GST Registration

Registration

GST is the biggest tax reform in India, which includes small-scale businesses. The introduction of GST increased the number of taxpayers in India. It is an easier and more flexible way, bringing all the taxes under one roof- a single payment. GST policy includes all the service providers, buyers, and sellers to register and secure GSTIN. GST registration is mandatory for any entities having a turnover above the margin.

Who should?

• Any service category crossing a turnover of 10 lakh is asked to register under the GST.
• All the businesses supplying goods to other states, inter-state businesses.
• Businesses through e-commerce should register, irrespective of the turnover.
• An individual practicing the selling or supplying of goods, disregarding the annual turnover.
• Voluntarily obtaining the GST by an entity, the applicant can surrender the application at any time.

Types

Normal Scheme – Individuals running the business in India, have an unlimited validity period with no deposit.

Non-Resident Taxable Person – With a three-month validity period, individuals locating outside India having a connection in supplying goods or services to the residents of India.

Casual Taxable Person – Individuals running a business seasonally or even occasionally, registration with a deposit equal to the GST liability. This has a validity of three months.

Composition Scheme – Every entity must register. An organization whose turnover is not less than 1.5 Cr can aid this scheme, they can pay a flat GST rate and also, they can’t claim an input tax credit.