About GST Registration
Introduced on July 1, 2017, GST or Goods and Service Tax is seen as the most significant tax reform in the history of India. GST merged Central and State taxes into a single tax to improve the ease of doing business and widen the taxpayer base. Subject to certain conditions, GST registration is mandatory for manufacturers, traders, and service providers. GST has been implemented on the theme of One Nation One Tax and has tax slabs from a minimum of 0% to the Highest 28%.
Business entities whose turnover exceeds INR 40 Lacs (for Northeast and Hilly state 20 Lacs) are required to obtain a New GST Registration. However, the limit for the Service provider is still INR 20 Lacs. A certain category of Taxpayer u/s 24 of the CGST Act 2017 needs to register under GST irrespective of turnover compulsorily. It is in the best interest to determine upfront the requirements and eligibility criteria for the registration. It has ongoing compliances and further penalties for non-compliance, so it is advisable to understand the GST Provisions.
GST Registration Process can be initiated online through the GST portal, StartupSeven can help individuals and businesses in filing applications for GST.
- Items that are considered basic necessities come under exempt list i.e. they are not taxed.
- Household necessities and life-saving drugs etc. are taxed at 5%.
- Products like computers and processed food are taxed at 12%.
- Hair oil, toothpaste and soaps, capital goods, industrial intermediaries and services are taxed at 18%.
- Luxury items are taxed at 28%.
You can see the tax rates for all the products here: https://cbec-gst.gov.in/gst-goods-services-rates.html
- Upon reaching the Threshold of INR 40 Lac in case of Trader, and INR 20 lacs for a Service provider
- Interstate Sales and Service
- Ecommerce Operator
- OIDAR Services
- Non-resident and Importer
- Person Liable to deduct TDS/TCS
- Input Service distributor
Details & Documents
- Pan Card of entity
- Certificate of Incorporation /LLP Agreement or Partnership Deed/Shop Act registration
- Address proof of Business
- Board resolution/Letter of Authorised Signatory
- KYC and photograph of Directors/Partners/Proprietor
- Bank Statement/Cancelled cheque/Passbook
- Valid Indian Mobile Number of Directors/Partners/Proprietor
- E-mail ID of Directors/Partners/Proprietor
- For Company and LLP DSC of Authorised signatory is required