GST Registration

GST Registration

Jun 19, 2021, 5:18:52 PM Business

GST Registration is the process in which a taxpayer gets himself registered & acknowledging a business under GST. GST was implemented on 1st July in India. Its stands for Goods and Services Tax. GST Registration become mandatory for individual and entities whose aggregate value of supply exceeds Rs. 20 Lakh. If the entity operates in hills states and north eastern states with turnover of Rs. 10 Lakh then the GST registration procedure is simplified by the Ministry of Finance.

GST Registration is application for allotment of the Goods and Services Tax Identification Number (GSTIN). It can be done on the online GST portal. Business owners can fill a form on the GST portal by submitting the necessary documents for registration. It is compulsory for definite businesses to complete the process of GST registration. It is a violation to carry out operations without registering for GST and heavy penalties are levied for non-registration.

Types of GST registration

·       Normal Taxpayer: Under this category, there is no expiry date for taxpayers and to become a taxpayer, a person need not to provide any kind of deposit. Mostly businesses are fall into this category in India.

·       Composition Taxpayer:  Apply for composition taxpayer only when you wish to enroll in GST composition scheme. In this, Individual will have to deposit flat and no input tax credit will be provided.

·       Casual Taxable Person:  A Tax payer who wish to set up a stall or seasonal shop can choose this category. A taxpayer should deposit an amount that is equal to the expected GST liability during the time business should be active. There is 3 months duration for GST registration which can be extended or renewed.

·       Non- Resident Taxable Person: If you live outside India, but supply goods to individuals who stay in India, opt for this type of GST Registration. Similar to the Casual Taxable Person type, you must pay a deposit equal to the expected GST liability during the time the GST registration is active. The duration for this type of GST registration is usually 3 months, but it can be extended or renewed at the type of expiry.

 

 

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Published by amisha

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