Corpbiz Makes the GST Registration Process Simple and Easy
GST Registration: In India, a GST is levied on 90% of the goods sold in the market and also on the services for domestic consumption. Corpbiz is a leading consultancy firm that provides an all-inclusive service for offline and online GST registration in India. To ease the burden on our clients, we handle all the tedious tasks and compliances related to the GST registration process on our client's behalf. Our team of experts have hands-on experience in providing best-in-class service for the same. All you have to do is call Corpbiz, and all your needs related to GST registration will be fulfilled.
How will Corpbiz Help in the GST Registration Procedure?
Corpbiz provides a comprehensive package to cover all your needs for GST registration. Our services are tailored to make the experience seamless and hassle-free. Here are services offered by us for the procedure for registration under GST -
Filing the Application
Our experts will fill out the application on your behalf. All you need to do is provide all the necessary necessary papers to apply. In case an individual does not have a particular necessary paper, our experts will assist in procuring that.
Securing GSTIN
On successful application submission, a GSTIN or GST Identification Number will be reflected. A GSTIN is a 15-digit unique identification number based on PAN, given to every individual who has successfully registered under GST.
Dedicated Expert
An expert will be allocated to you who will be in charge of solving all your queries as well as assisting in necessary paper aggregation. The person will be responsible for filing the application on your behalf.
At Home Service
You can file the GST registration form from the comfort of your home. The process will be done online, and the updates shall be conveyed to you wherever required.
CA Assistance
Corpbiz will also provide assistance of a CA for GST Filing. We believe in giving quality services and expect customer satisfaction every time.
What are the Challenges in the GST Registration Process in India?
Navigating the Goods and Services Tax (GST) registration process in India is a significant step for businesses, yet it comes with its own challenges. Addressing and understanding these challenges is required to maintain a smooth and proficient registration experience. Here are some of the challenges associated with obtaining a GST registration number-
Complex Registration Process
The process to obtain the new registration number and complete the process involves many steps and paper works that could prove to be complex for businesses, especially the MSMEs.
Technical Glitches
Technical glitches on the GST portal or the registration page may hinder the process to get the GST number, leading to delays and frustration.
Necessary Papers Requirements
Online GST Registration process requires gathering and submitting business related necessary papers and other necessary papers like- email id and mobile number, address proof of place of business, business turnover details or aggregate turnover details, etc. which can be challenging.
Digital Literacy
Some businesses, especially those that supply goods to rural areas, may face challenges related to digital literacy. It may get difficult for them to enter all the requested details on the GST portal online.
State Specific Needs
Understanding and meeting the specific requirements of different states to obtain GST registration can be challenging for businesses to get GST numbers when the business operates in multiple states.
Verification Delays
The verification process may take time, causing delays in obtaining the temporary reference number in the process of GST registration.
Input Tax Credit
Managing and claiming input tax credit correctly can be a challenge, as it involves proper paper works and compliance.
Complex Business Structure
Businesses with complex structures, such as franchises or joint ventures, may find it challenging to determine the appropriate registration structure.
The Transition From the Previous Tax Regime
Businesses transitioning from the previous tax regime or GST regime may face challenges in reconciling and migrating their existing data to comply with GST requirements.
Continuous Compliance
Staying continuously compliant with GST regulations, including filing regular returns, can be a challenge for businesses.
GST Software Implementation
Implementing and integrating GST-compliant software can pose challenges, especially for small businesses with limited resources.
Amendment Requests
Businesses may need to make changes to their registration details, and the process for making changes can be tedious.
Inter-state Transactions
Complying and understanding the GST regulations for inter-state transactions can be complex, most prominently for businesses engaged in e-commerce.
Reverse Charge Mechanism
Comprehending and correctly applying the reverse charge mechanism can be a challenge for many businesses.
Compliance for Service Providers
Businesses operating in the service sector may face challenges in establishing the place of supply and HST compliance regulations applicable to their services.
GST Rates and Classification
Correctly classifying goods and services under the appropriate GST rate can be challenging due to regular changes in GST rates and classifications.
Annual Return Filing
Filing the annual GST return involves comprehensive reporting, and businesses may find it challenging to compile and submit the required information.
GST Audit
Larger businesses may undergo GST audits, and ensuring compliance with audit requirements can be a complex process.
GST Network Issue
Technical issues or downtime on the GSTN portal may disrupt businesses' ability to file rerun and fulfil other compliance obligations.
What are the Advantages Associated with GST Registration?
There are many advantages associated with GST registration. Some of the perks of GST registration are listed below-
Simple and Online Process
The process is fairly simple and is entirely online. With the help of a prudent service provider, any business owner can get their GST registration done right from the comfort of their home.
Increased Threshold
GST registration provides a threshold value of up to 20 Lakhs. This is one of the many significant benefits of GST registration. Prior to this, VAT provided a threshold value for Tax registration of only 5 Lakhs.
Composition Scheme
The scheme is applicable to small businesses whose annual turnover is less than 1.5 crores. As per this, small businesses have the ability to escape from the tiring GST processes and can pay GST at a fixed amount of annual revenue generated.
