GST registration means to get your business registered under GST. It is mandatory in certain situations. The most common situation is turnover threshold limit i.e. if business’s aggregate turnover is more than INR 40 lakhs (for goods) and more than INR 20 lakhs (for services) then the business is mandatorily required to get itself registered under GST.
There are other criteria under which a dealer must registered under GST, which include:
For the purpose of calculating turnover for GST registration threshold following shall be included:
GST law mentions the term aggregate turnover, which means turnover (value of goods or services sold) of all businesses under one Permanent Account Number (PAN) aggregated together. Turnover includes:
Annual aggregate turnover under GST will not include:
Following are the 8 different types of GST registrations:
1. Regular GST registration
2. Registration in Composition Scheme
3. Casual Taxable Person Registration
4. Registration as Non-Resident Taxable Person
5. Input Service Distributor (ISD) Registration
6. Registration as Tax deductor (in case of TDS) and Tax collector (in case of TCS)
7. E-commerce operator
8. URD (Un-Registered Dealer) Composition scheme
Eliminates cascading effect:
GST helps in eliminating cascading effect from taxation. Cascading effect means to impose tax on same product at multiple stages with giving credit of tax paid in earlier stage.
• Composition scheme for small businesses:
(with annual turnover up to 1.5 crore), wherein fixed & lower GST rate is applicable.
• Seamless interstate transactions without tax obstacles.
• Access to bigger market as big companies prefer GST registered vendors
• Compliance burden increases, if compared with non-GST registered dealer
• Increased cost on IT infrastructure and training
• Additional tax liability may impact price of goods/services for customers, which may effect competitiveness of the business.
Following are the main features of GST registration in Noida:
Convenience – GST registration in Noida is completely an online process, the application process can be done anytime from anywhere
State wise registration – Businesses with presence in multiple state need to take registration for each such state. Say if a business is present in Delhi, Gurgaon and Noida, registration is required for all three states i.e. Delhi, Haryana and Uttar Pradesh respectively.
Requirement of PAN card – PAN card is necessary for GST registration in Noida
Paperless processing – As mentioned earlier GST registration in Noida is a completely online process and therefore any documents that are required to be submitted to GST department in soft copy format, online.
There are many benefits that GST registration brings, some key benefits are:
In general, a business is required to register within 30 days from the date when its liability to register. However, in case of Casual Taxpayers or Non-resident taxable person, 5 days prior to the commencement of the business.
Yes, it is required to upload the photograph of applicant and the photographs of all partners/promoters/directors/Kartas/authorised signatories. The photographs shall be in JPEG format with file size not exceeding 100 KB.
Following documents are required for GST registration:
Note: Mobile number given should be updated with the Aadhaar authorities.
Since there are more than 17000 codes, it may be difficult to find the exact code on your own. Please contact a tax professional or your jurisdictional officer. In case you provide only single service you can refer CBEC website to choose appropriate SAC.
