What is GST Registration?

Taxable Person under GST:

A taxable person under the Goods and Services Tax (GST) is an individual, business, or entity that is involved in the supply of goods or services and is required to be registered for GST as per the provisions of the GST Act.

GST Registration Turnover Limit:

As of my last knowledge update in January 2022, the GST registration turnover limit for businesses engaged in the supply of goods is INR 40 lakhs for normal category states and INR 20 lakhs for special category states. For service providers, the limit is INR 20 lakhs across all states. However, these limits may be subject to change, and it’s advisable to check the latest threshold limits.

Types of GST Registration:

1. Regular Registration: Applicable for businesses exceeding the turnover threshold.
2. Composition Scheme: For small businesses with a turnover up to a specified limit, offering a simplified tax payment scheme.
3. Casual Taxable Person: For those occasionally making taxable supplies but don’t have a fixed place of business.
4. Non-Resident Taxable Person: For non-residents making taxable supplies.

What is GSTIN?

GSTIN (Goods and Services Tax Identification Number) is a unique 15-digit alphanumeric identification number assigned to every registered person under GST. It is used for identification, filing returns, and compliance with tax authorities.

Download GST Registration Certificate:

Once the GST registration process is complete, businesses can download the GST registration certificate from the GST portal. The certificate includes details such as the GSTIN, legal name, trade name, and date of registration.

Register for GST through Indiabizguru:

Indiabizguru is a business consultancy service that offers assistance with GST registration. Businesses can engage their services to navigate the complexities of the registration process, ensuring accurate and timely filing. For specific details on registering for GST through Indiabizguru, it’s recommended to contact them directly.

Voluntary GST Registration:

Even if a business doesn’t meet the mandatory turnover threshold, it can opt for voluntary GST registration. Voluntary registration allows businesses to avail of the benefits of input tax credit and participate in the formal economy.

Penalty for NOT Obtaining GST Registration:

Failure to obtain GST registration when required can lead to penalties. The penalty for not registering under GST can be a percentage of the tax due, subject to a minimum amount.

Documents Required for GST Registration:

1. PAN Card: Personal PAN for the applicant.
2. Aadhaar Card: Aadhaar card of the applicant.
3. Business Address Proof: Utility bills, rent agreement, or ownership documents.
4. Bank Details: Bank account statement or canceled cheque.
5. Authorization Letter: If the application is submitted by an authorized signatory.

Benefits of GST Registration:

1. Input Tax Credit: Registered businesses can claim credit for GST paid on inputs and services.
2. Legal Recognition: GST registration provides legal recognition to the business.
3. Interstate Sales: Enables businesses to make interstate sales without restrictions.
4. Access to Online Compliance: Facilitates easy filing of returns and compliance through online portals.
5. Business Image: Enhances the credibility and image of the business in the eyes of suppliers and customers.