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An Overview of filing GST Registration
The Goods and Services Tax (GST) is a tax on goods and services consumed in India. GST is an indirect tax that has replaced many other indirect taxes in India, such as excise duty, VAT, and services tax. GST has been in force from 1st July, 2017 based on the Goods and Service Tax Act passed by the Indian Parliament on March 29, 2017.
GST Registration Turnover Limit
GST registration can be obtained voluntarily by any person or entity irrespective of turnover. GST registration becomes mandatory if a person or entity sells goods or services beyond a certain turnover.
Service Providers : Any person or entity who provides service of more than Rs.20 lakhs in aggregate turnover in a year is required to obtain GST registration. In special category states, the GST turnover limit for service providers has been fixed at Rs.10 lakhs.
Goods Suppliers: As per notification No.10/2019 any person who is engaged in the exclusive supply of goods whose aggregate turnover crosses Rs.40 lakhs in a year is required to obtain GST registration.
To be eligible for the Rs.40 lakhs turnover limit, the supplier must satisfy the following conditions:
Should not be providing any services.
The supplier should not be engaged in making intra-state (supplying goods within the same state) supplies in the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripur and Uttarakhand.
Should not be involved in the supply of ice cream, pan masala or tobacco.
If the above conditions are not met, the supplier of goods would be required to obtain GST registration when the turnover crosses Rs.20 lakhs and Rs.10 lakhs in special category states.
Here are the steps to register for GST in India:
Obtain a PAN card: Apply for a Permanent Account Number (PAN) card from the Income Tax Department if you do not already have one.
Choose a GSTIN: Choose a Goods and Services Tax Identification Number (GSTIN) that will be unique to your business.
Apply for GST registration: Apply for GST registration online through the GST portal (gst.gov.in). Fill out the required details, such as the business name, PAN, and address, and upload the necessary documents.
Receive the GSTIN: After the GST registration application is approved, you will receive your GSTIN via email or post.
File GST returns: Once you have your GSTIN, you must file periodic GST returns, such as the monthly GSTR-3B and the annual GSTR-9.
It is important to note that the GST registration process may vary depending on the type of business structure and the turnover of the business. Some businesses may be exempt from registering for GST if their annual turnover is below the threshold limit of 20 lakhs. Additionally, businesses engaged in inter-state supplies of goods or services will have to obtain a separate registration for each state where they have a taxable presence.
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