Overview of GST Registration

According to the GST Regimes, businesses whose turnover gets over Rs. 40 lakhs* (Rs 10 lakhs for North Eastern – All hilly states) is obliged to register as a “normal taxable person”. This overall registration procedure is called GST registration, and for certain businesses, registration under GST is compulsory. You must note that it will be an offence under GST and heavy penalties will apply if the organization carries on business without registering under GST. It takes 2-6 working days to get the GST registration done. Carrying out business without GST registration is considered as an offence under GST Law.

What is GST (Goods and Service Tax)?

GST is the biggest tax reform in India levied on the goods and services which subsumes both the State (VAT, Entertainment Tax, Luxury Tax, Octroi) and Central taxes (CST, Service Tax, Excise Duty). This will help the end consumer like us to bear only GST charged by the last dealer in the supply chain. After all, One Nation One tax is the slogan of our PM Sri Narendra Modi.
NOTE: In order to give relaxation to the taxpayers, the CBIC (Central Board of Indirect Taxes and Customs) on 1 April, 2017 introduced two threshold limits for exemption from registration. If the aggregate turnover of a Business increases more than INR 40 Lakh, then that business is required to have the GST Registration. There is an exemption for the North Eastern states and other states which include Jammu and Kashmir, Himachal Pradesh and Uttarakhand. The limit for these states is INR 20 Lakh which was INR 10 Lakh earlier.
GST Registration is mandatory for businesses whose turnover fall under the criteria mentioned above. In case such business organizations carry on business without registering under GST, it will be considered a punishable offence and will be liable to pay heavy fine penalties. Here at CorpBiz, GST registration of your firm is totally online and convenient.
When the Customers, shoppers, or consumers pay the GST, it transmitted to the government by the organizations selling the goods and services. As a result, GST gives revenue to the Govt. The GST is comprised in the final price of all the goods/services before its purchase. This tax eliminates all the indirect taxes that have been obligatory by the central government and the state government beforehand in India. The businesses require going for GST registration to be applicable for this.

What is a GST Return?

The GST Return is a document containing details of income that is mandatory to be filed with the tax authorities as per the law. A taxpayer must submit two returns on a monthly basis Under the GST law and one such return annually. You must note that there is no provision for revising the returns and all returns have to be filed online. Moreover, all invoices for the previous tax period that went unnoticed - must be included in the current month itself. A registered dealer has to file GST returns Under GST, which include: Sales, Purchases, Input tax credit (GST paid on purchases) and Output, GST (On sales).

What Is GSTIN (Goods And Services Tax Identification Number)?

The GSTIN is a “unique identification number” given to each and every GST taxpayer. A person who has a GST number can log onto the “GST portal” to verify a GSTIN number.

What Is The GSTN (Goods And Service Tax Network)?

The GSTN or Goods and Service Tax Network, is generally occupied by the section 8 (non-profit), non-government, private limited company. Moreover, GSTN is a one-stop solution for all your requirements for indirect tax. GSTN is accountable for maintaining an Indirect Taxation platform for GST to prepare, file, set all the returns, and make payments of your accountabilities for indirect tax liabilities.

What do you mean by GST Return Filing?

A GST Return Filing is a return document for the taxpayers that contains details of their income, which is needed to be filed with the GST administrative authority of India. The GST Return Filing document is used by the tax authorities to determine and calculate the tax liability of a GST taxpayer which includes the following details.
1.Purchases
2.Output GST (On sales)
3.Input tax credit (GST paid on purchases)
4.Sales

What do you mean by GST Return Filing?

In order to improve the way of collecting the tax, the Goods and Services Tax (GST) was implemented in India. Moreover, the main reason for implementing the GST in India is to reduce the tax burden that comes with both companies and consumers. There were numerous taxes included at each phase of the production network with the previous tax system, without mentioning that tax has been paid at earlier stages. Consequently, the end cost of the item doesn't obviously show the item's genuine price and how much tax was made upon. It is noteworthy that this cascading structure is excessively unbelievable and unproductive, which sometimes garnered a lot of confusion and repeatedly led to double taxation.
It was a very successful and wise step of the government to incorporate whole India at one nodal point through the uniform taxation system instrument in the form of GST (Goods and Service Tax). It shoots up considerably by removing the lengthy list of taxes in terms of the Indian economy that were levied by the state as well as central government beforehand.

What are the Eligibility Criteria to Register for GST?

The Following Entities Must Go For Do GST Registration In India:-
1.Persons/businesses making the inter-state supply of goods & services
2.Individuals/businesses registered under tax services of the previous regime All e-Commerce aggregators
3.E-commerce aggregator
4.Non-Resident taxable person/Casual taxable person
5.Agents of a supplier & Input service distributor
6.Supplies online information, database access and/or retrieval services from Foreign Notified by the Central/State Govt./GST Council

What are the Benefits of GST registration?

1. The implementation of GST has detached the cascading effect of taxes and removed the ‘taxes on tax’. This has abridged the cost of production significantly for businesses and the effects of Double Taxation
2. GST registration works in favor of growth of the revenue generation forecasts for the Government.
3. The GST laws and regulations have been able to regulate the unorganized and scattered business sector. Moreover, a GST registration makes a business lawfully recognized with valid authorization as a supplier of goods or services
4. GST registration enables a business legally certified to collect tax from its recipients or purchasers and pass on the credit adjacent to their taxes.
5. GST lends a helping hand to business to consolidate its warehousing facilities and get better with logistics' efficiency in a reduced cost.
6. With the help of GST Registration, the small businesses can utilize the composition scheme to make available by the GST regime to lower the level of taxes. In that way, they can reduce their compliance and taxation burden significantly.
7. It is noteworthy that GST has been an advantage to the MSME sectors. Due to the simplified return filing system in the GST rules and regulations, MSMEs are less dependent on tax professionals in terms of the previous tax regime.