How to apply for GST registration in India | Smartcorp

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How to apply for GST registration in India?

• Probably, we might be heard a lot about the
  impacts of GST registration on our daily life.
  This article will assist you in getting the
  concept behind the tax and will help you to apply
  for GST.

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How to apply for GST registration in India?
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• Chiefly, GST stands for goods and services
  tax. GST is a form of indirect tax, which is very
  close to how service tax or VAT are indirect
  taxes. It aims at uniting the Indian market
  altogether and will acts as tax for the whole
  country. GST can be applied on the supply of all
  goods and services from the product manufacturer
  to the customer.
• It can also provide for the tax credit of all
  taxes at each and every stage. The end user or
  the customer obtaining any goods or services will
  be liable to pay taxes charged by the dealer
  before him and will be able to obtain set off for
  all other taxes paid previously. GST is
  implemented with a moto of regulating the tax
  structure in India, which is clearly by the
  tagline One Tax for One Country

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Apply for GST based on the business type

• IGST Stands for Integrated GST, which will be
  charged and administered by Centre on inter-state
  supply of goods and services.
• CGST Stands for Central GST, will be
  administrated by the Centre on intra-State supply
  of goods or services
• SGST Stands for State GST, will be taxed by the
  States called the State GST.

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How GST provides benefits to the country?

• Consequently, the benefits of GST will vary to
  the different set of consumers in different ways.
  The advantages of GST according to the individual
  perspective are
• Benefits for businesses
• In general, Businesses and consumers will find it
  easier to fulfil with the requirements of the
  taxation system as it will be backed with a
  complete IT system, such as GST registration,
  filing returns and payment of taxes through
  online. Hence, formalities of GST can be carried
  out in an easy manner.
• Carrying out business operations across different
  country will become a neutral process. The common
  tax rate structure will helps people to start and
  operate a business across any location.
• This system of taxation will reduce hidden costs
  of doing business. Apply for GST and attain more
  benefits.
• The tax rate reduction and the uniform taxation
  will give way to increased competition across
  industries.

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• BENEFITS TO THE GOVERNMENTS
• Moreover, Central and state governments were
  administering a number of indirect taxes, but
  there are provisions and rules to be complied.
  Now, with a uniform tax system across the entire
  nation, backed with an efficient IT system, the
  task of administering the taxation system will be
  simplified.
• Online system of GST taxation and the cost of
  collecting taxes will reduce significantly. As a
  result, higher revenue collection from the
  government.

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• BENEFITS TO THE CONSUMER

• At present, there are many goods and services in
  the country that are laden with the cost of
  hidden taxes. With a single taxation structure at
  each stage, will have a transparency in the
  pricing of goods.
• The overall tax burden on goods or services will
  fall down significantly.

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BENEFITS TO THE SME/MSMES

• Tax payers with an aggregate turnover in a
  financial year up to Rs.10 lakhs can be exempt
  from tax.
• For the NE States and Sikkim, the exemption
  threshold will be Rs. 5 lakhs.
• Further, SMEs in the service sector enjoys no
  exemption or concerns. Concessions are only for
  the SME manufacturers. The total tax rate in
  every product that we manufacture in India will
  be between 27 to 31, which is supposed to come
  down to a 20
• The SMEs whose turnover is up to Rs 1.5 crore
  were availing excise exemption of GST, but they
  were subjected to VAT/CST/entry tax etc. under
  the state law. The exemption to SME will not
  exempt the entire Rs 1.5 crore.

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How government helps to manage GST?

• Since India has a centralized structure, GST will
  be governed in two stages, central and state
  level. GST will be charged on the supply of all
  goods and services. Cross utilization of input
  tax credit will not be allowed and the input tax
  credit of a respective stage will be allowed to
  be set off from that stage itself. However, cross
  utilization of central GST across goods and
  services will be allowed like State
  administered GST.
• How TO APPLY FOR GST REGISTRATION IN TIRUPUR?
• In fact, the ds Services Tax (GST) Council has
  decided if the annual turnover of a particular
  business exceed Rs 20 lakhs then he should apply
  for GST registration. Moreover, Limit is Rs 10
  lakhs for the North Eastern States. If it below
  Rs.10 lakh then it will not come under GST. GST
  registration can be done though GST Portal. You
  can access GST Portal from here.

