Registration under the Goods and Services Tax (GST) law is mandatory for businesses that meet certain criteria. GST registration is required for businesses that have an annual turnover of more than Rs. 20 lakhs (for most states) or Rs. 10 lakhs (for northeastern and hilly states) and for certain categories of businesses that are required to register regardless of their turnover.
The following categories of businesses are required to register under GST, regardless of their annual turnover:
1. Businesses involved in inter-state supplies.
2. Casual taxable persons and non-resident taxable persons.
3. E-commerce operators.
4. Businesses that supply goods or services on behalf of other taxable persons.
5. Businesses that are required to deduct tax at source.
6. Input service distributors.
7. Businesses that make taxable supplies of goods or services on behalf of other taxable persons through an agent or any other means.
8. Businesses that supply goods or services through e-commerce platforms.
9. Any person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person.
The registration process involves submitting an online application on the GST portal along with the required documents. Once the application is processed, a unique Goods and Services Tax Identification Number (GSTIN) is allotted to the applicant.
It is important for businesses to register under GST to avoid penalties for non-compliance with the GST law. Registered businesses are required to file GST returns on a regular basis and pay the applicable taxes.
Here are some FAQs related to registration under the Goods and Services Tax (GST) law:
The threshold limit for GST registration is Rs. 20 lakhs (for most states) or Rs. 10 lakhs (for northeastern and hilly states). However, certain categories of businesses are required to register under GST regardless of their turnover.
GST registration is mandatory for businesses with an annual turnover exceeding the threshold limit, as well as for certain categories of businesses that are required to register regardless of their turnover.
The documents required for GST registration may vary depending on the type of business. However, some common documents required include PAN card, proof of address, bank account details, and photographs of the proprietor/partners/directors.
GST registration can be done online through the GST portal (www.gst.gov.in). The applicant is required to submit the application along with the required documents.
The Goods and Services Tax Identification Number (GSTIN) is a unique identification number allotted to businesses that are registered under GST. It is a 15-digit alphanumeric code that is based on the state code and PAN number of the applicant.
Yes, a business can have multiple GST registrations if it operates in multiple states or has multiple business verticals within the same state.
Businesses that are required to register under GST but fail to do so can be penalized up to 10% of the tax amount or a minimum of Rs. 10,000, whichever is higher.
No, GST registration is not transferable. If the ownership or the structure of the business changes, the registration must be cancelled and a new registration must be obtained in the name of the new entity
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