GST Registration Online
The Goods and Service Tax (GST) is a unified tax regime that amalgamated a myriad of indirect taxes. GST registration is the mandatory first step for any business to become part of India’s formal economy. Registration involves obtaining a unique 15-digit GST Identification Number (GSTIN), which is essential for legally collecting tax and claiming Input Tax Credit (ITC). Operating without a valid GST registration is a punishable offense.
Who is Liable for GST Registration?
- Any business whose aggregate annual turnover exceeds ₹40 lakhs for goods or ₹20 lakhs for services (thresholds are lower for special category states).
- Any individual or entity involved in the inter-state supply of goods and services.
- All e-commerce operators and individuals supplying through them.
- Non-resident taxable persons and input service distributors.
Documents Required for GST Registration:
- For Individuals/Proprietors: Aadhar Card, PAN Card, Passport Size Photo, Proof of Business Place (Electricity Bill, Rent Agreement, NOC), Business Details, Contact Details.
- For Partnership/LLP/Company: Aadhar and PAN of Partners/Directors, PAN of the Firm/Company, Certificate of Incorporation, Proof of Business Place, Business Details, Contact Details.
The Composition Scheme
For small businesses with an annual turnover of less than ₹1.5 crore, the Composition Scheme offers simpler compliance. Instead of normal GST rates, they can pay a fixed percentage of their turnover as tax. However, certain businesses like ice cream manufacturers and inter-state suppliers are not eligible.
Have any Questions? Call us Today!
(+91) 96193 19241
Do You Have Any Questions?
Creation timelines for the standard lorem ipsum passage vary, with some citing the 15th century and others the business data.
Is GST registration mandatory for my business?
It is mandatory if your annual turnover exceeds the threshold limit (e.g., ₹40 lakhs for goods, ₹20 lakhs for services) or if you sell inter-state or on e-commerce platforms.
What is the penalty for not registering for GST?
A penalty of 10% of the tax due or ₹10,000, whichever is higher, can be levied. You also lose the ability to claim Input Tax Credit (ITC).
What is Input Tax Credit (ITC)
ITC means that at the time of paying tax on your sales, you can reduce the tax you have already paid on your purchases. This prevents the ‘tax on tax’ effect.
What is the GST Composition Scheme?
It’s a simpler scheme for small taxpayers (turnover up to ₹1.5 crore) who pay a fixed, lower percentage of tax on their turnover and have fewer compliance requirements.