have registered under the GST Act. Only GST-registered businesses can claim ITC on the tax paid on the purchase of any business-related inputs.

Who cannot claim ITC?

An input tax credit will be claimed just for business functions. It’s not offered for products or services completely used for:

Personal use,
Exempt supplies,
Supplies for which ITC is specifically not available.

Apart from the higher than, there are cases wherever ITC is reversed. credit notes issued to ISD, non-payment of invoices inside one hundred eighty days, assets bought partially or totally for exempted purposes or personal use, etc.

Conditions for claiming Input Tax Credit

GST invoice showing details of tax paid is necessary,
The goods on which GST has been paid have been received by the consumer,
The applicant has filed the relevant tax returns,
The supplier had paid the due tax to the government,
The ITC applicant is registered under GST,
If goods were received in installments, ITC can be claimed only after the final lot has been received.

ITC cannot be claimed if:

Composition tax registered entities paying GST on inputs,
If depreciation has been claimed on the tax part of a capital good,
On goods not used as inputs such as supplies for personal use,
On goods on which ITC is not applicable under the GST Act (exempted goods).

Input tax credits can be used as:

CGST input tax credits are allowed to be used to pay CGST and IGST,
SGST input tax credits are allowed to be used to pay SGST and IGST,
IGST input tax credits are allowed to be used to pay CGST, SGST, and IGST.

What Is The Composition Scheme Under GST?

Small businesses with an annual turnover of less than Rs. 1.5 crores (Rs. seventy-five lakhs for the Special Class States) will choose the composition theme.

Composition dealers get to pay nominal tax rates to support their sort of business. 2% for manufacturers, 5% for the restaurant service industry, and I Chronicles for various suppliers.)
Composition dealers need to file solely one quarterly return (instead of the monthly returns filed by traditional taxpayers).
They cannot issue tax invoices. That is, they cannot collect tax from customers and they are to pay the tax out of their own pocket.
Entities that have opted for the composition theme can not claim any input decrease.

Who can opt for the Composition scheme?

All SMEs looking for lower compliance and lower rates of taxes under GST.
A GST taxpayer, whose turnover is below Rs 1.5 crore, can opt for the Composition Scheme. (In the case of Special Category States, the present limit is Rs 75 lakh.)
The Aggregate Turnover of all businesses registered under the same PAN would be taken into consideration to calculate turnover.
Shall pay tax at normal rates in case he is liable under the reverse charge mechanism.
Dealers of intra-state supply of goods (or service of only the restaurant sector).

Which businesses are not eligible to apply for the Composition Scheme?

Composition scheme does not apply to:

Service providers,
Inter-state sellers,
E-commerce sellers,
Supplier of non-taxable goods,
Manufacturer of Notified Goods,
All the suppliers of services except those providing restaurant services (not serving alcohol),
Suppliers of – ice cream, pan masala or tobacco (and its substitutes),
Casual Taxable Person,
Non-resident Taxable Person,
Supplier of exempted goods or services.

How to apply for the Composition Scheme?

In case of new registration, you can opt for the scheme at the time of GST Registration.
If you are already registered you can file for it by submitting GST CMP-02 online.

Documents Required For GST Registration

1. Pan Card
2. Aadhar Card
3. Photo-I
4. Cancel Cheque And Bank Statement (If Any)
5.Rent Deed , Patta Copy , Electricity Bill
6. No Objection Certificate
7. Digital Signature Certificate (Optional)

FAQ FOR GST REGISTRATION & RETURN

What are the documents required for register for GST?

The GST, or merchandise and services tax, has been one of the largest tax reforms this country has seen. It’s one tax with which those taxes that existed antecedently are replaced. like Central Excise, VAT, Entry Tax, Octroi, Service Tax, etc.

GST was rolled out nationwide on July 1, 2017.

It is a destination-based tax.

And follows a twin model within which each state and therefore the central government levy tax on products and services. All businesses are needed to get a GST number for each state that specific business has been registered in. the primary step below the GST regime is to grasp whether or not the business is susceptible to register and register consequently.

How to register for GST?

With Binodini e-Services, GST registration is as simple as saying 1-2-3.
1. You fill the application form given above.
2. Mail the documents as required.
3. Sit-back. All forms will be filed by us.
4. Receive your GST number on e-mail.

How much does GST registration cost?

That depends on a few factors. Such as the type of business, package you have chosen,