GST Registration
WHAT IS GST REGISTRATION?
- GST Registration is the official procedure where a business owner becomes a recognized taxpayer under the Goods and Services Tax (GST) system. Once registered, you'll be assigned a unique 15-digit GSTIN (Goods and Services Tax Identification Number) by the Central Government.
- This GSTIN is specific to your business and the state where you operate. It's essential because it allows you to do two important things:
- Claim Input Tax Credit: This means you can deduct the GST you've paid on your business expenses from the GST you collect on your sales. This helps reduce your overall tax liability.
- Collect GST from Customers: When you sell goods or services, you're required to charge and collect GST from your customers. This GST is then remitted to the government.
- In simpler terms, GST Registration is like getting your business officially recognized for tax purposes, and it comes with certain advantages like being able to offset your taxes and legally collect GST from your customers.
Why do I need to register for GST?
GST registration is mandatory for businesses with a certain turnover threshold. It is essential to comply with Indian tax laws and to legally collect and remit GST on your sales. Failure to register can result in penalties.
What is the threshold turnover for GST registration?
The threshold turnover for GST registration varies for different states in India. For most states, it's Rs. 20 lakhs (Rs. 10 lakhs for special category states). However, certain businesses must register for GST regardless of their turnover.
Can you guide me on which GST category I should register under?
Certainly. GST offers various categories like regular, composition, and others. The appropriate category depends on your business type, turnover, and activities. We will assess your business and advise you accordingly.
What documents and information do I need to provide for GST registration?
You will need documents such as PAN card, Aadhaar card, business registration proof, bank statements, and photographs, among others. We will provide you with a checklist and guide you on gathering these documents.
How long does the GST registration process take?
The processing time for GST registration can vary. It typically takes 2-6 working days, depending on the accuracy of the documents and the workload of the tax authorities.
What are the benefits of GST registration for my business?
GST registration allows you to legally collect and remit GST on your sales, claim input tax credit, and participate in the formal economy. It also helps you gain credibility in the market and expand your business.
Will I need to file GST returns regularly after registration?
Yes, GST-registered businesses need to file regular GST returns, such as GSTR-3B and GSTR-1, on a monthly or quarterly basis. We will assist you in filing these returns.
How will I know if my GST registration has been approved?
Once your GST registration is approved, you will receive a GST certificate and a GSTIN (GST Identification Number). We will notify you as soon as we receive the registration certificate.
What is the role of the GST consultant in this process?
We will assist you in every step of the GST registration process. This includes gathering documents, filing the application, liaising with tax authorities if needed, and ensuring compliance with GST laws.
DOCUMENTS REQUIRED
- Copy of PAN Card
- Copy of Aadhaar Card/ Voter identity card
- Passport size photograph
- Business Details
- Copy of Rent agreement (If rented property)
- Electricity/ Water bill (Business Place)
- Bank Statements
- Landlord NOC (Format will be provided)
- Partnership deed or incorporation certificate.