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GST REGISTRATION
What is GST
GST is an acronym which is used for Goods and Services Tax. GST is a single form of tax which has clubbed several other duties and taxes like central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi. That being said, in GST Regime goods and services are all now taxed under a single law being GST Laws. GST registration will enable you to collect GST rates from all of your customers. GST registration not only let's you pay taxes but at this time of fraudulent era, it also plays a role in your identity as a registered supplier. This has made the business registration process quite easy by just registering for a single tax i.e. GST. If your business is not GST registered, based on your business standards heavy fines and penalties would be imposed on you.
Who should register for GST?
All people or companies that were registered under the pre-GST laws are liable for getting GST registration. Moreover, if a business is involved in buying/selling of goods and-or providing services for the same, they should register for GST through GST Portal. Since there is a certain limit on the turnover of a Business after which you are liable to apply for GST no. Hence, every business is not required to have a GST registration no.
The threshold/limit for a business dealing in goods to apply for GST is 40 lakhs in a financial year, whereas if aggregate turnover of a business that provides services in a financial year is 20 lakhs or more it is liable to apply for GST Registration. However, in North-Eastern States the limit is 20 lakhs for a good based business and 10 lakhs for a service based business.
If you have vast business and have multiple outlets/offices, it is not necessary to get a GST registration no for each of them, you can simply register your one outlet/office as your main branch and the rest of them as the additional one's. Then you can register GST under your main branch and use the same GST number for different outlets/offices.
If you don't have a permanent outlet or office and you provide your services or goods based on certain events, then you are liable to register for GST based on your estimated turnover in 90 days and you can have your own GST number so you can get GST from your customer. Any individual can also apply for GST registration voluntarily and can get a GST no, even if they don't fall under the conditions to register for GST. It is also known as Voluntary GST registration.
What is GSTIN
GSTIN stands for Goods and Services Taxpayer Identification Number (GSTIN).
GSTIN is a PAN based 15 digit number which is duly assigned to taxpayers who are registered under GST.
Advantages
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One of the benefits of GST is the elimination of multiple indirect taxes that existed earlier. So many taxes have been replaced. Taxes like excise, octroi, sales tax, Service tax, turnover tax etc are not applicable anymore and all those have come under a common tax called GST.
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GST applicability has resulted in the elimination of double charging in the system for the common man. Through this, the price of goods and services has reduced and hence helping the common man save more money.
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GST brought the concept of “One Nation One Tax”. That unhealthy competition that existed earlier among the states has benefited businesses wishing to do interstate business.
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From manufacturing to consumption, GST is applicable at all stages. It provides tax credit benefits at every stage of the chain. In the earlier scenario, at every stage, the margin used to get added and tax was paid on the whole amount. Under GST, businesses are taking benefit of Input Tax Credit and taxes are being paid on the amount of value addition only. GST has reduced the cascading effect of tax thereby reducing the cost of the product.
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Because GST has reduced the cost of products, the demand, for some – if not all, products has increased. With the increase in demand, to meet the increase in supply, the employment graph has started going up.
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The higher the demand, higher will be the production. This results in a higher Gross Domestic Product (GDP).
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The goods and services tax is a single tax that includes various earlier taxes and has made the system more efficient with fewer chances of corruption and Tax Evasion.
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Manufacturing has become more competitive with GST eliminating the cascading effect of the tax, inter-state tax, high logistics costs. Bringing competitiveness such as GST will address the cascading effect of tax, inter-state tax and high log benefits to the businessman and consumer.
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Under the GST regime, 17 indirect taxes have been replaced into a single tax. The increase in product demand means higher tax revenue for state and central government.
Disadvantages
It is mandatory for all businesses and personnel who are under the purview, to file GST. If anyone fails to do so, then there is a provision of penalty by "jail term" for tax offenders who are found to be committing fraud.
GST Returns should be filed by the 20th of the following month. There are strict laws under the GST Act for non-compliance.
Any offender not paying his due tax or making short payments (genuine errors) is liable to pay a penalty of 10% of the tax amount. This amount cannot be less than Rs 10,000.
The offender will be charged with a fine of Rs. 25,000 for incorrect invoicing.
FAQs Section
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GST is an indirect form of tax in India. As per GST laws, it's mandatory to apply for GST registration when your business will fall under certain criteria.
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The process of GST registration takes around 1-2 weeks.
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Tobacco & tobacco products will subject to GST.
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GST is an acronym used for Goods and Service Tax. GST is the tax which is levied on Good and services. This tax which will be levied is for all stages from manufacturing till consumption.
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GST is categorized into three different types which are CGST, SGST, and IGST.
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Central government levy and administers CGST & IGST while the state governments will levy and administers SGST.
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The State and Central Government levy rates of CGST and SGST.
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