GST Registration is that part of the GST regime in which every business with turnover of Rs.40 Lakhs should register as a normal tax payer. The threshold turnover limit for GST registration for NE and hill states is Rs.10 lakh.
GST registration is compulsory for some business. The taxable business person will draw high amounts of penalty if he fails to carry on business without doing GST registration.
Government has enabled online GST registration and majority of the new GST registration is accomplished through the online GST registration mode. Recently, the government of India has announced that new GST registration will take only 3 days on submitting Aadhaar card and authenticating it.
Are you unsure of how to do GST online registration? In order to apply GST online, you may visit the following government portal exclusively for GST online registration: https://reg.gst.gov.in/registration/. Online GST applying is quite simple and self-doable for all.
Here is the step-by-step procedure for online GST registration:
A dedicated administrator will process your GST registration all the way through. This new GST registration process is entirely online and there will be no need to visit the office once. In the new GST registration process, the person can opt for CA assistance for GST related matters
Now we know how to register for GST and the earlier you do the better. Failure to register under GST will draw penalties.
On registering under GST through offline, the user will be generated with a GSTIN which is very important and has to be safely saved for meeting future requirements. The application and agreements under GST with respect to the business you are carrying out needs to be carefully studied and registered accordingly under the GST tax structure.
How to do GST registration? Here are the steps involved:
Government does not levy any GST registration fees and is absolutely free of cost. If the applicant opts to do it through an intermediate agency, there will be a handling fee imposed by the agency as per their discretion.
If the defaulter fails to pay tax due to genuine reasons, the penalty will be 10% of the tax amount outstanding subject to a smallest possible amount of Rs.10000. For those defaulter who purposely evaded the tax, there will be a penalty of 100% of the due tax amount.
The Goods and Service Tax (GST) is an indirect/consumption tax levied on the supply of goods. Currently, GST is divided into 5 tax slabs for collection of tax- 0%, 5%, 12%, 18% and 28%.The Goods & Service Tax came into effect on July 1, 2017 as per the 101st Amendment of the Constitution of India by the Indian Government.
The GST types are determined based on the province in which the goods and/or services are exchanged and transactions made. The types of GST include: • Central Goods & Services Tax (CGST) • State Goods & Services Tax (SGST) • Union Territory GST (UTGST) • Integrated GST (ITGST)