Tax Evasion
GST registration offers a particular structure for paying the tax and decreases corruption significantly. There are many pursuable and strict rules that have been put in place with the introduction of GST.
Legal Recognition
A GST registration marks the image of a business as a goods and service provider. It provides credibility to the business in the eyes of the consumers.
Input Tax Credit
Input Tax Credit can be claimed through GST Registration. The process also helps in reducing the overall tax liability.
Inter-State Trade
If a business wants to do inter-state trade, they have to get a GST registration done. This helps expand the business's overall operations.
Business Expansion
With proper GST registration, businesses have the ability to enter new markets and avail themselves of new business opportunities.
Competitive Benefits
It has been observed that a business with proper GST registration is preferred over other non-registered businesses. This gives a competitive benefit to the business.
Diverse Suppliers
GST Registration also provides businesses with the opportunity to engage with other registered suppliers, which leads to availing better options for the supply.
Compliance Advantages
When a business has successfully gone through the process of GST registration, it allows them to stay compliant with the tax authorities.
GST Registration Process in India
The process of GST registration is fairly simple and can be done correctly if all the necessary necessary papers are present while filing the application. The process for new GST registration is mentioned below-
Corpbiz's Package Inclusions for GST Registration
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What are the Necessary Papers Required to Register for GST?
Necessary Papers required to register for GST are listed below-
GST Registration Fees
The registration fee for GST in India varies based on the type of business and the state in which it is located. As of now, the registration fee starts from Rs. 1000 and goes up to Rs. 5000. It is important to note that these fees are subject to change, and businesses are advised to check the latest fee structure or consult our professionals for accurate information.
Who Must Obtain the GST?
As per the GST Act, a person who conducts commerce or trade anywhere in India is called a taxable person and is obliged to register under the GST. Here is the list of individuals who have to go through the process of GST registration mandatorily-
Penalty for Not Obtaining GST registration
The penalty for not obtaining GST registration in India is a fine of Rs. 10,000 or an amount equal to the tax evaded, whichever is higher. Additionally, the person or business may also be charged with imprisonment for a term that may extend to six months for certain offences. It is essential for individuals and businesses in India to comply with the GST registration requirements to avoid facing penalties and legal consequences.
What are the Categories of GST Registration?
GST registration can be of different types based on the domain and revenue generated by the business. Some of the categories of GST registration are listed below-
Normal Scheme Registration
The most common type of GST registration is for businesses in which their annual turnover exceeds the threshold limit of 40 Lakh per annum on the goods they sell, and if the business is in the service provider domain, the GST registration has to be done if the annual turnover exceeds the threshold of 20 Lakhs per annum on the services they sold.
Composition Scheme Registration
In this, a small business whose annual turnover is not more than 1.5 crores for the goods they sold and if the business is from the service provider domain, then the annual turnover is not more than 50 lakhs are given the option to pay taxes at a fixed rate and file quarterly GST returns.
Casual Taxable Person Registration
This type of Registration is for business owners who do not conduct regular trade of goods and services to a state they don't belong to. The GST registration will be valid for 90 days or till the trade is going.
Input Service Distributor Registration
This is a registration for the offices of a supplier who receives tax invoices for input services and distributes the input tax credit to other branches of the same supplier. The purpose of this Registration is to ensure that the tax credit is accurately distributed and claimed by the relevant branches.
Non-Resident Taxable Person Registration
This is for people who live outside India but supply taxable services and goods in India. The Registration is valid for a period of 90 days or the duration of supply.
Necessary Papers Required for GST Registration
The list of essential necessary papers required for GST registration are listed below-
Necessary Papers Required for New GST Registration of Sole Proprietorship Businesses
The list of necessary papers required for sole proprietorship businesses are listed below-
Necessary Papers Required for GST Registration of LLPs or Partnership Firms
The list of necessary papers required for GST Registration of LLPs are listed below-
Necessary Papers Required for GST Registration of HUFs
The list of necessary papers required for GST Registration of HUFs is given below-
Necessary Papers are Required for GST Registration of Pvt. Ltd. Companies
The list of necessary papers required for GST Registration of Pvt. Ltd. Companies is mentioned below-
Necessary Papers Required for GST Registration of Clubs and Societies
The list of necessary papers required for GST registration of Clubs and societies is mentioned below-
What are the Compliances for GST Registration?
Now that we know the process of GST registration, it is important to understand the compliance requirements for the same. The first step is to get a GST registration done, which can be done via the GST online portal and through offline means as well. Online GST Registration is more efficient and quicker than offline GST registration.
The compliances related to GST registration are fairly simple and straightforward. The significant thing that has to be kept in mind is the annual turnover of the business. The annual turnover rate plays a key role in the process of GST registration and compliance. Businesses with substantial revenue have to get a GST Registration done mandatorily. Businesses have to comply with GST guidelines; non-adherence can lead to heavy penalties. Other mandatory compliance related to GST Registration are listed below-
GST Invoicing
Issuance of GST-compliant invoices has to be given to the customers on the sale of every taxable supply.
