GST Registration Online

GST registration is mandatory for businesses and registered companies under central excise, service tax or VAT must register under GST using a new GST registration process. From July 1, 2017, the Goods & Services Tax (GST) applies to all Indian service providers (including freelancers), traders, and manufacturers. 

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What is GST Registration?

Businesses that turnover exceeds Rs. 40 lakhs* must have GST registration. The online process has made GST registration easy and needs no manual intervention. GST is applicable at each step of the supply chain and has multiple benefits. 

Additionally, businesses having a turnover of less than Rs.1.5 crore can opt composition scheme to get rid of tedious GST formalities and pay GST at a fixed rate of turnover.

The Goods and Services Tax cab be different for both state and central government. The businesses need to register for a GST number for every state in which they are registered.

What Are The Components of GST?

GST has three components these are:

  • Central Goods and Services Tax (CGST):- The tax is imposed on Intra State supplies of both goods and services by the Central Government.
  • State Goods and Services Tax (SGST):- The tax is imposed on Intra State supplies of goods and services by the State Government.
  • Integrated Goods and Services Tax (IGST):- The tax imposed on all Inter-State supplies of goods and services.

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What is The Input Tax Credit?

An input tax credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs. Let's say - you are a manufacturer and the tax you pay on the final product is Rs. 600 and on input, the tax is Rs. 400, in that case, you can claim input credit of Rs. 400 and you only need to deposit Rs. 200 in taxes.

Who Should Register for GST?

Following are the entities that should register for GST, apart from businesses whose turnover exceeds Rs. 40 Lakhs.

  • Any individual who has registered under the Pre-GST law of Exercise, VAT or Service Tax.
  • Any business that is paying taxes under the reverse charge mechanism. 
  • Any person selling digital information to anyone who is not paying taxes.
  • Any person selling online courses.
  • Individuals who are supplying inputs through e-commerce aggregators.
  • Every business or corporation that is involved in buying and selling should have GST registration.

What Are The GST Tax Rates?

  • Items that are considered basic necessities come under the exempt list i.e. they are not taxed.
  • Household necessities and life-saving drugs etc. are taxed at 5%.
  • Products like computers and processed food are taxed at 12%.
  • Hair oil, toothpaste, and soaps, capital goods, industrial intermediaries, and services are taxed at 18%.
  • Luxury items are taxed at 28%.

For more information about GST tax rates visit: https://cbec-gst.gov.in/gst-goods-services-rates.html

What is A GST Return?

A GST return is a document that has all details of income that must be filled according to the law with the tax authorities. Under the GST law, a taxpayer has to submit two returns online on a monthly basis and one such return annually. A registered dealer would file GST returns including purchases, sales, output GST (on sales), and input tax credit (GST paid on purchases).

What is GSTIN?

GSTIN is a unique identification number assigned to each GST taxpayer. To verify a GSTIN number a person who has a GST number can log onto the GST portal.

How to Apply for GST Registration Process in India

Here is the step-by-step on how to register for GST:

Step 1: Visit the GST portal online at (https://www.gst.gov.in/).