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GST is the Goods and Service Tax. GST is the form of indirect tax which is imposed on the supply of goods and services. It is the biggest tax reform in India, tremendously improving ease of doing business which has increased the taxpayer base in India by bringing in millions of small businesses in India. The concept was brought in by the Govt. of India, based on “One Tax, One Nation.” It has abolished multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially.
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1.The goods and services tax (GST) is a value-added tax imposed on most goods and services that are sold for domestic purpose. The GST is paid by consumers, but it is collected by the government by the businesses, that are selling the goods and services.
2. One can claim input tax credit.
3. One has the benefits of making interstate sales without restrictions.
4. It provides Limited compliance for Composition dealers.
5. There is less scope of Tax Liability.
6. Businesses will have reduction in logistics cost and time taken across states.
7. New business which has GSTIN, have higher exemptions to new businesses.
8. GST Registration makes business more easy and reliable.
9. It increases the proximity of our tax system to the global tax system.
As per the GST Council, entities in special category states with an annual turnover of Rs.10 lakhs and above would be required to register under GST. All other entities in rest of India would be required to register for GST if annual turnover exceeds Rs.20 lakhs. There are also various other criteria’s, that could make an entity liable for obtaining GST registration – irrespective of annual sales turnover. Entities required to register for GST as per regulations must file for GST application within 30 days from the date on which the entity became liable for registration under GST regime.
Yes, a person can get registered voluntarily under GST in terms of sub-section (3) of section 25. All the provisions will apply to him as they apply to a registered person.
Yes. PAN is mandatory for normal taxpayers and casual taxable persons to be registered under GST. However, PAN is not mandatory for a non-resident taxable person for obtaining registration.
No. An entity operating in multiple states will have to get registered separately for each of the States from where taxable supply of goods or services is made.
Any existing taxpayer whose annual turnover did not cross Rs 1.5 crore threshold or Rs.75 lakhs in the preceding financial year.
ISD means Input Service Distributor. It is like a head office that receives the tax invoices of input services and then further distributes the credit of tax paid by it to its units proportionately. The ISD registration is different from the normal registration for the taxpayer.
Registration can be cancelled in 2 scenarios:
No, an unregistered person without GSTIN cannot collect GST from customers or claim input tax credit of GST paid.
Once GST certificate is granted, the registration is valid until its surrendered or cancelled or suspended. Only GST certificate issued to non-resident taxable person and casual taxable person have a validity period
There are various types of GST registration and some types of entities like casual taxable persons, non-resident taxable persons or persons supplying through e-Commerce operators are required to mandatorily obtain GST registration irrespective of turnover limit. The GST turnover limit for regular GST registration for service providers and goods supplier is provided below.
There are various types of GST registration and some types of entities like casual taxable persons, non-resident taxable persons or persons supplying through e-Commerce operators are required to mandatorily obtain GST registration irrespective of turnover limit. The GST turnover limit for regular GST registration for service providers and goods supplier is provided below.
Service Providers: Any person or entity who provides service of more than Rs.20 lakhs in aggregate turnover in a year is required to obtain GST registration. In special category states, the GST turnover limit for service providers has been fixed at Rs.10 lakhs.
Goods Suppliers: As per notification No.10/2019 any person who is engaged in the exclusive supply of goods whose aggregate turnover crosses Rs.40 lakhs in a year is required to obtain GST registration. To be eligible for the Rs.40 lakhs turnover limit, the supplier must satisfy the following conditions:
1. Should not be providing any services.
2. The supplier should not be engaged in making intra-state (supplying goods within the same state) supplies in the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura and Uttarakhand.
3. Should not be involved in the supply of ice cream, pan masala or tobacco.
If the above conditions are not met, the supplier of goods would be required to obtain GST registration when the turnover crosses Rs.20 lakhs and Rs.10 lakhs in special category states.
Special Category States: Under GST, the following are listed as special category states - Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand.
Aggregate Turnover: Aggregate turnover = (Taxable supplies + Exempt Supplies + Exports + Inter-State Supplies) – (Taxes + Value of Inward Supplies + Value of Supplies Taxable under Reverse Charge + Value of Non-Taxable Supplies).
Aggregate turnover is calculated based on the PAN. Hence, even if one person has multiple places of business, it must be summed to arrive at the aggregate turnover.
An entity will have a single registration in each state for each PAN. Therefore, it can list only one place as its principal place of business and show all the other branches as additional places of business in that state. However, an entity can obtain separate registrations if in case it has separate business verticals within the state.
GST registration is required when a business's aggregate turnover exceeds the specified threshold limit, which varies by country. It's essential to register for GST when the turnover crosses this threshold to ensure compliance with tax regulations and avail the benefits associated with GST.
The time it takes for GST registration can vary but typically takes around 2 to 6 working days, provided that all required documents and information are correctly submitted and there are no additional queries or issues from the tax authorities.
