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What is GST ?

Goods and Services Tax is a destination-based tax and is a single tax that subsumes previously existing taxes such as Central Excise, VAT, Entry Tax, Octroi, Service Tax, etc. GST replaces all the indirect taxes levied on goods and services by States and the Central government.

 

Eligibility for GST Registration:

Every supplier who is providing a taxable supply of goods or services or both shall register in each State/Union Territory wherever he provides taxable supply if his aggregate turnover exceeds 40 lac (20 lac for northeastern states) in a financial year.

Aggregate turnover means all nonexempt supplies (excluding the value of inward supplies liable to tax on reverse charge basis), exempt supplies, exports of goods and services or both and inter-state supplies of persons having the same PAN to be computed on all India basis.

THE BUSINESSES TO BE MANDATORILY REGISTERED UNDER GST:

  • Every business previously registered under any of the Act like VAT, Excise, Service Tax get it mandatorily Migrate into GST.
  • Casual Trader.
  • Agents of a supplier.
  • NRI taxable person.
  • Input Service Distributor.
  • E-commerce operator or aggregator.
  • Businesses paying tax under the Reverse Charge Mechanism.

STEP BY STEP PROCESS FOR GST REGISTRATION :

  1. The applicant needs to submit his PAN, Mobile number and E-mail address in Part A of Form GST REG-01 on GSTN Portal.

  2. The PAN is then verified on the GSTN Portal while the Mobile number and the E-mail address are verified through an OTP (One-time-password). An acknowledgment will be issued to the applicant in Form GST REG-02.

  3. The Applicant then needs to fill the Part B of Form GST REG-01 and specify the application reference number. The form can be submitted after attaching the required documents. The authentication would be done by signature through DSC or E-Signature.

  4. If any additional information is required, Form GST REG-03 will be issued. The Applicant needs to respond in Form GST REG-04 with the required information within 7 working days from the date of the receipt of Form GST REG-03.

  5. If an applicant has provided all the required information via Form GST REG-01 or Form GST REG-04, the registration certificate in Form GST REG-06 for the principal place of the business as well as for every additional place of business will be issued. If, however, the details submitted are not satisfactorily, the registration application will be rejected using Form GST REG-05.

The Below diagrammatical Presentation would help you to understand the GST registration process in the easiest way :

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