GST Registration
GST stands for Goods and Services Tax. It is a comprehensive indirect tax levied on the supply of goods and services across India.
GST Registration and Return Filing
GST - Goods and Services Tax
The full form of GST is Goods and Services Tax. It was first introduced in the Budget Speech presented on 28th February 2006. It laid the foundation for a complete reform of India’s indirect tax system. Finally implemented on 1st July 2017 as the Goods and Services Tax Act
Under GST, businesses whose turnover exceeds the threshold limit of 40 lakh / 20 lakh / 10 lakh (as applicable) must register as a taxable person. Small businesses under the Composition Scheme have limits of 1.5 crore / 50 lakh. Some businesses must register mandatorily, regardless of turnover.
GST Registration Turnover Limit
The GST registration limits to depend on annual turnover and type of supply.
For Goods
|
Type of Supply |
Threshold Limit |
|
Intra-state supply (within state) |
40 lakhs |
|
Intra-state supply (Northeast or hilly states) |
20 lakhs |
|
Inter-state supply (between states) |
GST registration required regardless of turnover |
For Services
|
Type of Supply |
Threshold Limit |
|
All states (except special category) |
20 lakhs |
|
Special category states (Northeast, J&K, Himachal, etc.) |
10 lakhs |
Objectives of GST - "One Nation, One Tax"
GST aims to unify multiple state and central taxes into a single tax system for seamless trade across India.
State Taxes Subsumed under GST
- VAT
- Entry Tax
- Central Sales Tax
- Entertainment and Amusement Tax
- Luxury Tax
- Advertisement Tax
- Taxes on gambling, betting and lotteries
- GST Council has approved GST rates for goods at 0%, 3%, 5%, 12%, 18%, 28%.
Difference Between CGST, SGST, IGST & UTGST
1. Central GST (CGST) When the supply of goods and services takes place WITHIN the State (Intra-state), that is when the Supplier and the Consumer both are in the same state, two taxes will be levied. One part is levied by the State Government and the other is by Central Government. Hence the tax levied by the central government is known as Central GST.
2. State GST (SGST) State GST is the component of GST that will be collected by the state government on all items, both goods and services on intra-state trade.
3. Integrated GST (IGST) When the supply of goods and services takes place BETWEEN two States (Inter-state), that is when the place of Supplier and the Consumer are in different states, Integrated GST is levied by
the central government. In case of Inter State supply of Goods and Services only IGST will be applicable.
4. Union Territory Goods and Services Tax (UTGST) Taxes applicable to the sale of products and services in Union Territories, such as Andaman and Nicobar, Daman and Diu, Chandigarh, Dadra, Puducherry etc.
Documents Required for GST Registration
Pvt. Ltd. / Public Ltd. / OPC
- Company PAN card
- MOA, AOA & Incorporation Certificate
- Rental Agreement, EB Card and Property tax Receipt (Latest)
- Directors Photos 1 Nos
- Directors PAN / Aadhaar Card
- Mobile No & Mail Id
- Nature of business
LLP & Partnership Firm
- Firm PAN card
- LLP Agreement/ Partnership deed
- Rental Agreement, EB Card and Property tax Receipt (Latest)
- Partners Photos 1 Nos
- Partners PAN/Aaddhar Card
- Mobile No & Mail Id
- Nature of business
Proprietorship Firm
- Proprietor's PAN card
- Proprietor's Aadhar card
- Rental Agreement, EB Card and Property tax Receipt (Latest)
- Photos 1 Nos
- Trade Name with Name Board (GPRS)
- Mobile No & Mail Id
- Nature of business
