Knowing GST Registration and Its Compliances– Overview
GST Registration –
The Goods and Service Tax was introduced on 1st July 2017 for the first time. The prime agenda behind introducing the GST system is to impose all kinds of Goods and Service Tax under a singular platform.
Although the applicability of GST Registration and compliances are mandatory in every business. However, the applicability of Goods and Service Tax varies from one business to another. The GST Registration is applicable on following business models-
● Businesses exceeding turnover of 40 lakh INR
● Startups exceeding turnover of 20 lakh INR
● SME’s exceeding turnover of 10 lakh INR
Apart from these, Goods and Service Tax is applicable on any normal taxable income-person. Usually, it takes 2-6 working days for GST Registration.
GST Compliances – At a Glance
The GST Rule in India is subject to a change, which the Indian government updates from time to time. According to the Finance Act (No.2), 2024, the Government of India has mandated following GST return filing Compliances under current GST Rule-
● Filing GSTR-1 and GSTR-3B Returns within due date
● Filing GSTR-7 for deducting TDS
● Filing GSTR-9 Annual Return
● Filing Monthly GSTR- 2 for inward supplies
● Filing Quarterly GSTR – 3 returns for reconciliation
● Filing quarterly GSTR- 4 Return for composition tax payers
● Filing GSTR – 5 Return for non-resident taxable persons
● Filing GSTR- 6 return for input service distributor
● Filing GST-7 A return for TDS/TCS on e-commerce supplies
● Filing GSTR – 8 returns for e-commerce aggregators
● Filing Annual GSTR- 9 A Return for composition taxpayers
Who Are Eligible for GST Registration and Compliances?
The applicability of GST Registration and compliances are mandated on the following individuals mentioned below –
● Entities registered under Pre-GST Law, i.e. excise, VAT, Service Tax, etc.
● Companies with turnover above 40 lakh, 20 lakh, or 10 lakh INR. However, the applicability varies for Casual taxable individuals and Non-resident taxable individuals
● Agencies associated with supply and input voice distribution
● Entities paying taxes under reverse charge mechanism
● Entities supplying via e-commerce aggregator
● Every e-commerce aggregator
● Person providing online information and database access or retrieval services outside India to any entity or person other than registered taxable entities
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How GST Registration & Compliances Benefit Businesses?
Obtaining GST Registration in India leads to fulfilment of applicable compliances. The Indian government has set specific standards for businesses which are GST Registered and has mandated a certain list of GST Registration and compliances for fulfilment. The Government has categorised GST compliances under following main categories shared below-
● Return Filing Compliance
● Registration Compliance
Staying compliant with the list of applicable GST Registration and compliances assure following benefits listed below –
● Reducing the risks of sudden tax audits conducted by the IT (Income Tax) department
● Businesses with good compliance records face hassle-free refund claim processing, enhancing cash flow. Eventually, it minimises the cost of waiting for GST refunds
● Helping a business to stay committed towards GST Tax compliances. Building trust within potential clients and customers easily
● Facilitates Input Tax Credit (ITC) on purchase from businesses staying compliant with updated GST regulations in India
Documents Needed to Stay Compliant with GST Registration
● PAN card of the respective applicant
● Aadhar details of the respective entity
● Business registration or incorporation proof details
● Identity or Address Proof of the business owner with photograph
● Registered business location proof
● Cancelled cheque/Bank Account Statement
● Digital Signature
● Letter of Authorization
Connect with Arkca Corporate for further assistance on GST Registration and compliances!
How To Get GST Registered in India?
Step 1
Checking the eligibility of the business, as per its turnover limit that varies for a business with 20 or 40 lakh INR. Businesses falling under mandatory GST Registration criteria must be GST registered.
Step 2
Gathering all the documents needed for GST Registration and creating a new user account after logging in government’s GST portal.
Step 3
Filling out the online application form and necessary details and uploading the necessary documents mentioned in the form
Step 4
Paying the registration fee as per its applicability.
Step 5
Receiving TRN upon successful submission of necessary GST details. The number can be used later for further communication with GST authorities.
Step 6
Waiting for GST authorities for further verification of the documents and information provided in the GST portal
Step 7
Conducting physical inspection of business premises
Step 8
Getting GSTIN (Goods and Service Tax Identification Number) allotted along with Certificate of registration. The documents confirm the applicant’s registration as a GST taxpayer.
Why Choose Arkca Corporate for Obtaining GST Registration?
Arkca Corporate owns a team of professional tax consultants, with expertise in handling tax calculations, GST Return filing, etc. We always assist you to streamline GST Registration and compliances and enable you to comply with applicable GST Regulations for each year.
As a top-notch Tax consultant agency, we are committed to –
● Simplify GST Return Filing
● Simplify complex documentation process
● Keep you updated with the nature and annual Turnover of your business along with the applicable GST Return for each year
● Assisting you to turn GST Registration and Compliances simple
Reach Arkca Corporate today for further assistance on GST Registration and Compliances!
