SRCC

GST Registration

What is GST, and how does it work?

GST is the result of India’s largest tax reform, which has greatly enhanced the ease of conducting business while simultaneously expanding the Indian taxpayer base by bringing millions of small enterprises under one unified tax structure. SRCC’s tax complexity have been greatly simplified as a result of the implementation of GST. Multiple tax systems are being phased out and replaced by a single, simplified tax system known as GST.

All entities involved in the purchase, sale, or provision of services, or both, are obliged to register and acquire a GSTIN under the GST regime.

What exactly is GSTIN?

GSTIN is a 15-digit code that is assigned to every taxpayer in India who has a valid GST registration. It is a one-of-a-kind code that is assigned to each taxpayer depending on their state and PAN. When a company’s yearly turnover exceeds Rs.20 lakh, it must obtain a GSTIN. The GSTIN is required if the firm operates an e-commerce platform.

GST registration is required if an entity’s revenue reaches a certain level, or when a person begins a new business with the intention of exceeding the stipulated threshold.

GSTIN is a 15-digit code that is assigned to every taxpayer in India who has a valid GST registration. It is a one-of-a-kind code that is assigned to each taxpayer depending on their state and PAN. When a company’s yearly turnover exceeds Rs.20 lakh, it must obtain a GSTIN. The GSTIN is required if the firm operates an e-commerce platform.

GST registration is required if an entity’s revenue reaches a certain level, or when a person begins a new business with the intention of exceeding the stipulated threshold.

Who qualifies for a GST registration?

If your company falls under one of the following categories, you must register for GST.

Turnover in aggregate

GST registration is required for service providers that supply services worth more than Rs.20 lakhs in a calendar year. While a business that is only involved in the provision of commodities and has an annual turnover of more than Rs. 40 lakh is needed to register for GST.

Interstate Commerce

If a business is involved in supplying goods from one state to another in India, it needs register for GST.

Platform for online sales

Individuals who sell products or services using an E-commerce platform in India should register for GST. Individuals must register for GST regardless of their annual revenue. It is necessary to register for GST before starting an E-commerce business.

Those who are liable to pay taxes on a regular basis

An individual who supplies goods or services seasonally or intermittently through a temporary booth or store is obliged to register for GST. Individuals should register for GST regardless of their annual revenue.

Registration on a voluntary basis

An entity can voluntarily register for GST; before, an entity with a voluntary GST registration could not renounce its registration for up to a year. The applicant can now resign their voluntary GST registration at any moment after the latest modifications.

What papers are needed to apply for GST registration?

Regular taxpayers who want to register for GST must provide the following papers.

  1. PAN The company’s card
  2. The applicant’s PAN, as well as his or her identity verification and photos
  3. The applicant’s proof of address is required.
  4. The Certificate of Incorporation is a document used to register a business.
  5. Bank account statement or cancelled check as verification of business location
  6. Certificate of Digital Signature
  7. For the authorised signatory, a letter of authorisation or a Board Resolution is required.
What are the various forms of GST registrations available?

The many kinds of GST registration are listed below:

Ordinary Taxpayer

This type of GST registration in India is for taxpayers who run a business in the country. Taxpayers who register as regular taxpayers are not required to make a deposit and are given limitless validity dates.

Taxpayer Composition

Individuals must participate in the GST composition scheme in order to register as Composition taxpayers. The composition plan allows taxpayers to pay a fixed rate of GST. However, taxpayers who choose the composition plan are not eligible for the input tax credit.

Person who pays taxes on a regular basis

A taxpayer who wants to open a stand or a seasonal store should file as a casual taxable person. The taxpayer must deposit a sum equivalent to his or her GST obligation. The obligation must correspond to the current registration periods. The registration is valid for a period of three months.

Taxpayer Composition

Individuals must participate in the GST composition scheme in order to register as Composition taxpayers. The composition plan allows taxpayers to pay a fixed rate of GST. However, taxpayers who choose the composition plan are not eligible for the input tax credit.

Person who pays taxes on a regular basis

A taxpayer who wants to open a stand or a seasonal store should file as a casual taxable person. The taxpayer must deposit a sum equivalent to his or her GST obligation. The obligation must correspond to the current registration periods. The registration is valid for a period of three months.

Taxable Person Who Is Not a Resident

Individuals who are based outside of India are classified as non-resident taxable persons. A taxpayer must deposit a sum equivalent to the GST liability in order to register as a casual taxable person. The obligation must correspond to the registration periods that are currently active. Non-resident taxable person registration is valid for three months.

