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GST registration
GST is a value-added tax levied at all points in the supply chain with credit allowed for any tax paid on input acquired for use in making the supply. It would apply to both goods and services in a comprehensive manner, with exemptions restricted to a minimum. It is a step by the Government towards the single tax systems, thus ensuring the minimal tax burden on the ultimate consumers, resulting in the decreased cost of the goods and services.
All the persons who were earlier enrolled under service tax/ VAT/ CST/ Excise shall need to migrate to GST within the specified due date. Further, all other new entrants who are crossing the specified thresholds shall need to get themselves registered under GST.
Advantages of Registration
- A registered person is legally recognized as supplier of goods or services.
- Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods or services or both by the business.
- Legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients.
- Due compliance of Indirect tax laws will help avoid undue interest and penalties.
Procedure for registration of new entrants:
Collecting all the relevant documents required for registration.
Review of the documents collected and preparation of the application for registration.
E-filing of the application and documents on the GST portal.
Obtaining the registration certificate of GST
Procedure Migration of already registered assesses’:
Obtaining the provisional ID and Collecting all the relevant documents required for registration.
Review of the documents collected and preparation of the application for registration.
E-filing of the application and documents on the GST portal.
Obtaining the registration certificate of GST.
Information and documents required for online GST registration:
- Valid E-mail Address
- Valid Mobile Number
- Bank Account Number
- Bank IFSC code
- Proof of Constitution of Business for online enrolment (PDF/ JPEG not exceeding 1 mb)
- Photograph of Promoters/ Partners/ Karta of HUF (JPEG not exceeding 100 kb)
- Proof of Appointment of Authorized Signatory (PDF/ JPEG not exceeding 1 mb)
- PAN of the entity
- Photograph of Authorized Signatory (JPEG not exceeding 100 kb)
- Opening page of Bank Passbook/ Statement containing Bank Account Number of Account Number, Address of Branch, Address of Account holder and few transaction details (PDF/ JPEG not exceeding 1 mb).
FREQUENTLY ASKED QUESTIONS
1. What is GST?
– GST stands for Goods and Service tax and is a value-added tax levied at all points in the supply chain with credit allowed for any tax paid on input acquired for use in making the supply.
2. Who all are liable to be registered under GST?
–Aggregate turnover requirement for GST registration is as below:
|
For person having place of business in: |
Aggregate Turnover |
| North East India |
Rs. 10 lakhs |
| Rest of India |
Rs. 20 lakhs |
3. What is aggregate turnover?
–As per section 2 (6) of the MGL, aggregate turnover includes the aggregate value of:
(i) all taxable and non-taxable supplies,
(ii) exempt supplies, and
(iii) exports of goods and/or service of a person having the same PAN.
The above shall be computed on all India basis and excludes taxes charged under the CGST Act, SGST Act and the IGST Act. Aggregate turnover does not include value of supplies on which tax is levied on reverse charge basis, and value of inward supplies.
4. In which cases registration is compulsory?
–As per paragraph 5 in Schedule III of MGL, the following categories of persons shall be required to be registered compulsorily irrespective of the threshold limit:
a) persons making any inter-State taxable supply;
b) casual taxable persons;
c) persons who are required to pay tax under reverse charge;
d) non-resident taxable persons;
e) persons who are required to deduct tax under section 37;
f) persons who supply goods and/or services on behalf of other registered taxable persons whether as an agent or otherwise;
g) input service distributor;
h) persons who supply goods and/or services, other than branded services, through electronic commerce operator;
i) every electronic commerce operator;
j) an aggregator who supplies services under his brand name or his trade name; and
k) such other person or class of persons as may be notified by the Central Government or a State Government on the recommendations of the Council.
5. Who all need to get migrated to GST?
–All the existing taxpayers shall now be required to get themselves migrated from the current Indirect tax regime to GST by the dates, as and when issued by the Government in this behalf. The migration process has already begun in all the states and the due dates to get the taxpayers migrated is yet to be notified by CBEC.
An existing taxpayer is an entity currently registered under any State or Central laws, like Value Added Tax Act, Central Excise Act and Service Tax Act.
Existing taxpayers include taxpayers already registered under:-
-
- Central Excise
- Service Tax
- State Sales Tax or VAT (except exclusive liquor dealers if registered under VAT)
- Entry Tax
- Luxury Tax
Entertainment Tax (except levied by the local bodies)
6. If a taxpayer has multiple businesses in one state registered using the same PAN, does he need to enroll each business separately with GST?
– As one PAN allows one GST Registration in a State, you may register one business entity first. For the remaining business within the State please get in touch with your Jurisdictional Authority.