May it be any kind of tax system, registration is the most basal demand for identification of the payers of tax who are making sure of the tax compliance in the economy. Registering of any type of business under the Goods and Service Tax or GST law implicit acquiring a unique number from the authorities concerned in order to collect tax in place of the government and to aid “input tax credits” for the inward supplies.
Under the recent GST system, every individual or business who provides “goods and services”, and has an annual sales exceeding 20lakhs, must register themselves under the Goods and Service Act. Only after the completion of the online registration process the business or individual gets a GSTIN 15 digit unique number. Every individual or business who pays taxes needs the GSTIN number at various stages of filing returns, bill generation and GST invoice processing. For registering themselves, one must go to the official GST registration online website. (https://www.gst.gov.in )
GST REGISTRATION STATUS
The status of the registration can be known via their portal online. After having applied for GST registration number, the applicants will receive an Application Reference Number (ARN). This registration refined after 15 days of application, however the GST registration status can be checked online on their GST portal. Follow the steps mentioned below to track the status:
- Visit https://www.gst.gov.in
- You will find a tab named “Services Tab”, after clicking on that go to “Registration” and click on “Track Application Status”.
- The ARN number that was received to the applicant received is to be entered.
- Type the Captcha code accurately and tap on search.
CRITERIA REQUIRED TO REGISTER THEMSELVES
- Turnover: Any individual or business supplying a value of twenty lakhs annually must to register under the GST. Any business involved in supply of goods whose value is worth INR forty lakhs is also to register under GST.
- Inter-state Business: Businesses involved in inter-state services have to undergo GST registeration only if their annual turnover is a value of twenty lakhs annually. Businesses involved in inter-state goods from one state to another state have to undergo GST registration without keeping in mind their annual turnover.
- E-commerce Platform: Businesses providing goods or services via an e-commerce platform, i.e., Amazon, Myntra, Flipkart etc have to undergo GST registration.
DOCUMENTS REQUIRED FOR GST REGISTRATION
- Applicant’s PAN card
- PAN card or AADHAR card of the promoters
- Partnership deed of their business or certificate of incorporation
- Applicant’s one passport size photograph
- Business’s address proof
- Statement of Bank Account of the Business, Firm or an individual
FEE OF GST REGISTRATION
The Government of India does not charge any individual or business a single penny for registering of GST online. Once all the credentials have been uploaded in the official GST registration portal, the applicants will receive an ARN number via sms or email to confirm their registration. Nonetheless, if any individual or business is not well versed with computer, internet and any such technicalities of registration they may hire a professional like Vakil.Tech and for the same they might be charged a reasonable fee.
LIMIT OF GST REGISTRATION
A business or individual whose annual turnover exceeds INR 20 lakhs has to compulsorily register under Goods and Service Tax. The limit is set at INR 10 lakhs for the North Eastern and hilly states which are termed as the “special category” states.
However, as per the CGST Act, the threshold limit has been increased to INR 40 lakhs only if the supplier is engaged in supply of goods.
HOW TO DOWNLOAD THE GST CERTIFICATE
GST Certificate is accoutered to individuals or businesses that are registered under the GST Act, and for those who already have their “certificate of GST”, for them it is a must to show their “certification” noticeably at the place of their business. Nonetheless, downloading of a GST certificate is just as simple. Follow the steps mentioned below for a hassle free download:
- Visit the official Government’s website of GST I.e., https://www.gst.gov.in
- Tap on “login” for accessing the User ID and pass code.
- Type the login credentials along with the Captcha in the correct given spaces present their and click on “login” button.
- Under the “Services Tab”, tap on “User Services”, then click on “View or Download Certificate”.
- Click the final “Download” button to download the certificate, which will have all the credentials or details pertaining to tax transactions.
PENALTY FOR VARIOUS TYPES OF HINDRANCE REGARDS TO GST REGISTRATION
PENALTY FOR NON COMPLITION OF REGISTRATION
- Tax payers who are eligible for registering for GST I.e., if their turnover exceeds 20 lakhs annually yet they have not enrolled themselves in the Goods and Service Tax yet, are bound to pay a penalty of 10 percent of the tax amount or INR 10,000 (whichever is more).
- Eligible tax payers failing to register themselves in the GST act, are on purpose attempting to fraud and the penalty for the same can be as high as 100 percent of the tax due.
PENALTY FOR LATE FILING OF RETURNS OF GST
Rs. 100 per day is to be paid in case of late filing of GST returns I.e., INR 100 under CGST and INR 100 under SGST, amounting to INR 200 per day, to which the most penalty amount can be INR 5000. Including the penalty fee an interest of 18% per annum is also to be paid. The amount is to be calculated in all by the taxpayer on the tax to be paid, to which the amount period is calculated from the very next day of filing the date of payment.
PENALTY FOR NOT FILING GST RETURNS
If a GST return for a particular period is not filled at all, the succeeding returns cannot be filed as well. Thus, this type of behaviour or nature may lead to lump some fine or penalty.
- Why should a business register itself under the GST Act?
By registering themselves under the GST Act, that would give them a legal right to supply goods or services and also provides a legal authority to collect tax from the shopper or customer and depart the credit of the paid taxes to the beneficiaries.
- Can a business or individual claim the “GST Input Tax Credit” if they are not registered under GST?
No any such individual or businesses cannot ask for GST from their shoppers neither can they claim any credits if not registered under the GST Act.
- What is the time limit to register under GST?
A period within 30 days from the date in which the individuals or businesses are eligible for registration I.e., if their annual turnover exceeds INR 20 lakhs.
- Can any individual voluntarily register themselves?
The answer to this is Yes! Any individual can voluntarily register themselves. According to Section 25(3) of the GST Act any business or individual may voluntarily register themselves even if they are not accountable to and all the provisions and benefits of GST will be felicitous to such individuals or businesses.
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