GST is the only tax that one has to get his/her business registered under. If your business is not GST registered, heavy fines and penalties can be levied. GST Registration allows you to collect GST from your customers. So avoid going against the law, get your business registered for GST.
Introducing Goods and Services Tax (GST) has been a big tax reform in India. And so much time has passed since its introduction that questions like “what is GST Registration” do not sound right.
You can get your GST Registration through Palankarta. Here, we excel in to lessen the burden of a lengthy registration process. Our expert team will guide you on how you can get GSTIN in a hassle-free way. You can apply anytime for your GST number from anywhere in India.
Basic Characteristics of GST
| Features | Central GST – CGST | State GST – SGST | Integrated GST – IGST |
| Tax Levied By | Central Government on Intra-State supplies of Goods and/or Services | State Government, on Intra-State supplies | Central Government, on Inter-State supplies |
| Applicability | Supplies inside a state | Supplies inside a state | Interstate supplies and import |
| Input Tax Credit | Against CGST and IGST | Against SGST and IGST | Against CGST, SGST, and IGST |
| Tax Revenue Sharing | Central Government | State Government | Shared between State and Central governments |
| Free Supplies | Applicable | Applicable | Applicable |
Who Must Get GST Registration
All businesses involved in buying or selling goods or providing services, or both, should register for GST. But for below-listed persons, GST Registration is compulsory.
- Previous Law Converted Taxpayer Those Taxpayers who all were registered in the previous regime of indirect taxes, need to register.
- Turnover for Goods ProviderIf Company sales or turnover of goods is crossing Rs. 40 lakh in a year then GST Registration is mandatory. For the Special Category States, the limit is Rs. 20 lakh in a year.
- Turnover for Service ProviderIf you are a service provider & sales or turnover is crossing Rs. 20 lakh in a year then GST Registration is mandatory. For the Special Category States, the limit is Rs. 10 lakh in a year
- Casual TaxpayerIf you supply goods or services, in events/exhibitions, and not have a permanent place of doing business. In such cases, GST is charged on the basis of an estimated turnover of 90 days. The validity of the Registration is also 90 days.
- Agents of Suppliers or Input Service Distributor (ISD)All supplier agents and ISD, to earn benefits of Input Tax Credit, need GST Registration.
- NRI Taxable Personif you are an NRI or handling the business of NRI in India
- Reverse Charge Mechanism (RCM)Businesses who need to pay taxes under the RCM also need to be GST registered.
- E-Commerce Portals & SellersEvery e-commerce portal (such as Amazon or Flipkart) under which multiple vendors are selling their products. Or for all vendors. You need a GST Registration.
- Outside India Online PortalFor suppliers of online information and database access or retrieval services from a place outside India to Indian Residents.
- TransfereeWhen the business has been transferred.
- Inter-State OperationsPersons making an inter-state supply. Whatever the turnover.
- BrandsAggregator who supplies service under his Brand or Trade Name.
- Other TaxationPersons who are required to deduct tax u/s 37 (TDS) of the Income Tax Act.
- Voluntary GST RegistrationAny entity can obtain GST registration at any-time. Even when the above mandatory conditions don’t apply to them.
- Inter-State RegistrationIf you are a supplier in more than one state you need GST Registration in all the states that you supply goods or services to.
- BranchesIf your business has multiple branches in multiple states, register one particular branch as 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.)
The Special Category States under GST Act are:
- Arunachal Pradesh
- Uttrakhand
- Sikkim
- Meghalaya
- Tripura
- Mizoram
- Manipur
- Nagaland
- Pondicherry
Benefits of GST Registration
Following are the benefits of GST registration
- Elimination of Multiple Taxes
- Saving More Money
- Ease of business
- More Employment
- Increase in GDP
- Reduction in Tax Evasion
- More Competitive
- Can also opt for Composition Scheme (if applicable)
- You can choose to register for GST voluntarily too.
- Especially if you are wishing to claim Input Tax Credit. Even if you are not liable to be registered, you can be registered voluntarily. After registration, you will also have to comply with regulations as applicable to those required to be registered.
Procedure of Registration?
Fill Enquiry
Form
Associate will call
and discuss in length.
Make
Payment
Complete Documentation
& Requirements
Registration
Complete
Why Palankarta?
Palankarta gives an end-to-end service for GST registration. The solution to all your questions and concerns of GST.
Experienced Financial
Professionals
Deliver Service
on Time
Cost
Effective
Assured Customer
Satisfaction
No Hidden
Fees / Charges.
Frequently Asked Questions
FAQ
General Questions
GST is one indirect tax for the whole nation, which will make India one unified common market.
GST Stands for Goods & Services Tax
HSN Code is unique code which classify goods and services under predefined classes of goods and services.
CGST stands for Central GST, SGST stands for State GST, UGST stands for Union territory GST and IGST Stands for Integrated GST.
No ,its not necessary. If your turnover is above Rs.40 lakhs (and Rs.20 lakhs for Special category) , then only its mandatory to register under GST. However it is recommended to register to claim benefits of Input Tax Credit.
Following are the benefits of GST :
- Common National Market
- Cascading tax effect
- Increased Exemption Limit
- Small Businesses Benefits
- Reduced Tax Compliances
- Registration and Filing Returns
- Regulated Unorganized Businesses