• GST registration refers to the process through which a taxpayer registers for GST. When a business is correctly registered, it is assigned a one-of-a-kind registration number known as the Goods and Services Tax Identification Number (GSTIN). When taxpayers register, the federal government assigns them a 15-digit number.

• GST registration is the procedure through which a taxpayer registers for GST. When a company is properly registered, it is given a unique registration number known as the Goods and Services Tax Identification Number (GSTIN). This is a 15-digit number issued by the federal government to taxpayers when they register.

• There are no fees associated with completing the GST registration procedure. If a firm fails to finish the registration procedure, a fee of 10% of the total amount owed, or Rs.10,000, would be charged. In the instance of tax evasion, the penalty will be 100 percent of the amount owed. GST registration is required for firms with annual revenue of Rs.20 lakh or higher. If the supply is made in more than one state, GST registration must be completed in each state.

• All enterprises that offer goods and have a revenue of more than INR 40 lakh in a fiscal year must register as regular taxable persons. However, if you own a firm in the northeastern states of J&K, Himachal Pradesh, or Uttarakhand, the threshold limit is INR 10 lakh.

• For service providers, the turnover ceiling is INR 20 lakh, and in special category states, INR 10 lakh. Please keep in mind that if you operate from more than one state, you must obtain separate registration for each state.

Input Tax Credit

Once the output taxes are paid, the producers and service providers will deduct the amount paid from the tax they have already paid on their products. Manufacturers’ or service providers’ total tax burden is anticipated to reduce. As a result, cheaper prices encourage higher consumption.

Removes the consequences of the cascading tax

GST is systematic and designed to eliminate the cascading tax, which refers to a tax plan in which the tax burden is passed through at every point of sale. As a result, the product’s or service’s value has increased. The tax has a direct influence on the cost of products and services, which avoids the cascading effect. The expense of a tax is passed on to the consumer, which benefits the industry by improving cash flows and working capital management.

Tax evasion

The input credit only applies to the receiver, i.e. producers or service providers, if the details are provided by the supplier in a return. This benefits the supplier of goods and services and helps to keep tax evasion under control.

Fewer Compliances

Previously, each tax levy had its own returns and enforcement. For example, monthly returns were filed, service taxes were paid on a monthly basis, and VAT varied by area. However, after the implementation of GST, there has been a decrease in compliance. There is only one return that must be filed.

E-commerce operators have a defined treatment

Prior to the implementation of GST, the e-commerce sector did not characterise the supply of commodities. Some governments classified these as facilitators or middlemen and barred them from filing for VAT. Under GST, all uneven treatment has been eliminated.

Ordinary Taxpayers

The majority of firms in India fall into this group. Businesses that generate more than Rs 40 lakh in income in a fiscal year are required to register as regular taxable individuals. However, if you own a firm in the northeastern states of J&K, Himachal Pradesh, or Uttarakhand, the threshold limit is Rs 10 lakh.

Casual taxpayers

For this category, occasional or seasonal enterprises must register under GST. Businesses must submit a deposit equivalent to their GST liability from sporadic activities. The registration period is three months. Businesses, on the other hand, can apply for renewals and extensions.

Non-resident taxpayers

Individuals who live outside India but occasionally offer products or services to Indian citizens as agents, principals, or in other roles are required to register under this category. During the GST active duration, the company owner must make a deposit equivalent to the projected GST liability. The typical term is three months. Individuals can, however, extend or renew their registration if necessary.

Registration of compositions

Businesses having a yearly revenue of up to Rs 1 crore are eligible for composition scheme registration. Under this model, businesses must pay a preset amount of GST regardless of their actual revenue.

Documents required for Sole Proprietorship / Individual

• PAN card

• Aadhaar card

• Photo of the sole proprietor in passport size.

• Registration office Address evidence: Self-owned property – Electricity bill, landline bill, water bill, municipal khata copy, property tax receipt.

• Rented property – Rent agreement and No objection certificate (NOC) from the owner of the rented property.

• Bank account information

• a copy of the voided check, the front page of the passbook or a bank statement

Documents required for the Partnership deed or Limited Liability Partnership Agreement Records of Partners:

• PAN Card, Passport-sized photograph, and Address Proof for Partners; Partnership Deed; Firm PAN Card;

• Additional paperwork in the event of an LLP

• Copy of Board Resolution and LLC Registration Certificate

• Evidence of authorization of signatory (Digital Signature Certificate of any one of the designated partner)

Documents needed for a Private Limited / Public Company / One Person Company (Indian or Foreign)

• PAN Card of the firm

• Certificate of Incorporation issued by MCA Memorandum of Association (MOA) /Articles of Association (AOA)

• The PAN card, passport-sized photo, and Aadhaar card of each Director, as well as the PAN card and Aadhaar card of the authorised signatory.

• Board Resolution or other evidence of appointing a signatory is required.

• Registered Office Address evidence: –Self-owned property – Electricity bill, landline bill, water bill, municipal khata copy, property tax receipt.

• Rented property – Rent agreement and No objection certificate (NOC) from the owner of the rented property.

• Bank account information – a copy of the voided check, the front page of the passbook or a bank statement