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What is GST Registration?

GST Registration with the tax authorities implies obtaining a unique 15 digit GST Identification Number (GSTIN), which helps in collecting and correlating the data relating to the transactions of a business. GST is a kind of indirect tax which is levied on manufacturing, sale & consumption of goods & services. This is a nation vide taxation law which came into force on July 01, 2017.

  • Goods & services tax (GST) registration is a process which aims at formalising the process of doing business in India.
  • Businesses whose turnover exceeds INR 40 lacs (Normal States) & INR 20 lacs (Special category states) are required to register under the new indirect tax regime i.e. Goods & Services tax (GST).
new gst registration

New GST registration?

  • With the growth in Indian economy, India has become a new hot-spot for global investors. This new phase of India is bringing in new traders, manufacturers who requires to register their business under the new GST registration regime.
  • There are various financial technicalities associated with GST so it is always advisable to take assistance from financial experts.
  • We at CAONWEB, provides easy & hassle free GST registration process in most effective & efficient manner. A whole team of chartered accountants are here to help you in getting your new GST registration for your business.

Types of GST Returns?

Creation & Submission of Outward supplies return

Important invoice details, declared in e-way bill system:

4A,4B,4C,6B,6C –B2B Invoices

5A,5B –B2C Invoices

12 –HSN Wise summary

View of Inward supplies return

Scenarios where GSTR-2A is issued:

Supplier uploads B2B transaction details.

TDS/TCS details are auto filed on filing GSTR-7 & 8.

ISD details auto filed on filing GSTR 6

GSTR-2A is only view form & you cannot make any changes in it.

Declare GST liabilities for a particular tax period & discharge their liabilities

All normal taxpayers every time there is an extension of the due dates for filing GSTR-1 &2

Due date is 20thof the month following tax period.

It is mandatory to file even if there is no business in that particular tax period.

Composition scheme

Provide summary of outward supplies, tax payable thereon etc.

Required to report import of services & supplies attracting reverse charge.

Non-resident taxpayers wish to opt out of ITC on local procurements.

No offline tool to form 5

Preconditions:-

Registered as Non-resident taxpayer

Valid GSTIN

Valid user ID & Password

Online Information and Database Access or Retrieval (OIDAR) services provider

Services provided to unregistered person in India from abroad.

Due date is 20thof the month succeeding the tax period

Can be prepared through any of the following modes:

Online entry on GST portal

3rdparty ASP through GST suvidha providers (GSP)

Monthly return to be filed by Input service providers (ISD) for ITC.

Those who are registered as ISD are required to file GSTR-6

Following tables are required:

Table 3: ITC details

Table 6A: Amendments in table 3

Table 6B: Details of Credit/debit card

Table 6C: Amendments in table 6B

Statement of Inward supplies for a receiver taxpayer.

It is a read only form

Taxpayer cannot take any action in GSTR-6A

Details contained:

Input tax credit received

Debit/credit notes during current tax period

Person who deduct tax at the time of crediting payment to suppliers towards inward supplies.

Issue TDS certificate to Deductee.

Due date is 10thday of succeeding month.

Can be filed through offline mode as well.

System generatedTDS(Tax deducted at source) certificate

Available for both deductor & Deductee.

Statement ofTCS(Tax collected at source) by E-Commerce operators.

Contains details of taxable supplies

Comprise of following tables:

Table 3: supplies attracting TCS

Table 4: Amendment relating to supplies

Table 5: Interest on account of supplies

Table 6&7: Payment of tax

Annual return to be filed mandatorily by everynormal taxpayer.

Details of outward & inward supplies, tax paid, claims/refunds or ITC.

Including SEZ units & SEZ developers

Annual return to be filed mandatorily by every taxpayer opted forComposition scheme.

Details of outward & inward supplies, tax paid, claims/refunds or ITC.

Once filed it cannot be revised.

Statement of stock held by taxpayers whose GST registration is cancelled or surrendered.

Should be filed within 3 Months of cancellation.

Provide ITC details involved in closing stock.

Statement of inward supplies of goods & services or both.

It is an offline tool.

To be filed by a person who is having a UIN (unique identifier number).

Cannot be used by mobile, one can access this tool only through laptop/desktop.

Who is required to register under GST?

  • Business whose turnover exceeds INR 40 lacs (normal states) & INR 20 lacs (special category states)
  • Individuals registered prior to GST under Excise, VAT, Service tax etc.
  • Those paying tax under Reverse Charge Mechanism
  • E-commerce supplier
  • Agent of a supplier or a input service provider
GST Registration

Documents required for GST Registration

GST Registration Process (on Government Portal)

The process for GST registration is completely electronic. This means that there is minimal interaction between the taxpayer and the tax authority. Following are the steps which are required to complete your GST registration process online: