Ushma & Associates
GST Registration:
To reduce the compliance burden and to provide ease in doing business in India, many indirect taxes like VAT, Service Tax, Excise duty, Sales Tax, Import-Export, Octroi, etc. only require GST registration India. GST registration is mandatory if a person’s turnover crosses a prescribed limit. But if goods or services are supplied to another state in India or through an ecommerce site, GST registration is mandatory irrespective of turnover. Also, any non-resident person or company supplying goods or services in India needs to take the online GST registration in India regardless of turnover.
All the businesses supplying goods whose turnover exceeds INR 40 lakh in a financial year are required to register as a normal taxable person. However, the threshold limit is INR 10 lakh if you have a business in the north-eastern states, J&K, Himachal Pradesh, and Uttarakhand. If tax payer The turnover limit is INR 20 lakh, and in the case of special category states, INR 10 lakh, for the service providers. GST registration is mandatory in few cases irrespective of their turnover, Casual taxable person / Input Service Distributor (ISD), Non-resident taxable person, Inter-state supplier of goods and services, Supplier of goods through an e-commerce portal, Any service provider liable to pay tax under the reverse charge mechanism, TDS/TCS deductor, Online data access or retrieval service provider.
For registering your business under GST, a person shall have Permanent Account Number (PAN), Copy of the Aadhaar card, Proof of business registration or incorporation certificate, Identity and address proof of promoters/directors with a photograph, Bank account statement/cancelled cheque, Authorisation letter/board resolution for authorised signatory, Digital signature.
All the businesses required to register under GST but not registered mandatorily will have to pay a penalty of 10% of the tax amount payable up to a maximum of INR 10,000.