GST Registration

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GST Registration

The GST is the largest tax amendment in India, extremely upgrading ease of doing business and raising the taxpayer base in India by bringing in millions of small businesses in India. By eliminating and including multiple taxes into a single system, tax complexities would be decreased while the tax base is enhanced significantly. Under the new GST scheme, all agencies concerned in buying or selling goods or offering services or both are needed to register for GST. Agencies without GST registration would not be permitted to gather GST from a customer or demand an input tax credit of GST paid and/or could be fined. Moreover, registration under GST is compulsory once an entity exceeds the minimum threshold turnover to start a new business that is anticipated to cross the specified turnover.
Voluntary GST Registration
Any person or agency regardless of business turnover can achieve GST registration at any time. Thus, GST registration is achieved by many businesses regardless of not achieving the total turnover limit. Some of the main reasons for achieving voluntary GST registration are:-
• To enhance the business reliability.
• To fulfil the demands of B2B customers.
• To demand input tax credit benefits.
GST Registration Responsibilities
Entities registered under GST have several liabilities and compliance needs from time to time. Failure to fulfil with the GST norms or compliance needs can lead to penalties and cancellation of GST registration by the authorities. Some of the prime responsibilities of a person registered under GST are as follows:-
• Collecting and relenting GST amount from customers.
• Issuing proper GST receipt as per the GST norms.
• Filing GST returns when due based on turnover - even if there is no turnover or business activity.
• Tabling annual GST return.
• Keeping all records relating to GST for a period of 8 years.

Documents Required for GST Registration

Frequently Asked Questions (FAQs)

Ans:-Any individual with a taxable supply turnover of over Rs.25 lakhs is needed to register for GST in India.

Ans:-The goods and service tax you pay for input goods/services can be used as an Input Tax Credit (ITC) against output tax debts.

Ans:-Reverse charge insinuates to resolve government liability is on the beneficiary of supply of goods and services instead of the supplier of such products or administrations concerned to informed classifications of supply.

Ans:-Any individual who desires to register for GST should take an online GST registration certificate in India, within thirty days from the date on which he becomes responsible for registration, in such manner as may be specified.