GST Registration

Introduction

Goods and Services Tax (GST) has transformed the way taxes are set in India in a sense that it offered regularity, transparency, and comfort of business. It was introduced in July 2017, and instead of the confusing networks of indirect taxes, namely VAT, service tax, excise duty, a single unified tax, GST is now being charged. GST registration and timely annual filing is not considered only a needed compliance of every business operating in India but is also necessary to ensure the credibility of the business and to avoid fines. Regardless of the type of your business, start-up, SME or a large company, GST compliance is an essential component of your financial organization.

What is the GST Registration?

GST Registration is a procedure through which a company can be registered on the A list of Goods and Services Tax. When registered, the taxpayer is given a special Goods and Services Tax Identification Number (GSTIN). This 15-digit number is given by the Central Government and the business is required to have this number when they cross the given turnover limit.

By registering under GST, an organization has the opportunity to levy tax on the customer and claim credit of the taxes paid on goods or services being offered.

Why is GST Registration & Filing Required?

Legal Obligations:

• GST should not be registered and failure to do this when necessary could lead to punitive actions.
• In order to put off interest charges and late penalty, timely GST returns will need to be filed (monthly/quarterly/annual).
• Customers will be required to pay Tax because of the Legal Authority to Accrue Tax.

Benefits:

• Input Tax Credit eligibility and decreasing tax liability in general
• Liberty to engage in Interstate Sales without limits
• Improves Business Credibility and gains trusts amongst clients
• Compulsory complete provisions of E-commerce, Import and Export business.

Eligibility Criteria

• Organization and individuals shall fall in the requirement to register for GST in case of:
• Goods turnover is above 40lakhs (20lakhs in NE and the hill states).
• Service providers who have a turnover exceeding 20 lakh/ 10 lakh (10 lakh N.E and hill states).
• Taxpayers that are involved in interstate making of taxable supply
• Agents, aggregators and operators of e-commerce
• Non-resident taxable persons
• The individuals under GST who will be required to deduct TDS / TCS

Documents Required

For Proprietorship:

• PAN Card, and Aadhaar Card
• Passport-size photograph
• Rent agreement or utility bill (proof of address in the business)
• The account information of the bank (cancelled cheque or passbook)

For Partnership/LLP:

• The firm has PAN Card.
• Partnership deed
• All partners should provide photographs and ID proof
• Copies of business location prove
• Account details

For Companies:

• The company has PAN Card
• Certificate of incorporation
• Memorandum/ articles of association (MOA/AOA)
• Board res. allowing signatory
• Director identification proofs
• Business and bank information

Step-by-Step Process

• Step 1: Consultation – Be knowledgeable of your structure of business and the qualification to GST registration.
• Step 2: Document Collection – Prepare and check the documents required.
• Step 3: Application to Online GST Portal – Log on to the GST portal and fill and submit the registration application.
• Step 4: ARN Generation – After successful submission, get Application Reference Number (ARN).
• Step 5: Approval and Verification – The application and related papers are checked by authorities.
• Step 6: Allotment of GSTIN – GSTIN and GST registration certificate to be received on approval.
• Step 7: Continued Compliance – Assure returns on a monthly/quarterly and annual basis.

Timeline

• GST Registration: It would normally require 5-10 working days
• Return Filing: Monthly (GSTR-1 and GSTR-3B), Quarterly (in case of QRMP eligible) and Yearly (GSTR-9 (or) GSTR-9C)

Fees and costs

Government Fees:

• There are no government charges when it comes to registering GST.
• Delayed filing of return invites late charges of between 50 to 200 rupees a day and interest of 18 percent on the payment.

Professional Fees:

• Differs in accordance with services used (registration, monthly filings, annual filings, etc.)
• Packages range between 1000 /- a month onwards as per turnover and complexity

Non Compliance Penalties

• Fine on failure to register: 10 000 or tax evaded (whichever is greater)
• Penalty of late filing of returns: 50 rupees per day per return, 20 rupees per day in case of NIL return
• Error in reporting invoices, ITC mismatch and wrong non-filing of returns can result in audits and litigation
• Cancellation of GSTIN in extreme non-compliance’s

Why choose us?

• Indeed, we at Certilize excel in offering an end-to-end GST compliance service to a business across size:
• Qualified and experienced people who have detailed knowledge of GST laws
• Uncomplicated Documentation & Filing
• Due dates Compliance & Alerts
• Low Packages according to your business requirements
• 24×7 Support call, email and chat
• Personalized Services to Startups, SMEs and Corporations
• Client representation in front of GST Authorities in case of notifications or objections