What is GST Registration?
In the GST authority, businesses where the turnover exceeds Rs. 40 lakhs in which Rs 10 lakhs is for NE and hill states that are required to register as a normal taxable person. This whole process of registration is known as the GST registration.
For some business purposes, registration under GST is the compulsory process.
If any particular organization continues the business without any registration under GST, it will be considered as an offense under GST along with heavy penalties which will be applied.
The process of GST registration usually takes up between 2-6 working days.
Who should register for GST?
Each individual who is registered under the Pre-GST law that is Excise, VAT, Service Tax, etc.
- Any business with a turnover above the threshold limit of Rs 40 lakhs in which Rs 10 lakh is for the North-Eastern states like Jammu and Kashmir, Himachal Pradesh and Uttarakhand.
- A casual taxable person or a Non-Resident taxable person can easily register for GST.
- An agent of a supplier and input service distributor can register.
- Those who are paying tax under the reverse charge mechanism.
- Any person who supplies through e-commerce aggregator.
- Every e-commerce aggregator.
- Any person who supplies online information and database access or retrieval service from a place outside India to a person in India, other than a registered taxable person.
What is the process for Registration of GST?
A simple process is to
- Step 1- Purchase a Plan
- Step 2- Expert Assigned
- Step 3- Upload Documents
- Step 4- Submission on Portal
- Step 5- ARN Number Gen
- Step 6- GSTIN Received
And it’s done
The registration of GST will help you to get your business GST registered and will obtain your GSTIN.
There are some Documents which are required for the GST Registration like pan card of the applicant, Aadhar card, proof of business registration or incorporation certificate, identity and address proof of the promoters/ director along with the photographs, address proof of the place of business, bank account statement/ a cancelled cheque, a digital signature and a letter of authorization/ board resolution for authorized signatory.
Penalty for not registering under GST
There is a penalty for an offender who is not paying taxes or making short payments which is a genuine error that has to pay a penalty of 10% from the tax amount due to a minimum amount of Rs 10,000.
