SUB GST p6.10

GST REGISTRATION

2 May 2020

About

Every supplier shall be liable to be registered under this Act in the State or UT or any other special States, from where he makes a taxable supply of goods or services or both-

If his aggregate turnover in a financial year exceeds 40 lakh rupees and 20 lakhs for special states.

Where such a person makes taxable supplies of goods or services, he shall be liable to be registered if his aggregate turnover in a financial year exceeds ten lakh rupees.

Note:

Every person who is registered or holds a license under any existing law immediately preceding the appointed day. It shall be liable to be registered under this Act with effect from the appointed day.

Threshold limit for registration

• Registration is required to be obtained by the supplier of both goods and services

• in the State or the UT or any other special states from where he makes the taxable supply

• if his aggregate turnover in a financial year exceeds a specified threshold limit.

Registration -Advantages:

• Proper accounting of taxes paid on the ITC that can be utilized for payment of GST due to the supply of goods or services or both by the business.

• authorized to collect tax and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients.

• to enjoy various other benefits and privileges under the GST laws

Who Should Register for GST?

• Individuals registered under the Pre-GST law 

• Businesses with turnover exceed the threshold limit of Rs. 40 Lakhs

• CTP (Casual taxable person) / NR (Non-Resident) taxable person

• Agents of a supplier & ISD (Input service distributor)

• A person is paying tax under the RCM (reverse charge mechanism)

• The person who supplies through e-commerce aggregator

• Every e-commerce aggregator

Exceptions to this exemption are as follows:

• persons who are required to take registration compulsorily under section 24 of the CGST Act.

• Persons who are engaged in making supplies of ice cream and other edible ice.

• Persons engaged in making intra-State supplies. Inter-State supplies of goods are nevertheless liable to compulsory registration and are already covered in exception (a) above.

• A person who has opted for voluntary registration or such registered persons who intend to continue with their registration under the CGST Act.

Documents Required for GST Registration

• Incorporation certificate

• PAN of the Applicant

• Aadhaar card

• any Identity and Address proof of Promoters

• any address proof of the place of business

• Bank Account statement

• Letter of Authorization/Board Resolution for Authorized

Procedure for registration

Before applying for registration, every person liable to get registered and a person seeking voluntary registration shall declare his:

Step 1 – PAN number, Mobile Number and Email are validated.

Step 2 – PAN validated online by Common Portal from CBDT database

Step 3 – Mobile number and email verified through a one-time password sent to it.

Step 4 – TRN is generated.

Step 5 – Log in with TRN

Step 6 – Submit Business Information

Step 7 – Submit Promoter Information

Step 8 – Submit Authorized Signatory Information

Step 9 – Principal Place of Business