What is GST Registration?

GST registration refers to the process by which businesses in India are required to register themselves under the Goods and Services Tax (GST) regime. GST is a unified tax system implemented to replace various indirect taxes levied by the central and state governments. Under GST registration, businesses obtain a unique GST identification number (GSTIN) which enables them to collect and remit GST on their sales transactions. This registration is mandatory for businesses whose annual turnover exceeds the prescribed threshold limit set by the government. Once registered, businesses are required to comply with GST regulations, file regular GST returns, and maintain proper records of their transactions in accordance with the GST laws.

Advantages of GST Registration:

• Strengthening the company's reputation among suppliers, consumers, and banks.
• Permitting companies to deduct input tax from their total tax obligation when they make purchases of products and services for use in their operations.
• Cutting down on the number of registrations required and the associated expenses will simplify the compliance process.
• Eliminating all restrictions on interstate travel and enabling companies to sell goods and services throughout India in order to increase their market reach.
• Reducing taxes for businesses to provide them a competitive advantage and allow them to charge less for goods and services than their rivals.
• Lowering the burden of compliance and the tax code to simplify operations for businesses.

Documents required for GST Registration:

• PAN Card of the Candidate or Business
• Proof of the Promoters' Identity and Address
• Address Proof for the Business Location
• Evidence of a bank account

GST Registration mandatory in India

• The online registration for GST is mandatory for casual taxpayers who offer goods or services at events or exhibitions without having a permanent place of business. A dealer of this type is required to pay GST based on an approximate 90-day turnover. The 90-day period is when the causative GST Registration is valid.
• To get new GST registration is necessary for each taxpayer whose yearly turnover exceeds 40 lakhs. Turnover for service supply is limited to 20 lakhs.
• If an NRI taxpayer wants to establish a business but does not currently have a place of business in India, he must first file for GST registration in India before starting operations. A new registration under GST has a 90-day validity period.
• GST registration is required for all distributors of input services who wish to benefit from the input tax credit carryforward.
• Reverse Charge: It is mandatory for a business to register under GST in order to be eligible to pay tax under the reverse charge system.
• E-Commerce portals: All e-commerce platforms (like Amazon or Flipkart) where several sellers offer their goods must be registered with the GST.
• Businesses who offer products or services beyond their state's borders are required to register with the GST Department. IGT, or the Integrated Goods and Services Tax, is imposed on these companies when goods or services are supplied across states.
• Exporters must register with the Indian GST department as exports are considered Zero Rated Supplies in India.