Simple steps GST Registration

WHAT IS GST REGISTRATION…?

Under Goods & Services Tax (GST), businesses whose turnover exceeds the threshold limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh as the case may be, must register as a normal taxable person. It is called GST registration.

For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it is an offence under GST and heavy penalties will apply. Simple steps GST Registration

GST registration usually takes between 2-6 working days.

Taxcure India

ADVANTAGES OF GST

1. One Tax System
2. Easier Compliances
3. Composition scheme
4. Better Logistics
5. Removal of cascading
6. Cascading tax effect removal
7. Higher tax burden of SMEs
8. Higher business threshold

DISADVANTAGES OF GST

1. Tax burden for SMEs
2. Hurried implementation of GST
3. Increased software expenses
4. Compliance under GST very high
5. Compliance burden
6. Operational cost
7. Limited tax base
8. Adapting to an online taxation system
9. Increased costs

Applying for Registration

Regular Scheme vs Composition Scheme

Particular	Regular GST scheme	Composition GST scheme
Eligibility	All Taxpayer	-Manufacturer & Trader -Hotels & Restaurant -Service Provider
Turn Over	20 Lacs or 40Lacs	1.5 Cr or 50 Lacs
Rate	3%,5%,12%, 18% & 28%	1%, 5% & 6%
Issue	Tax Invoice	Bill of Supply
Who shall Opt	B2B Supplier	B2C Supplier

Input Tax Credit (ITC)

Items on which ITC is not allowed

• Motor Vehicles
• Membership in a Club
• Food and beverages
• Travel benefits
• Services of general insurance
• Immovable Property

GST REGISTRATION PROCESS

• Log in to the online site i.e. the GST Portal (www.gst.gov.in).
• Fill Part-A of Form GST Registration form 1.
• Subsequently, the concerned person will receive a reference number for the application through SMS and via E-mail.
• Fill the second part of the form and upload the required documents according to the type of business an entity is engaged in.
• Certificate of registration is then issued by the department.
• Produce the documents within 7 working days along with GST REG-04.
• The officer may also happen to reject the application if he finds any errors. The same will be informed in form GST REG-05 of GST registration.

LIST OF REQUIRED DOCUMENTS FOR GST REGISTRATION

• PAN CARD
• ADHAR CARD
• PHOTO
• MOBILE NO
• EMAIL ID
• TRADE NAME ( XYZ ENTERPRISES)
• LIGHT BILL (For Address)
• CANCELED CHEQUE
• RENT AGREEMENT (if office is rented)
• NATURE OF BUSINESS

Track Your Application

Causes of GST Notice

• Multiple Current Account with Non GST in different FI
• Threshold Limit cross but no GST Registration
•  Non issuance of Tax Invoice
• Evasion of Taxes With Wrong Rate
• Incorrect GST Refund
• Wrong ITC & Late Filling