GST Registration

The Goods and Services Tax (GST), introduced on 1 July 2017, unified multiple indirect taxes into a single system to simplify India’s tax framework. It replaced taxes such as VAT, Excise Duty, CST, and Service Tax, creating a more transparent and streamlined process for businesses.

GST Registration is mandatory for businesses in India that meet specific turnover thresholds or operate in categories specified under the GST framework. It is a legal requirement that ensures businesses are tax-compliant and eligible to avail themselves of Input Tax Credits.

Beyond Your Finance ensures a hassle-free GST registration process, tailored to the needs of your business. From document collection to final approval, our experts handle every step of the registration.

Why GST Registration is Essential

1. Legal Mandate: Businesses exceeding certain revenue thresholds or operating across states must register under GST to comply with Indian tax laws.
2. Tax Compliance: Ensures smooth business operations and avoids penalties for non-compliance.
3. Input Tax Credit: Businesses can claim credits for GST paid on purchases, reducing their tax liability.
4. Inter-State Trade: GST eliminates barriers in cross-border transactions within India, fostering easier trade.

Who Must Register for GST?

1. Business Entities:
   • Turnover exceeds ₹40 lakhs annually.
   • For special category states: Turnover threshold is ₹20 lakhs.
2. Service Providers:
   • Turnover exceeds ₹20 lakhs annually.
   • For special category states: Turnover threshold is ₹10 lakhs.
3. E-Commerce Operators: Platforms or aggregators involved in online sales.
4. Inter-State Suppliers: Businesses supplying goods or services across state borders.
5. Casual Taxable Persons: Individuals or entities undertaking occasional taxable supply.
6. Non-Resident Taxable Entities: Non-resident businesses supplying goods or services in India.
7. Voluntary Registrations:
   • Even if turnover is below the mandatory threshold, businesses can opt for GST registration to:
     • Avail input tax credit.
     • Facilitate inter-state sales.
     • Enhance credibility with customers and partners.
8. Entities under Reverse Charge Mechanism:
   • Businesses liable to pay GST on purchases instead of suppliers.
9. Previously Registered Entities:
   • Businesses registered under earlier tax laws (VAT, Excise, etc.) must migrate to GST.
10. Others:
    • Input service distributors and their agents.
    • Suppliers through e-commerce aggregators.
    • Online service providers outside India catering to Indian consumers.

Key Components of GST

GST in India is categorized into three primary components:

1. Central GST (CGST):
2. Levied by the Central Government on intra-state supplies.
3. State GST (SGST):
4. Levied by State Governments on intra-state supplies.
5. Integrated GST (IGST):
6. Levied by the Central Government on inter-state and international supplies.

Turnover Thresholds for GST Registration

1. Service Providers:
   • Annual turnover exceeding ₹20 lakhs.
   • Special category states: ₹10 lakhs.
2. Goods Suppliers:
   • Annual turnover exceeding ₹40 lakhs.
   • For certain states or specific goods (e.g., ice cream, pan masala, tobacco), the threshold is ₹20 lakhs (₹10 lakhs in special category states).

Advantages of GST Registration

1. Legal Compliance: Avoid penalties by adhering to tax laws.
2. Input Tax Credit: Reduce tax liability by offsetting GST paid on purchases.
3. Inter-State Ease: Simplifies trading across state boundaries.
4. Market Credibility: Enhance trust with GST compliance.
5. Competitive Advantage: Gain preference in partnerships and contracts.
6. Simplified Procedures: File returns and manage taxes conveniently online.
7. Transparency: Maintain accurate records and build trust.

Documents Required for GST Registration

1. Sole Proprietor/Individual:

• PAN card.
• Aadhaar card.
• Bank account details.
• Address proof.

2. Partnerships/LLPs:

• PAN card of all partners.
• Partnership deed.
• Address proof of partners and business.
• Proof of authorized signatory.

3. Companies:

• PAN card and incorporation certificate.
• Memorandum of Association (MOA)/Articles of Association (AOA).
• PAN and Aadhaar of directors.
• Address proof of business.

Penalties for Non-Compliance

1. Late Registration:
   • A penalty of 10% of tax due, with a minimum of ₹10,000.
2. Tax Evasion:
   • A penalty of 100% of the evaded tax.

Why Choose Beyond Your Finance?

Timely Completion: GST registration within 3–7 working days.

Expert Guidance: A dedicated GST expert manages your application.

Seamless Process: End-to-end support, from document collection to approval.