GST Registration
Overview
What It Is?
Under any taxation system, registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Under indirect tax regime, without registration, a person can neither collect tax from his customers nor claim any credit of tax paid by him. Registration legally recognizes a person as supplier of goods or services and legally authorizes him to collect taxes from his customers and pass on the credit of the taxes paid on the goods or services supplied to the purchasers/recipients. He can claim the input tax credit of taxes paid and can utilize the same for payment of taxes due on supply of goods or services. There is seamless flow of input tax credit from suppliers to recipients at the national level.
Benefits
Following benefits of GST registeration:-
- Legally recognized as supplier of goods or services.
- Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods or services or both by the business.
- Legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients.
- You should be able to download the Provisional Registration Certificate from “Download Certificates” at GST website which can help you to open bank account with minimum time period
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For Whom
Mandatory Registeration
Every supplier shall be liable to be registered under this Act in the State or Union territory, other than special category States, from where he makes a taxable supply of goods or services or both, if his aggregate turnover in a financial year exceeds twenty lakh rupees for sale of services or forty lakh rupees for sale of goods.
Provided that where such person makes taxable supplies of goods or services or both from any of the special category States, he shall be liable to be registered if his aggregate turnover in a financial year exceeds ten lakh rupees.
To calculate this threshold, your turnover should include the aggregate value of all taxable supplies, exempt supplies, export of goods and/or services and inter-state supplies of a person having the same PAN
Every person who is registered under an earlier law will take registration under GST too.
Where a business which is registered has been transferred to someone, the transferee shall take registration with effect from the date of transfer.
Registration is mandatory for anyone who makes inter-state supply of goods and/or services.
Registration is mandatory for:
- Casual Taxable Person
- Non-Resident Taxable Person
- Agents of a supplier
- Taxpayers paying tax under reverse charge mechanism
- Input Service Distributors
- E-commerce operator or aggregator and their suppliers.
- Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person
Voluntary Registeration
A person may opt for voluntary registration under GST even if he is not liable to be registered. All the provisions of GST applicable to a registered taxable person will similarly apply to such a voluntarily registered person also, i.e. he will be treated as a normal taxable person.
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The firm demonstrates strong expertise in accounting and taxation. A Square Finserv is a trusted advisory partner.
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Our FAQ
Answers To Your Questions
We calculate Net foreign exchange earnings accordingly: Net Foreign Exchange = (Gross Earnings for Foreign exchange – Total expenses/payments/remittances relating to service in Financial year)
Registration under Goods and Service Tax (GST) regime will confer following advantages to the business:
- Legally recognized as supplier of goods or services
- Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods orservices or both by the business.
- Legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients
No. A person without GST registration can neither collect GST from his customers nor claim any input tax credit of GST paid by him.
- Where the application for registration has been submitted within thirty days from the date on which the person becomes liable to registration, the effective date of registration shall be date of his liability for registration.
- Where an application for registration has been submitted by the applicant after thirty days from the date of his becoming liable to registration, the effective date of registration shall be the date of grant of registration.
- In case of suomoto registration, i.e. taking registration voluntarily while being within the threshold exemption limit for paying tax, the effective date of registration shall be the date of order of registration.
Yes, the registration Certificate once granted is permanent unless surrendered, cancelled, suspended or revoked.
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