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Procedure for online GST REGISTRATION in India
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Online GST Registration – An Overview
GST Registration stands for Goods and Services Tax Registration. It was launched on 1 July 2017 and is seen as one of the biggest tax reforms in India. Before the GST, there are various types of taxes. Value Added Tax (VAT), Luxury Tax, Entertainment Tax, Octroi etc are some examples of State Taxes before GST. On the other hand, CST, Excise Duty, Service Tax etc are some examples of Central Taxes before the introduction of GST.
GST was introduced to replace all these types of taxes. It is an Indirect Tax. GST is a Consumption-Based Tax or a Destination Based Tax meaning GST will be levied at the place where the Goods or Services are consumed. For example, if the product or service is produced in State A and it is consumed in State B, then the tax revenue will be levied by State B and not by State A.
It is also a Value Added Tax meaning GST will be levied on every stage of value addition from manufacturing to final sale to the consumer. The entire GST procedure is completely online.
Benefits of online GST Registration in India
The Cascading Tax Effect is a Tax on Tax. The major benefit of GST Registration is to eliminate this cascading effect of taxes and pass on the benefit to the final consumer. This Cascading Effect is eliminated by the introduction of Input Tax Credit or ITC.
What is Input Tax Credit or ITC?
Input Tax Credit or ITC is introduced in the GST to eliminate the cascading effect of the Tax. For instance, assume someone is a retailer. When the retailer buys something from the Wholesaler, he pays GST. This GST paid while buying from the wholesaler is credited to the retailer’s GST Account as Input Tax Credit. And when the retailer sells it to the consumers, he collects GST. Now due to the available Input Tax Credit in his GST Account, the retailer only has to pay GST on the difference of buying and selling price. This essentially eliminates the Cascading Effect of Taxes.
Components of GST
The Goods and Services Tax or GST has 3 components. These are:
- Central Component namely CGST or Central Goods and Services Tax
- State Component namely SGST or State Goods and Services Tax
- IGST or Integrated Goods and Services Tax
The CGST and SGST will be levied for the Intra-State Transactions, i.e., when the transaction has taken place within the same state. On the other hand, IGST will be levied for the Inter-State Transactions, i.e., when the transaction has taken place between two states.
Tax Slabs under GST
The Goods & Services are divided into 5 tax slabs in GST. These are namely – 0%, 5%, 12%, 18%, 28%. Also, electricity, alcoholic drinks and petroleum & petroleum products do not come under the GST tax regime. Gold has a special tax rate of 3% while making charges are fixed at 8%. Rough precious & semi-precious stones are levied at 0.25% tax rate.
For further details on tax rates on various products, visit here.
All about GST Return
The GST Return contains all the details regarding the sale and purchase of Goods and/or Services during the period in consideration. Under the GST Tax Regime, a person registered under GST will have to file two GST Returns monthly along with one return annually.
Additionally, for taxpayers whose annual turnover is less than 1.5 crores can opt for the Composition Scheme to pay GST at a fixed rate.
FAQs on online GST Registration in India
GST Registration stands for Goods and Services Tax Registration. It was launched on 1 July 2017 via the 122nd Amendment of the Constitution of India.
We, at LegalFidelity, can help you get your business registered under the GST and avail those benefits. The process is entirely online.
No, only a soft copy of the certificate is issued by the Government.
Yes, from 1 January 2020, the GST Network has decided to make Aadhaar authentication or physical verification mandatory for new GST Registration.
For a business, annual turnover of which exceeds Rs. 40 lacs(Rs. 10 Lacs for Himachal Pradesh, Jammu & Kashmir, North-Eastern States and Uttrakhand), then GST Registration is mandatory.
For businesses with the Annual turnover below Rs. 40 lacs(Rs. 10 Lacs for Himachal Pradesh, Jammu & Kashmir, North-Eastern States and Uttrakhand), the GST Registration is optional. While for others with the Annual turnover exceeding Rs. 40 lacs, the GST Registration is mandatory.
Additionally, for the following businesses, GST Registration is mandatory:
- Input Service Distributors (ISDs)
- Agents of any supplier
- Businesses under the reverse charge mechanism
- E-commerce Aggregators
- Businesses selling via E-commerce Aggregators
For regular businesses, GST Registration Certificate does not have an expiry date. It is valid until it is cancelled or surrendered.