What is GST Registration?
The Goods and Service Tax is the biggest indirect tax reform which blends in all the other taxes into one single tax structure. Under GST Regime, the goods and services are now taxed under a single law being Goods and Service Tax Laws. The taxes are levied at a single rate. The collection is then bifurcated between both Central and State Government in name of CGST and SGST or IGST.
Threshold Limit for Registration
The registration under GST is mandatory for the business entities based on the criteria of turnover or activities. The business dealing in goods and those providing service have to mandatorily apply for GST Registration if their aggregate turnover for a financial year exceeds Rs.40 Lakhs and Rs.20 Lakhs respectively. However, for business making supplies and providing services in the North Eastern States, the same is Rs. 20 lakhs and Rs. 10 lakhs respectively. Owing to its benefits, many dealers also obtain voluntary registration under GST.
The GST registration in India is completely an online process. GST Registration affirms seamless flow of Input Tax Credit in addition to providing recognition as a registered supplier.
Benefits of GST Registration in India
Documents Required for GST Registration Online
Structure of GSTIN
Goods and Services Taxpayer Identification Number (GSTIN) is a PAN based 15 digit number assigned to taxpayers registered under GST
Apply for GST Number in 3 Easy Steps
Process for GST Registration online
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|Parameters||GST Registration||Importer Exporter Code||Professional Tax Registration||Shop & Establishments Registration||MSME Registration|
|Applicable To||Businesses exceeding prescribed threshold for turnover||All importers and exporters||A business where more than 20 employees are involved||Entities whose employee strength is more than 10||All Micro, Small and Medium Enterprises|
|If turnover exceeds ₹ 40 Lakh/₹20 lakh for goods/service or entity fall under specified category, registration is mandatory||Any business entity undertaking import/export for business purpose from India||A person earning income from salary or by practicing any profession has to pay the professional tax||All entities need to get registered under shop and establishments at the time of setting up their business||It is not mandatory to register under MSME. Any business entity if wishes, can get registered under MSME|
|Regulatory body||State and Central Government||Central Government||State Government||Municipal Corporation||Central Government|
|The tax is segregated into two parts for intra-state sales: CGST (central) and SGST (state)/UGST(in case of Union Territory). For inter-state sales: IGST is levied.||The code is granted by Directorate General of foreign Trade, Central Government||The tax is based on income slab-rates decided by state Government||Governed by Municipal Corporation under whose jurisdiction the business place is situated||MSMEs comes under centrally based Ministry of Micro, Small and Medium Enterprises|
|Annually, monthly or quarterly based on GSTR type||No return are prescribed to file after registration||Monthly or yearly -based on professional tax liability||No returns are to be filed after this registration||No returns are to be filed after this registration|
|Get Started||Know More||Know More||Know More||Know More|