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How to Register GST Online | Guide for GST Registration Process Online
  • Abhinay Rai | 2020-05-22 17:42:04 | GST

Every Business whose annual turnover exceeds Rs 40 lakh (for special states, the amount is Rs 10 lakh) or supply of goods and services inter-state has to register for GST.

Important update as on 03-04-2020

The time limit for completion or filing return has been extended to June 30, 2020, where the time limit falls between the  period from March 20, 2020 to June 29, 2020. It does not include cases in which a Person needs to obtain the GST registration in section 25 (Normal registration) and 27 (Registration as non-resident taxpayer/ casual taxpayer) of the CGST law act.

Please follow a step-by-step guide on how to complete the online registration process on the GST Portal:

Step 1: Go to GST Portal. Click on Registration under Service Tab 

Step 2: Enter the below given details in Part A -

1. Click on New Registraton
 
2. Select Taxpayer under the drop-down menu 
 
3. In drop down menu Select State and District
 
4. Enter the company name and company PAN
 
5. Enter the email addrezss and mobile phone number. The registered email and mobile number will receive the OTP.
 
6. Click on Proceed Now

 

 

Step 2: Enter the below given details in Part A -

1. Click on New Registraton
 
2. Select Taxpayer under the drop-down menu 
 
3. In drop down menu Select State and District
 
4. Enter the company name and company PAN

 

Every Business whose annual turnover exceeds Rs 40 lakh (for special states, the amount is Rs 10 lakh) or supply of goods and services inter-state has to register for GST.

Important update as on 03-04-2020

The time limit for completion or filing return has been extended to June 30, 2020, where the time limit falls between the  period from March 20, 2020 to June 29, 2020. It does not include cases in which a Person needs to obtain the GST registration in section 25 (Normal registration) and 27 (Registration as non-resident taxpayer/ casual taxpayer) of the CGST law act.

Please follow a step-by-step guide on how to complete the online registration process on the GST Portal:

What is GST- Registration | Eligibility | Documents | Process Guide & Fees
  • Abhinay Rai | 2020-05-21 22:50:58 | GST

What is GST "Goods and Services Tax"

The goods and services tax (GST) is a value added tax that applies to most goods and services sold for internal consumption. The Goods and Services Tax Law was approved in Parliament on March 29, 2017. The Law went into effect on July 1, 2017; The Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is applied to each value added.

In simple words, the goods and services tax (GST) is an indirect tax that is applied to the supply of goods and services. This GST law has replaced many of the indirect tax laws that previously existed in India. The GST is paid by consumers, but the companies that sell the goods and services refer it to the government. In effect, goods and service tax generate revenue for the government.

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Understanding the Goods and Services Tax (GST)

The GST is an indirect sales tax that is applied to the cost of certain goods and services.. The business adds the GST to the product price, and a customer who purchases the product pays the sale price plus the GST. The part of the GST is collected by the company or the seller and sent to the government.

 

How Goods and Services Tax System Working

Most countries with a GST have a single unified GST system, which means that a single tax rate is applied across the country. A country with a unified GST platform merges central taxes (eg, sales tax, consumption tax, and service tax) with state-level taxes (eg, entertainment tax, entry tax) , transfer tax, sin tax and luxury tax) and collects them as a single tax. These countries tax almost everything at a single rate.

 

Double tax structures on goods and services (GST)

Only Brazil and Canada , have a dual GST structure. Compared to a unified GST economy where the federal government collects taxes and then distributes them to the states, in a dual system, the federal GST is applied in addition to the state sales tax. In Canada, for example, the federal government applies a 5% tax and some provinces / states also impose a provincial state tax (PST), which ranges from 7% to 10%. In this case, the consumer receipt will clearly have the GST and PST rate applied to their purchase value.

 

GST Registration?

In the GST Regime, companies whose turnover exceeds Rs. 40 lakhs * (Rs 10 lakhs for NE and mountain states) are required to register as a normal taxable person. This registration process is called GST registration.

For certain companies, registration under GST is mandatory. If the organization conducts business without registering under GST, it will be a crime under GST and heavy penalties will apply.

GST registration generally takes 2-7 business days. We will help you sign up for GST in 3 easy steps.

