GST Registration

 Requirements, Process, & Expert Assistance  

• GST registration is a crucial step for businesses in India. If your business turnover exceeds the prescribed threshold or falls under specific categories mandated by law, obtaining GST registration is mandatory. RV Associates specializes in providing hassle-free GST registration services, ensuring compliance with all GST regulations. Get your GST registration done quickly and efficiently with expert guidance Contact our experts today to streamline your GST registration process!

Overview GST Registration online 

• Introduced on 1 July 2017, the Goods & Services Tax (GST) is mandatory for all service providers, traders, manufacturers, and freelancers in India. GST replaced multiple Central and state-level taxes, including Service Tax, Excise Duty, CST, Entertainment Tax, Luxury Tax, and VAT, creating a unified and streamlined tax system.
• GST registration charges depend on business type and turnover. Businesses with an annual turnover below ₹1.5 crore can opt for the Composition Scheme, which simplifies GST compliance and offers a lower tax rate based on turnover.
• The GST system operates across all stages of the supply chain, from raw material procurement to final sale. GST is charged at every step, ensuring transparency and uniformity. As a consumption-based tax, GST revenue is allocated to the state where the product is consumed. For instance, if a product is manufactured in West Bengal and sold in Uttar Pradesh, the GST revenue goes to Uttar Pradesh.

Get expert guidance on GST registration and compliance to ensure smooth business operations.

  Key Components of GST Registration  

The Goods and Services Tax (GST) in India is structured around three primary components:

• Central Goods and Services Tax (CGST): This tax is a tax imposed by the Central Government on the supply of goods and services within the same state. CGST is applicable to intrastate transactions, ensuring compliance with GST regulations for businesses operating within a single state. Understanding CGST is essential for smooth tax filing and adherence to GST laws. Stay compliant and manage your intrastate transactions effectively with expert assistance.
• State Goods and Services Tax (SGST): SGST is a tax levied by the State Government on the supply of goods and services within its jurisdiction. Like CGST, SGST applies exclusively to intrastate transactions, ensuring businesses comply with state-level GST regulations. Proper SGST management is crucial for seamless tax compliance and efficient business operations. Get expert advice to handle your SGST filings and stay GST-compliant..
• Integrated      Goods and Services Tax (IGST): This is a tax imposed by the Central Government on the supply of goods and services across state or      Union Territory borders. IGST applies to all interstate transactions, ensuring seamless tax collection and distribution between states and Union      Territories. Understanding IGST is vital for businesses involved in interstate trade to stay compliant and manage taxes effectively. Get professional guidance to streamline your IGST filings and ensure hassle-free interstate operations

Who is required to register for GST?

GST registration is essential for the following persons:

• Business Entities: Any enterprise with an aggregate annual turnover exceeding Rs. 40 lakhs. For special category states under GST, the threshold is Rs. 20 lakhs.
• Service Providers: Those with an aggregate annual turnover surpassing Rs. 20 lakhs. For special category states, this limit is Rs. 10 lakhs.
• Exemptions: It's important to note that entities dealing exclusively in GST-exempted goods or services are not bound by these thresholds.
• Previously Registered Entities: Entities that were registered under older tax frameworks (like Excise, VAT, Service Tax, etc.) need to migrate and      register under the GST regime.
• Inter-State Suppliers: Any entity or individual involved in the supply of goods across state boundaries.
• Casual Taxable Entities: Those who undertake taxable supply occasionally.
• Entities under Reverse Charge Mechanism: Businesses obligated to pay tax under the reverse charge.
• Input Service Distributors & Agents: Distributors of input services, including their representatives.
• E-Commerce Platforms: Operators or aggregators of e-commerce platforms
• Non-Resident Taxable Entities: Individuals or entities that are non-resident but engage in taxable supply within India.
• Supplier's Agents: Representatives who supply on behalf of a principal supplier.
• E-Commerce Suppliers: Individuals or entities that offer goods or services through an e-commerce aggregator.
• Online Service Providers: Entities delivering online information, database access, or retrieval services from outside India to an individual in India, excluding those already registered under GST.
•   A partnership deed is a crucial legal document that outlines the terms and conditions governing a partnership. It specifies important details such as the rights and duties of each partner, profit distribution, individual capital contributions, and the partnership's duration.
• Having a well-drafted partnership deed is essential to prevent misunderstandings and conflicts among partners by clearly defining roles and responsibilities. Additionally, the partnership deed serves as legal proof of the partnership's existence and can be used in court to resolve disputes.
• To ensure a smooth and transparent business relationship, creating a comprehensive partnership deed is vital for any partnership firm.

GST Registration Turnover Limit  

• GST registration is essential for businesses in India, and it can be obtained voluntarily by any individual or entity, regardless of turnover. However, GST registration becomes mandatory once the turnover exceeds the prescribed limit. With the GST apply online process, businesses can register quickly and conveniently, ensuring compliance with GST regulations. Whether you're a startup or an established business, streamline your tax obligations by applying for GST online today.
• Service Providers: GST registration is mandatory for service providers in India whose aggregate annual turnover exceeds ₹20 lakhs. However, in special category states, the turnover threshold for mandatory GST registration is reduced to ₹10 lakhs. Ensuring compliance with these limits is crucial for avoiding penalties and streamlining tax obligations. Learn how to register for GST online and stay compliant with the latest GST regulations.
• Goods Suppliers: As per Notification No. 10/2019, any individual engaged exclusively in the supply of goods must obtain GST registration if their annual aggregate turnover exceeds ₹40 lakhs. To qualify for the ₹40 lakh turnover threshold, the supplier must meet specific conditions. Ensure your business stays compliant by understanding the eligibility criteria for GST registration and applying seamlessly through the online portal.
• Should not be providing any services.
• 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, Tripur and Uttarakhand.
• 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.

Advantages of GST Registration for Businesses

Registering for GST offers a range of benefits to businesses:

• Legal Compliance: Ensures that businesses remain compliant with tax regulations, thus avoiding any potential penalties.
• Input Tax Credit: Businesses can claim credits for the GST they've paid on purchases, which can then be set off against the GST charged on sales,      leading to a reduction in tax liability.
• Inter-State Trade Ease: Encourages businesses to transact across state boundaries without facing tax-related challenges.
• Elimination of Cascading Effect: By removing the effect of tax being levied on an already taxed amount, the overall cost of products or services is reduced.
• Competitive Edge: Being GST compliant can instill trust in potential customers, opening up more business opportunities.
• Access to Larger Markets: Major corporations often prefer collaborating with GST-registered vendors.
• Optimized Cash Flow: Efficient management and lower tax liability can enhance the cash flow within a business.
• Enhanced Credit Rating: Maintaining a consistent and positive GST compliance record can boost a business's credit profile.
• Legal Safeguard: A GST registration protects businesses and ensures their rights are upheld.
• Simplified Compliance: The GST process is streamlined, enabling businesses to file returns and make payments online easily.
• Transparent Operations: Ensures businesses maintain accurate records, promoting a sense of trustworthiness and professionalism.

GST Certificate

• The GST Certificate is an official document issued by the Indian government to businesses registered under the Goods and Services Tax (GST) system. It serves as proof of GST registration and includes essential details such as the GST Identification Number (GSTIN), business name, and registered address. Having a valid GST certificate is crucial for legal compliance and smooth business operations. Learn how to obtain your GST certificate online and stay compliant with GST regulations.

Possessing an authentic GST Certificate is pivotal for enterprises because:

• Tax Collection Authority: It empowers businesses to impose and gather GST from their clientele.
• Tax Credit Claims: With this certificate, businesses can rightfully claim credits on the GST they've disbursed on their procurements and      operational costs.
• Furthermore, beyond its tax-related functions, the GST Certificate holds significance in several other domains:
• Loan Applications: When seeking financial aid or loans, businesses might be asked to present their GST certificates to validate their authenticity.
• Government Tenders: To be eligible and participate in official government tenders, the GST Certificate must often be produced as evidence of tax compliance.
• Market Reputation: The certificate enhances a business's stature in the market, reflecting its commitment to national tax regulations.

