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GST REGISTRATION

The quickest and the hassle-free way of acquiring GST Registration is through StartupYo.

GST Registration has become a mandatory step for almost all businesses. However, it demands a lot of time and efforts if done individually, and hence StartupYo eases the process by helping you with GST registration.

What is GST Registration?

Goods and Services Tax (GST) is a consolidated indirect tax policy that encompasses VAT, CST, Service Tax, Central Excise duty, Entertainment Tax, etc., and is valid all over India. Businesses that have a turnover exceeding Rs. 40 lakhs (Rs 10 lakhs for NE and hill states) are required to register as a normal taxable person. In simple terms and consideration, this process of registration is called GST registration.

Overview on GST Registration

Having its roots from July 1 2017, the Goods & Services Tax (GST) applies to all Indian service providers, traders, manufacturers, and so on. The main aim behind adding the GST or the Goods and Services Tax is to ensure that the product is charged on all the 3 stages, right from raw material manufacturing to the end process of selling to the consumer. Hence, all the 3 stages that are involved in the process are being covered under GST, ensuring that everyone pays a fair share of tax irrespective of their role in the supply chain.

 

GST although an important step by the government, has become a mandatory type of tax for almost all the businesses (turnover exceeding Rs. 40 lakhs). Certain businesses that fail to acquire the GST or carries on their business operations without registering under GST are said to commit an offence and are liable to pay penalties. Hence, it is a crucial step that needs to be done by every business.

Who needs to have GST Registration?

With so many parameters it becomes difficult to understand if you fall under the businesses that needs to register for GST. In case you do come under the ambit and fail to acquire that would lend you in trouble, and in case you do not that would take away your time and efforts. Following are the type of Businesses that needs to have GST Registration.

A. Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)

B. Businesses with turnover above the threshold limit of Rs. 40 Lakhs (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)

C. Casual taxable person / Non-Resident taxable person

D. Agents of a supplier & Input service distributor

E. Those paying tax under the reverse charge mechanism

F. Person who supplies via e-commerce aggregator

G. Every e-commerce aggregator

H. Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person.

Advantages of GST Registration

We often wonder, is this another tax scheme by government to collect revenue from businesses or is it of some advantage to businesses as well? There are

various pros of having a GSTIN number for your business. The many benefits of the same are mentioned as follows.

1. Online Expansion

Every business has a dream of taking their activities online and selling their products through various channels such as E-commerce stores like Amazon, Flipkart, Shopify, and so on. To buy and sell on these platforms, you would need a GSTIN number and hence without GST you have no other alternative to sell on these platforms.

2. Competitive Market

Make no mistake, having a valid tax registration helps you to stand out from all the other competitors in the market that are not registered or do not have a turnover exceeding 40 lakhs. This gives you an edge.

3. Increase your Reach

Every business plan expansion, to reach cities and areas where there is a further scope for their business. Having a GST registration can grant you access to buy and sell all across the country.

4. Government Tenders

It is always an advantage to acquire all the government tenders. However, most of the government tenders require a business to have a GSTIN.

5. Trading with MNC’s

MNC’s always bring in huge business opportunities for all other businesses and hence it is significant for them. Most MNC’s do not deal with any business that does not have a valid tax registration proof.

Input Tax Credit

Another significant benefit of having a GST number is the advantage of Input Tax credit. Input Tax helps you to avoid paying tax multiple times when you already have while purchasing from a registered seller and when you sell your product and collect the tax from your customer. In a nutshell, with input credit, you can adjust the taxes paid at the time of purchase with the amount of tax on sales.

Documents Required for GST Registration

Apart from the usual, and individual requires various documents to have their business registered with GST. The required documents are as follows.

 

A. PAN of the Applicant

B. Aadhaar card

C. Proof of business registration or Incorporation certificate

D. Identity and Address proof of Promoters/Director with Photographs

E. Address proof of the place of business

F. Bank Account statement/Cancelled cheque

G. Digital Signature

H. Letter of Authorization/Board Resolution for Authorized Signatory

Why StartupYo?

Here are a few reasons why you should choose StartupYo for GST Registration.

A. GST Identification number and GST Registration becomes easy to acquire.

B. All the follow-ups and compliances are taken care of by StartupYo.

C. Your GST Registration would be done sooner than the usual professionals and all your returns would be filed duly. D. Avail the professional service at a very reasonable cost than other professionals.

Any person should get a GST registration within 30 days from the date on which they become liable to register under normal registration.

You can register two or more businesses under one GST registration but can’t use two trade names under it.

The GST department has issued a code for every product and service, based on the code, the rates are mentioned.

Yes, even if you don’t meet the threshold limit, you can register for GST.

Yes, it is the first requirement for GST Registration.

Yes, you are required to obtain GST registration once your turnover exceeds the specified threshold limits.

No, without a GST Registration that’s not possible and is an offence.

For businesses that exceed 40 Lakhs INR turnover, and for services it is around 20 Lakhs INR.