* CBIC has reported the increase in threshold rotation from Rs 20 lakhs to Rs 40 lakhs. The notification will take effect on April 1, 2019.

 

Who Required for  GST Registration

1. People registered under the Pre-GST law (i.e. excise, VAT, service tax, etc.)

2. Companies with a turnover above the limit of Rs. 40 Lakhs * (Rs.10 Lakhs for the Northeast States, J&K, Himachal Pradesh and Uttarakhand)

3. Occasional taxable person / non-resident taxable person

4. Inbound service provider and distributor agents

5. Taxpayers under the reverse charge mechanism

6. Person supplying through the e-commerce aggregator

7. Each e-commerce aggregator

8. Person who provides online information and access to the database or recovery services from a place outside India to a person in India, who is not a registered taxable person

* CBIC has reported the increase in threshold rotation from Rs 20 lakhs to Rs 40 lakhs. The notification will take effect on April 1, 2019.

 

Documents Required for GST Registration

1. Applicant's PAN

2. Aadhaar card

3. Proof of company registration or certificate of incorporation

4. Proof of identity and address of promoters / director with photographs

5. Proof of address of place of business

6. Bank account statement / canceled check

7. Digital signature

8. Board Resolution for Authorized Signatory / Letter of Authorization

 

What is the GST registration process?

The Goods and Services Tax (GST) registration services at TaxCaller our experts help you register your GST for your business and obtain your GSTIN.

The TaxCaller GST experts will guide you in the applicability and compliance of GST for your business and will make your business register under GST.

 

Penalty for not registering under GST

An offender who does not pay taxes or makes short payments (genuine errors) has to pay a fine of 10% of the amount of tax owed subject to a minimum of Rs. 10,000.

The fine will be 100% of the amount of the tax owed when the criminal has deliberately evaded the payment of taxes.

 

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What is GST Registration
  • vivek singh | 2020-05-13 19:43:41 | GST

In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.GST registration usually takes between 2-6 working days. We’ll help you to register for GST in 3 easy steps.*CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 201Who Should Register for GST?Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)Casual taxable person / Non-Resident taxable personAgents of a supplier & Input service distributorThose paying tax under the reverse charge mechanismPerson who supplies via e-commerce aggregatorEvery e-commerce aggregatorPerson supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person*CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019.What is GST Registration Process?The Goods And Services Tax (GST) Registration services at ClearTax helps you to get your business GST registered and obtain your GSTIN.ClearTax GST experts will guide you on the applicability and compliances under GST for your business and get your business registered under GST.

How to file or furnish letter of undertaking (LUT) in RFD-11 on GST Portal
  • Abhinay Rai | 2020-05-22 00:27:40 | GST

All registered taxpayers exporting goods or services will now be required to submit a Letter of Commitment (LUT) in GST RFD-11 form on the GSTN common portal to conduct exports without IGST payment.

When to file / file? - The commitment letter must be submitted / submitted online before exporting the goods / services.

Prior to this, exporters had to manually submit the completed and signed RFD-11 on commercial letterhead in duplicate-

1. One for the Deputy Commissioner / Jurisdictional Assistant who has jurisdiction over their main place of business where verification with Export documents is done through ICEGATE

2. Another along with export documents to the customs clearance authority.

Like the previous excise tax regime, this led to exporters wasting considerable time and operating expenses on this compliance.

Finally, this process has now been streamlined and made simple and fast, giving transparency to the entire export process by all the stakeholders involved.

Please note that the furnishing of bond must be done on non-judicial stamp paper and therefore requires manual submission.

Important update!

File fresh LUT for financial year 2020-21

LUT will be valid for one financial year. If LUT was file in financial year 2019-20, then the validity expiration date of that LUT is March 31, 2020. Therefore, you must provide a new LUT for financial year 2020-21. The deadline to provide such LUT for the financial year 2020-21 extends from March 31, 2020 to June 30, 2020.   

 

Please follow this steps on GST Potal to furnish letter of undertaking (LUT) :

Step 1- Login to https://www.gst.gov.in/

 

Step 2: Click on ‘SERVICES Tab > ‘User Services’ > Select ‘Furnish Letter of Undertaking(LUT)’

 

Step 3- after that your select the financial year for which Letter of Undertaking is applied (LUT) drop-down list. Example: 2020-21

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