Explore all the details you need about GST Registration, tailored for your needs.
GST registration is essential for businesses in India. If your business revenue surpasses certain threshold levels or belongs to specific categories that require GST registration, it's imperative to register following the GST regulations. Solocorp can assist you in obtaining your GST registration seamlessly.
Contact our experts today to streamline your GST registration process!
Since its introduction on 1 July 2017, the Goods & Services Tax (GST) has been mandatory for all service providers, traders, manufacturers, and even freelancers in India. The GST system was implemented to replace Central and state-level taxes such as Service Tax, Excise Duty, CST, Entertainment Tax, Luxury Tax, and VAT, making the tax process more streamlined.
The GST registration charges vary depending on the type of business and turnover.
For those taxpayers whose annual turnover is less than 1.5 crore, the GST framework provides an option for a composition scheme. This scheme allows them to undergo simplified GST procedures and pay taxes at a predetermined rate according to their turnover.
The GST mechanism operates throughout various stages of the supply chain. This includes acquiring raw materials, production, wholesale, retail, and the eventual sale to the end consumer. Notably, GST is imposed at every one of these steps.
For example, when a product is produced in West Bengal and then used in Uttar Pradesh, the GST revenue generated is allocated entirely to Uttar Pradesh, emphasizing the consumption-based nature of GST.
The Goods and Services Tax (GST) in India is structured around three primary components:
GST registration is mandatory for the following entities and individuals:
Any enterprise with an aggregate annual turnover exceeding Rs. 40 lakhs. For special category states under GST, the threshold is Rs. 20 lakhs.
Service providers with an aggregate annual turnover surpassing Rs. 20 lakhs. For special category states, this limit is Rs. 10 lakhs.
Entities dealing exclusively in GST-exempted goods or services are not bound by these thresholds.
Entities that were registered under older tax frameworks (like Excise, VAT, Service Tax, etc.) need to migrate and register under the GST regime.
Any entity or individual involved in the supply of goods across state boundaries.
Entities that undertake taxable supply occasionally.
Businesses obligated to pay tax under the reverse charge mechanism.
Distributors of input services, including their representatives.
Operators or aggregators of e-commerce platforms.
Individuals or entities that are non-resident but engage in taxable supply within India.
Representatives who supply on behalf of a principal supplier.
Individuals or entities offering goods or services through an e-commerce aggregator.
Entities delivering online information, database access, or retrieval services from outside India to individuals in India, excluding those already registered under GST.
Ensures that businesses remain compliant with tax regulations, thus avoiding any potential penalties.
Businesses can claim credits for the GST they've paid on purchases, which can then be set off against the GST charged on sales, leading to a reduction in tax liability.
Encourages businesses to transact across state boundaries without facing tax-related challenges.
By removing the effect of tax being levied on an already taxed amount, the overall cost of products or services is reduced.
Being GST compliant can instil trust in potential customers, opening up more business opportunities.
Major corporations often prefer collaborating with GST-registered vendors.
Efficient management and lower tax liability can enhance the cash flow within a business.
Maintaining a consistent and positive GST compliance record can boost a business's credit profile.
A GST registration protects businesses and ensures their rights are upheld.
The GST process is streamlined, enabling businesses to file returns and make payments online easily.
Ensures businesses maintain accurate records, promoting a sense of trustworthiness and professionalism.
It empowers businesses to impose and gather GST from their clientele.
With this certificate, businesses can rightfully claim credits on the GST they've disbursed on their procurements and operational costs.
When seeking financial aid or loans, businesses might be asked to present their GST certificates to validate their authenticity.
To be eligible and participate in official government tenders, the GST Certificate must often be produced as evidence of tax compliance.
The certificate enhances a business's stature in the market, reflecting its commitment to national tax regulations.
Below, we have given the GST registration documents to use it as a checklist.
| GST | Return Type of Taxpayer |
|---|---|
| Sole proprietor / Individual |
|
| LLP and Partnership Firms |
|
| HUF |
|
| Company (Public and Private) (Indian and foreign) |
|
Failure to obtain GST registration can lead to substantial penalties for businesses. These penalties depend on the nature of non-compliance:
If a taxpayer neglects to pay the requisite tax or mistakenly underpays, a penalty of 10% of the outstanding tax amount is levied.
If an individual or business intentionally avoids paying due taxes, the penalty equals 100% of the evaded tax amount.
You can obtain your GST registration online through Solocorp. Enter your name, phone number and email to being the process.
When we receive your request a GST expert will reach out to you and understands your business activity, the state where the business is operating and answer any questions that you may have.
The GST expert will also collect and verify the GST registration documents to ensure a smooth registration process. Once the payment is initiated we start with the GST registration online process and we upload all your application into the GST Portal.
You obtain the GST registration within 3 to 7 working days. Everything is completely online you don't need to be physically present at the office for the same. Along with the GST registration, access is provided to LEDGERS Platform for your to do GST invoicing and GST return filing.
GST return filing is a formal process in which a taxpayer provides the government with information regarding their sales, purchases, and taxes collected and disbursed. In India, every GST-registered taxpayer must submit these returns consistently, even if there were no sales or purchases during a particular period. While there are no GST registration fees, ensuring a compliant and accurate registration is crucial to avoid penalties.
f you need assistance, our team of experts is at your service to guide you through the GST return filing process.