Obtaining a GST registration procedure

What is the procedure for obtaining GST registration?

  1. When we get your request, a GST specialist contacts you to learn more about your business and the state in where it operates.
  2. The GST specialist collects the papers needed to acquire GST registration.
  3. Once the money has been received, we will begin the registration procedure, and our advisers will be ready to answer any GST-related questions.
  4. Within 3 to 7 working days, you will get your GST registration. There is no need to be physically present at the workplace because everything is done online.
GST Registration Benefits
What are the advantages of registering for GST?

The following are some of the advantages of GST registration:

GST has removed the tax cascading effect: GST is an indirect tax that is meant to bring all indirect taxes together under one roof. The GST has decreased the tax cascading impact that existed previously.

The registration requirement has been raised: Previously, any firm with a revenue of more than Rs. 5 lakh was subject to VAT. In different states, this restriction was varied. Service providers were also excluded from paying service tax if their annual revenue was less than Rs.10 lakh.

This threshold has been raised to Rs.20 lakh under GST, exempting a large number of small businesses and service providers.

Composition Scheme for Small Companies: Small businesses profit from the composition scheme since they have the choice to use it. Small companies have seen a significant reduction in compliance and tax burden as a result of the composition system.

Simple and straightforward online procedure: GST registration is completed entirely online and is quite easy. All you have to do is provide our professionals the appropriate papers.

There are less compliance requirements under GST, as there is just one return to submit. There are about 11 GST returns, all of which may be filed online. SRCC can also assist you with GST returns.

Improved logistical efficiency: The Products and Services Tax Act has significantly removed the constraints on the interstate transportation of goods. Businesses involved in the transportation of products have seen gains as a result of the decrease in needless logistical expenditures.

The GST has now brought order to the unorganised sector: Many industries in India, like as construction and textiles, were mainly unregulated and disorganised prior to the GST period. There are features in the GST law that allow compliance to be completed online. These sectors now have a lot more responsibility and regulation as a result of this.

 

GST's Composition Scheme

What is the GST composition scheme?

Small taxpayers’ compliance burden has been reduced thanks to the GST Act’s composition structure. The government devised the composition plan, which allows taxpayers with a revenue of less than Rs.10 crore to opt out of becoming regular taxpayers. Instead, the taxpayer can register under the Composition system and pay a reduced rate of tax on the supply. The taxpayer is not allowed to produce a tax invoice or take advantage of the input tax credit under the composition scheme.

Advantages of being a Composite Taxpayer

The following are some of the advantages of registering as a GST Composite taxpayer:

Limited Compliance: When registering as a composite taxpayer, the taxpayer is only obliged to file the quarterly return and is not subject to any further obligations.

Limited Tax Liability: One of the most compelling reasons to register as a taxpayer is that, under the composition scheme, the tax rate is set at such a low level that the taxpayer’s tax liability is minimal.

Filing of GST Returns

What is the purpose of filing a GST return?

A person with a valid GST registration is needed to file GST returns, which contain information on the taxpayer’s income. Our Ledgers GST Software may be used to file GST returns.

Why should you use Ledgers GST Software to file your GST returns?

Since its inception, Ledgers GST software has been a hit.

It aids in the smooth conversion of an estimate to an invoice.

Payment gateway connection allows the taxpayer to track payments and receivables.

The following information must be included on a GST return filing form:

GST Output (On sales)

Tax credit for sales input (GST paid on the purchases)

Purchases.

Penalties, interest, and late fees may be imposed if GST returns are not filed on time.

What happens if a taxpayer does not file his or her GST returns?

Cancellation of GST Failure to file GST returns can result in fines as well as the revocation of a person’s GST registration. The GST registration will also be revoked if the taxpayer has not filed GST returns for six months. Unless the late filing penalty is paid, the individual will be unable to acquire another GST registration. As a result, it is always preferable to file GST returns on time.

Nil GST returns: Even if a person does not have a business, he is required to file Nil GST returns. A penalty may be imposed if the GST returns are not filed on time.

 

Interest on late GST payments: If a taxpayer fails to make a timely GST payment to the government, he or she must pay interest at the rate of 18 percent. Once you’ve signed up for our services, we’ll get in touch with you on a frequent basis to assist you avoid penalties, interest, and late fees.

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