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New GST Registration in India
Welcome to our step-by-step guide for GST registration in India! As a business owner or individual involved in the supply of goods or services, GST registration is essential.
What is GST Registration ?
For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it is an offence under GST and heavy penalties will apply.
Types of GST Registration
Following are the main types of GST Registration:
Composition Taxpayer: Businesses opting for the Composition Scheme can register under this category. The scheme offers a simpler compliance process and requires the payment of tax at a fixed rate. Businesses with a turnover between INR 40 lakhs and 1.5 crores can opt for this registration.
Casual Taxable Person: Individuals or businesses setting up occasional or seasonal businesses need to register under this category.
Non-Resident Taxable Person: This category is for businesses located outside India that supply goods or services in India. It enables them to comply with GST rules and meet their tax responsibilities
Special Economic Zone (SEZ) Registration: Businesses operating in Special Economic Zones have a separate registration process to avail of special tax breaks and exemptions
Voluntary Registration: Businesses that do not meet the mandatory turnover threshold for GST registration can choose to register voluntarily to take advantage of the Input Tax Credit facility
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If you need legal advice or representation for your business, we are here to help. Contact us today to schedule a consultation with one of our experienced attorneys.
Benifits of GST Registration
Interstate Sales
Competitive Advantage
Competitive Advantage
After Getting GST registration Certificate, businesses can easily sell goods and services across states, broadening their market reach.
Competitive Advantage
Competitive Advantage
Competitive Advantage
Businesses registered under GST are often perceived as more reputable and reliable, providing them with a competitive advantage
Input Tax Credit
Competitive Advantage
Input Tax Credit
Registered businesses can claim a credit for the GST paid on Purchase of goods & services, which helps in decreasing their tax liability.
Credibility
Competitive Advantage
Input Tax Credit
GST registration can improve a business’s credibility with customers and suppliers.
Legal Protection
Access to Government Contracts
Reduction in Tax Evasion
GST registration provides legal protection to businesses, and operating without it can lead to legal implications
Reduction in Tax Evasion
Access to Government Contracts
Reduction in Tax Evasion
There are many strict, specific, and followable rules that have been generated with the appliance of GST. It provides a specified structure for paying the tax and reduces corruption.
Wider Customer Base
Access to Government Contracts
Access to Government Contracts
Being Registered with GST can lead to new opportunities with these clients since many corporations and governmental organizations are required to work only with registered suppliers.
Access to Government Contracts
Access to Government Contracts
Access to Government Contracts
Businesses with GST registration could gain eligibility for participation in government contracts, unlocking growth opportunities.
Penalty for Not Obtaining GST Registration
Penalties for not obtaining GST registration in India can be significant and are imposed on businesses that fail to comply with the registration requirements. According to Section 122 of the CGST Act, a penalty of 100% of the tax due or ₹10,000, whichever is higher, is levied on businesses that fail to obtain GST registration when required to do so.
Some of the key penalties for not obtaining GST registration or committing other offenses under GST include:
1) Penalty for not registering under GST: 100% of the tax due or ₹10,000, whichever is higher.
2) Penalty for incorrect invoicing: ₹25,000
3) Penalty for late filing of GST returns: ₹100 per day per Act (₹100 for CGST and ₹100 for SGST), with a maximum of ₹5,000
4) Penalty for fraudulent activities: ₹10,000 or the equivalent tax amount evaded
These penalties are applicable to businesses that commit offenses under the GST Act, such as failing to register, providing false information, or not collecting Tax Collected at Source (TCS) when required. . It is essential for businesses to understand and comply with their GST registration and filing obligations to avoid these penalties and maintain compliance with the tax laws.
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