GSTIN

• The Goods and Services Tax Identification Number (GSTIN)is a unique 15-digit alphanumeric code assigned to businesses and individuals registered under India’s GST system. This number serves as a key identifier for all GST-related transactions and compliance. You can obtain your GSTIN after completing the registration process through the GST apply online portal. Ensure smooth tax filing and compliance by registering for GST and securing your GSTIN today.

Voluntary GST Registration for Businesses

• Businesses with a turnover of less than ₹20 lakhs can voluntarily apply for GST registration online. By doing so, they can unlock benefits such as claiming input tax credits, making unrestricted interstate sales, gaining eligibility to list on e-commerce platforms, and gaining a competitive edge over non-GST registered businesses. Although voluntary, GST registration enhances growth opportunities and boosts profitability potential. Apply for GST registration online today and enjoy the advantages of compliance and business expansion.

GST Registration Documents Requirements

• Below, we have given the GST registration documents to use it as a checklist 

Sole proprietor / Individual

• PAN card of the owner
• Aadhar card of the owner
• Photograph of the owner (in JPEG format, maximum size 100 KB)
• Bank account details*
• Address proof**

LLP and Partnership Firms

• PAN card of all partners (including managing partner and authorized signatory)
• Copy of partnership deed
• Photograph of all partners and authorized signatories (in JPEG format, maximum size 100 KB)
• Address proof of partners (Passport, driving license, Voters identity card,        Aadhar card etc.)
• Aadhar card of authorized signatory
• Proof of appointment of authorized signatory
• In the case of LLP, registration certificate / Board resolution of LLP
• Bank account details*
• Address proof of principal place of business

HUF

• PAN card of HUF
• PAN card and Aadhar card of Karta
• Photograph of the owner (in JPEG format, maximum size 100 KB)
• Bank account details
• Address proof of principal place of business

Company (Public and Private) (Indian and foreign)

• PAN card of the Company
• Certificate of incorporation given by Ministry of Corporate Affairs
• Memorandum of Association / Articles of Association
• PAN card and Aadhar card of authorized signatory. The authorized signatory must be an Indian, even in case of foreign companies/branch registration
• PAN card and address proof of all directors of the Company
• Photograph of all directors and authorized signatory (in JPEG format, maximum size 100 KB)
• Board resolution appointing authorized signatory / Any other proof of appointment of authorized signatory (in JPEG format / PDF format,        maximum size 100 KB)
• Bank account details
• Address proof of principal place of business

Penalty for Not Obtaining GST Registration

• For Non-Payment or Underpayments: If a taxpayer either neglects to pay the requisite tax or mistakenly underpays, an acceptable equivalent of 10% of the outstanding tax amount is levied. It's important to note that while there are no GST registration fees, penalties for non-compliance can      be significant.
• Intentional Tax Evasion: If an individual or business will fully avoids paying the due taxes, the penalty equals 100% of the evaded tax amount.

Get GST Registration Online quickly through RV Associates

• You can obtain your GST registration online through RV Associates. Enter your name, phone number and email to being the process.
• When we receive your request a GST expert will reach out to you and understands your business activity, the state where the business is operating and answer any questions that you may have.
• The GST expert will also collect and verify the GST registration documents to ensure a smooth registration process. Once the payment is initiated, we start with the GST registration online process and we upload all your application into the GST Portal.
• You obtain the GST registration within 15 to 30 working days. Everything is completely online you don't need to be physically present at the office for the same. Along with the GST registration, access is provided to LEDGERS Platform for your to do GST invoicing and GST return filing.

GST Return Filing

• GST return filing is a formal process in which a taxpayer provides the government with information regarding their sales, purchases, and taxes collected and disbursed. In India, every GST-registered taxpayer must submit these returns consistently, even if there were no sales or purchases during a particular period. While there are no GST registration fees, ensuring a compliant and accurate registration is crucial to avoid penalties.

If you need assistance, our team of experts is at your service to guide you through the GST return filing process.