WHAT IS GST REGISTRATION
GST is a form of indirect-value addition-destination based tax which is levied on manufacturing, sale & consumption of goods & services. Under GST registration online only the value addition will be taxed and the burden of tax will be borne by the final consumer.
WHO IS REQUIRED TO GO FOR NEW GST REGISTRATION?
Turnover exceeding INR 40 lacs & INR 20 lacs (special states)
Businesses which were registered under Excise, VAT, Service tax.
Those paying tax under Reverse Charge Mechanism.
E-commerce supplier.
Agent of a supplier or an input service provider.
IMPORTANT CONCEPT IN GST REGISTRATION ONLINE:
Reverse charge mechanism: Under Reverse charge the liability to pay tax is on the recipient individual in the supply of goods instead of the supplier of goods in respect of certain notified categories of supply of goods.
Input tax credit: ITC is available to an individual only when they are covered under the GST act which means if you are a manufacturer, supplier, trader, e-commerce operator etc. registered under GST can claim an Input tax credit under GST against their purchases in future.
Composition scheme: It is a simple & easy scheme under GST where small & medium taxpayers can get away with the tedious procedure of GST formalities and pay GST at the predetermined time & at a fixed tax rate.
E-way bill: E-way bill is an electronic document which is generated from the GST portal evidencing that the consignment of goods has value of more than INR 50,000. It is compulsory for the operator to carry the bill if the value of the goods in the consignment is more than INR 50,000.
GSTIN:GST Identification Number is a unique GST registration number issued to every taxpayer. GSTIN is a state wise PAN based identification number using which any taxpayer could file their GST periodically without facing any issue. Obtaining GSTIN is free of cost.
DOCUMENTS REQUIRED FOR GST REGISTRATION
PAN card
Aadhaar Card
Photograph
Electricity bill of the premises
Letter of Authorisation for signatory
Bank statement/ Cancelled Cheque
WHAT IS THE PENALTY OF NOT PAYING GST?
According to the GST registration in India & regulations, 2017; there is a late fee charged for delay in filing GST return.
For all GST return (Except annual return filing i.e. GSTR-9)
CGST: INR 100 per day
SGST/IGST: INR 100 per day