What is GST?
GST is the result of India’s largest tax reform, which has greatly enhanced the ease of conducting business while simultaneously expanding the Indian taxpayer base by bringing millions of small enterprises under one unified tax structure. India’s tax complications have been greatly reduced as a result of the implementation of GST. Multiple tax systems are being phased out and replaced by a single, straightforward tax system known as GST.
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All entities involved in the purchase or selling of products, delivering services, or both are obliged to register and get a GSTIN under the GST regime.
What is GSTIN?
GSTIN is a 15-digit code that is assigned to every taxpayer in India who has a valid GST registration. It is a one-of-a-kind code that is assigned to each taxpayer depending on their state and PAN. When a company’s yearly turnover exceeds Rs.20 lakh, it must obtain a GSTIN. The GSTIN is required if the business operates an e-commerce platform.
GST registration is required anytime an entity’s revenue reaches a certain threshold, or when an individual begins a new business with the intention of exceeding the statutory threshold.
Who qualifies for a GST registration?
If your company falls under one of the following categories, you must register for GST.
- Turnover in aggregate
The Central Government has agreed to set two GST registration thresholds for goods suppliers: Rs.20 lakhs and Rs.40 lakhs. However, because each state’s revenue is also related to GST, each state government must decide on the threshold limit within a week. As a result of this decision, different states will have varying GST threshold levels in the future.
- Business on the interstate
The phrases interstate and intrastate are extremely important in determining IGST, CGST, and SGST in GST. IGST is levied on interstate supplies, while CGST and SGST are levied on intrastate supplies. In this post, we’ll look at how the GST Act defines interstate and intrastate supplies.
- Platform for E-commerce
In India, GST has a significant impact on ecommerce. With more and more commerce taking place online, the government has created unique GST laws and regulations that ecommerce businesses must follow. In this piece, we’ll examine some of the frequently asked questions about GST that we’ve received from online businesses.
- Casual taxable persons
Under GST, all casual taxable persons are given special status. A casual taxable person is defined by the GST Act as a person who, in the course or furtherance of business, occasionally engages in transactions involving the supply of goods or services, or both, whether as principal, agent, or in any other capacity, in a State or a Union territory where the entity has no fixed place of business. As a result, people who run transitory businesses at fairs or exhibitions, as well as seasonal businesses, would be considered casual taxable individuals under the GST. In this essay, we’ll look at how to register for GST as a casual taxpayer.
- Registration on a voluntary basis
The Government of India (GoI) established the Scheme of Grant-in-Aid to Voluntary Organizations and NGOs to encourage volunteer organisations and training institutes that assist Schedule Castes. The Ministry of Social Justice and Empowerment (MoSJ&E) is supporting the schedule caste scheme, which aims to create a platform for SCs to gain new skills and increase their chances of finding work in any field.
What documents are needed to apply for GST registration?
Regular taxpayers who want to register for GST must submit the following documentation.
- The company’s PAN card
- The applicant’s PAN
- The applicant’s identity document, as well as pictures, are required.
- The applicant’s proof of address is required.
- The Certificate of Incorporation is a document used to register a business.
- Proof of a business location
- a bank statement or a cancelled check
- Certificate of Digital Signature
- For the authorised signatory, a letter of authority or a Board Resolution is required.
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