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• EVERY SUPPLIER ARE LIABLE TO REGISTER UNDER GST
• Whose turnover exceeds Rs.20 lakhs (Rs.10 lakhs
  for Special category states i.e. States of
  Arunachal Pradesh, Assam, Jammu and Kashmir,
  Manipur, Meghalaya, Mizoram, Nagaland, Sikkim,
  Tripura, Himachal Pradesh and Uttarakhand)
• People who are already registered under an
  existing law (i.e. VAT, Service Tax)
• Making any Inter-State taxable supply
• Casual taxable persons making taxable supply
• E-commerce operator
• Non-resident taxable persons making taxable
  supply
• Who are mandatory to deduct tax under section 51
• An agent
• Input Service Distributor
• Who supply online information and database access
  or retrieval services from a place outside India
  to a person in India, other than a registered
  person
• Other class of persons will be notified by the
  Government only on the recommendations of the
  Council.

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RETURN FILING UNDER GST SYSTEM

• This will be common for both central and state
  taxes.
• There are eight forms prepared for the purpose of
  filing tax returns under the GST system. However,
  for the purpose of an average user, there will be
  a need to use only four of them, including the
  return for supplies, purchases, monthly returns
  and annual return.
• There is an option for small taxpayers to file
  returns quarterly under the composition scheme
• Apply for returns filing through online mode.

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DETAILS UNDER THE GST CERTIFICATE

• Once the download is complete you can know the
  following details of the business from the GST
  registration certificate
• The first page includes basic details like
• Name,
• A form of business,
• Address,
• Date of registration and
• Validity period of the business.
• You can also check the GST registration certificat
  e form in GST portal. The second page contains
  details of any additional place of business and
  it forms the part of Annexure A. The third page
  consists of Annexure B which includes
  information on the Persons in Charge of the
  businesses.

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DOCUMENTS REQUIRED FOR GST ENROLMENT

• The documents required for GST enrolment are
• Provisional ID and password that is received from
  VAT authority
• Valid e-mail address
• Valid Mobile Number
• Bank Account Number
• Bank IFSC code
• NECESSARY DOCUMENTATION ARE GROUPED TO 3
  CATEGORIES
• 1) Company documents
• PAN card of the company
• Registration Certificate of the company
• Memorandum of Association (MOA)  or the Articles
  of Association (AOA)
• Copy of Bank Statement
• Declaration to comply with the provisions
• Copy of Board resolution

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• 2) Company Directors documents
• PAN and ID proof of directors
• 3) Company Registered Office documents
• Copy of electricity bill/landline bill, water
  Bill
• No objection certificate of the owner
• Rent agreement (in case premises are rented)
• You can also use Virtual Office for GST
  registration.

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What are the changes that can be made in GST
Registration?

• The changes that can be made are
• a) Change in the business name, which does not
  involve a change in PAN,
• b) Change in the Principal place of Business,
• c) The change in the Annexure A related to the
  Additional Place of Business.
• d) Changes in the Annexure B related to the
  Person in charge of the business, For example,
  the retirement of partners or directors, Managing
  Director, etc.
• e) Change in authorized Mobile number or E-mail
  address, which can be done through the portal by
  simple OTP verification

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Process to make changes in GST Registration
certificate

• For changing the details as mentioned in the
  above points, the entity has to follow the below
  mentioned steps
• First of all, Login to the GST portal and go to
  Services -gt Registration -gt then click Amendment
  of Registration Core Fields.
• Then submit the necessary changes in Form GST
  REG-14 along with those supporting documents.
• Apply for changes to be made. Application for
  changes will be approved within15 days, and the
  procedure for changing information is concluded,
  or the application can also be rejected by GST
  Officer.
• Approval for the changes will be provided in Form
  GST REG-15, or the officer can issue a notice in
  Form GST REG-03 for seeking information in case
  of rejection.
• If the officer seeks more clarification under
  Form GST REG-03, then the entity is required to
  furnish such details in Form REG-04 within 7
  days.
• After verifying the furnished details either the
  officer can accept the changes as in Step 3 or
  reject the application for Amendment by issuing
  the Form GST REG-05.