GST Registration

 

It is mandatory for a business that has a turnover of above Rs.40 lakh to register as a normal taxable entity. This is referred to as the GST registration process. The turnover is Rs.10 lakh for businesses that are present in hill states and North-Eastern states. The GST registration process can be completed within 6 working days.

GST registration can be easily done on the online GST portal. Business owners can fill a form on the GST portal and submit the necessary documents for registration. It is mandatory for certain businesses to complete the GST registration process. It is a criminal offense to carry out operations without registering for GST and heavy penalties are levied for non-registration.

Types of GST Registration

Under the GST Act, GST Registration can be of various types. It is vital that you are aware of the different types of GST Registration before selecting the appropriate one. The different types of GST Registration are:

  • Normal Taxpayer:Most businesses in India fall under this category. You need not provide any deposit to become a normal taxpayer. There is also no expiry date for taxpayers who fall under this category.

  • Casual Taxable Person:Individuals who wish to set up a seasonal shop or stall can opt for this category. You must deposit an advance amount that is equal to the expected GST liability during the time the stall or seasonal shop is operational. The duration of the GST Registration under this category is 3 months and it can be extended or renewed.

  • Composition Taxpayer:Apply for this if you wish to obtain the GST Composition Scheme. You will have to deposit a flat under this category. Input tax credit cannot be obtained under this category.

  • Non-Resident Taxable Person:If you live outside India, but supply goods to individuals who stay in India, opt for this type of GST Registration. Similar to the Casual Taxable Person type, you must pay a deposit equal to the expected GST liability during the time the GST registration is active. The duration for this type of GST registration is usually 3 months, but it can be extended or renewed at the type of expiry.

  • Non-Resident Online Service Provider

  • Special Economic Zone Developer

  • GST TDS Deductor – Government Entities

  • UN Embassy/ Body/ other notified individuals

  • Special Economic Zone Unit

  • GST TDS Collector – E-commerce Companies