GST Returns
Every registered business has to file GST returns regularly. The frequency of filing for GST returns is dependent on the amount of revenue generated by the business.
ITC (Input Tax Credit)
The claim for input tax credit on purchase is included in GST compliance. Businesses are required to maintain an accurate record of their purchases.
Audits and Records
Businesses are also required to maintain accurate records of all GST-related transactions.
Timely GST Payment
Every business in India is required to pay the GST collected on the purchase of their goods and services to the tax authorities.
What is a GST Registration Certificate?
A GST Registration Certificate is proof in the form of a necessary paper that validates that a business is registered as per the GST law of India. The certificate enables a business to collect taxes from customers on behalf of the Government. It can be obtained by successfully registering under GST; then, a GST Registration certificate is issued in the GST REG-06 form. The user will be able to download the GST registration certificate from the GST portal. Every person who has received a GST registration certificate has to display it at their place of work. If they fail to do so, a penalty of INR 25,000 will be imposed on them.
Ultimate Checklist for GST Registration 2024
Aadhaar Card
Aadhaar Card of all the directors as well as partners involved in a business.
Address
The address proof can be in the form of an electricity bill, water bill, rent agreement, municipality tax receipt, etc.
Address of the Company
The address proof of the company can be in the form of an electricity bill, water bill, rent agreement, municipality tax receipt, etc.
Nature of the Business
Here, the person has to declare the type of business, whether it is an LLP, Pvt. Ltd., Sole proprietorship, etc.
Certificate of Incorporation
This is the certificate that is given to a business upon successful registration.
Letter of Authorisation
It is a legal necessary paper given to an individual who is acting on behalf of a business of an individual.
Photograph
Passport-sized photographs of all the directors or the partners involved in a business.
What are the State-Wise Statistics for GST Registration 2022-2023?
Here is the state-wise statistic with respect to the number of GST registrations done-
Name of the State |
No. of GST Registration Done |
Maharashtra |
1.48 Million Registration |
Tamil Nadu |
1.06 Million Registration |
Gujarat |
1.09 Million Registration |
Uttar Pradesh |
1.33 Million Registrations |
Rajasthan |
7,95,000 Registrations |
Recurring Terms
ARN Number- A Unique number generated on successful GST registration on the GST Portal.
GSTIN- A Unique PAN-based number provided to the business register under the GST law.
HSN Code- It is a number that is utilized to classify goods for tax purposes.
Non-Resident Taxable Person- It denotes someone who doesn't usually undertake transactions related to goods and services from one fixed place.
GST Return- It is the returns subjected to GST paid.
SGST- It is the GST that is levied by the state on interstate transactions.
UTGST- It is the GST that is levied by the Union Territories on interstate transitions.
IGST- It is the integrated tax that is levied by the Central Government on interstate transactions.
GSTR 1- It is for details related to the outward supply of goods.
GSTR 2- It is for giving details on the inward supply of goods.
GSTR 3- It is the form used by an average taxable person.
Frequently Asked Questions
Yes, GST registration and GST verification are completely free of cost. All a person needs to do is file a GST REG-01 form
A person needs to sign up for GST if they are involved in selling goods and services in a state and their annual revenue exceeds 20 Lakhs.
Yes, you can; as per the GST guidelines, there is no difference between a commercial space and a residential space.
The process or the rules for GST registration are mentioned below-
- Visit the official GST Portal.
- From the Services tab, select- Service and then click on 'Registration'.
- Now, click on New Registration.
- 7 Enter all the valid details like PAN, mobile number, etc.
GST is not applicable for small businesses whose turnover is less than 20 lakhs per year.
The three types of GST registration are
- Normal Taxpayer
- Composition Taxpayer
- Non-resident taxable person
The process of GST registration and GST verification is free of cost.
The different GST tax rates in India are 5%, 12%, 18%, and 28%.
5 of the many items on GST tax slabs are
- Edibles
- Fuels
- Incense Sticks
- Handmade goods
- Fertilizers, etc.
It is an official necessary paper that contains all the details about a business's purchases, sales, tax collected, tax paid, etc.
Some of the benefits associated with GST are
- It eliminates the cascading effect of tax.
- Registration requires a higher threshold amount.
- Simple online process
- Lesser compliances
- Boosted logistic efficiency
- Special benefits for e-commerce, etc.
GST gives many benefits to the Government, citizens, and business owners by decreasing the cost of goods and services, which eventually stimulates growth and international competitiveness.
Some of the disadvantages associated with GST are written below
- Inclined software cost
- Tech dependability
- Complex Compliances
- Loss in the real estate industry
- Dual Control, etc.
Any supplier of services or goods is liable to pay GST
As per the guidelines, a composition dealer cannot levy GST.
GST invoice is a bill generated on any transaction related to goods or services.
A person is eligible to file returns on GST if
- They have paid excess tax
- Exported goods or services
- Claimed lower income than the expected income
- Made zero-rated supplies, etc.
A salaried person whose primary source of income is through their job and who are not involved in any business does not have to register under GST.
Yes, a normal person can get a GST return on the condition that they have paid more GST than they were liable to.
GST Amount= (Original cost x GST%)/100