What is GST Registration? Why Should Register for GST?

What is GST Registration?

As per government instructions, it is required to register as a normal taxable person if the business turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states). Hence, GST registration is the process under which a business is registered in a tax filing. It is mandatory for some businesses to register under GST. It will be indignation under GST and heavy penalties will apply if the organization carries on business without registering under GST. It takes 2-6 working days to register yourself under GST or you can take help from the enterprise who provides the service for this.

Who Should Register for GST?

a. People registered under the Pre-GST law (i.e., Excise, VAT, Service Tax, etc.)

b. A person who supplies via e-commerce aggregator

c. A person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a certified taxable person

d. Every e-commerce aggregator

e. A person who are required to deduct TDS under GST

f. Representatives of a supplier & Input service dispenser

g. Those paying tax under the reverse charge mechanism

h. Enterprises with turnover above the threshold limit of Rs. 40 Lakhs*, however Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh, and Uttarakhand.

i. Casual taxable person / Non-Resident taxable person

What is GST Registration Process?

A well-established firm can help you in registering your business GST and obtain your GSTIN. Based on your applicability and compliances under GST, GST experts will list your business under GST.

List of documents Required for GST Registration:

a. PAN of the Applicant

b. Aadhaar card

c. Address proof of the place of business

d. Proof of business registration or Incorporation certificate

e. Bank Account statement/Cancelled cheque

f. Identity and Address proof of Promoters/Director with Photographs

g. Digital Signature of Authorization/Board Resolution for Authorized Signatory

What is the Penalty for not registering under GST?

An offender not paying tax or making tiny payments (genuine errors) has to pay a penalty of 10% of the tax amount due text to a minimum of Rs.10,000. The penalty will at 100% of the tax amount due when the offender has intentionally dodged paying taxes. If a person who is obliged to register under the GST does not register himself, then he is accountable for a penalty, he/she has to face the following consequences:

1) Rs. 10,000

2) Amount of tax evaded

Meet the best GST Consultants for your GST registration on Grotal.