GST Registration |
What if not registered |
Benefits |
Documents required |
After Registration Composition |
After Registration Normal |
Updates |
Benefits
Even though the businesses which are not liable to be registered under GST, take voluntary registration under GST due to the following factors keeping in mind.
Legal recognition of business on GST portal with the branding of GSTN and compliance
Banks generally ask for GSTN while opening a current account
Various companies engaged in processing of loans and assistance fetch your data directly from the GST portal
To attract a registered buyer who wants to buy from Registered businesses only to avail the benefit of ITC
GST Registration
All business which are required to be registered under GST must get themselves register within 30 days of commencement of business.
If the aggregate turnover of a business exceeds the below-mentioned limits, then the business must be compulsorily registered under GST
1. For Service Providers who belongs to
a. Normal states of India = Rs 20 Lakhs
b. Special states of India = Rs 10 Lakhs
2. For Supplier of Goods who belongs to
a. Normal states of India = 40 Lakhs
b. Special states of India = 20 Lakhs
3. Exceptions of above
a. Kerala & Telangana For Goods & Services Both = 20 lakhs
b. J&K and Assam for Goods = 40 Lakhs, For service = 20 Lakhs
Meaning under GST
i. Special States: Arunachal Pradesh, Assam, Jammu & Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh, Uttarakhand
ii. Normal States : All states other than Special Category States
However, certain category of business are required to compulsorily get registered under GST irrespective of their states or turnover
1. Inter state suppliers
2. Casual Taxable persons
3. Persons taxable under the reverse charge basis
4. Non-resident taxable persons
5. Persons required to deduct TDS under GST
6. Persons required to deduct TCS under GST
7. Input Service Distributors
8. Persons making a sale on behalf of someone else whether as an Agent or Principal.
9. Every E-commerce Operator who provides a platform to suppliers to make supply through it.
10. Suppliers who supply goods through E-commerce operator who is liable to collect tax at source.
11. Online Service Providers providing service from outside India to a non-registered person in India.
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