If you are an individual taxpayer, you need to register for the GST. The registration process can be done online at the official website of the GST. If you are a business taxpayer, you need to register for the GST through your registered agent. The registered agent will provide all the necessary documentation and help you with the process.
There are two types of registration that businesses need to go through: standard registration and e-way bill registration. A standard registration is required if your company has annual turnover up to ₹50 crore. An e-way bill registration is required if your company's annual turnover exceeds ₹50 crore or if your company does not have a registered office in India.
To register for the GST, first visit the official website and click on 'register for GST'. You will be asked to enter some basic information about your company, such as its name and address. You will also be asked to provide contact details for a registered agent who can help with the process of registering for the GST and providing necessary documentation. Once you have completed this step, you will be redirected to a confirmation page where you will be asked to submit some additional documents related to your company's operations, such as invoices or purchase orders. Once these documents have been submitted, you will be able to login to your account and start submitting invoices and payments electronically using the 'GST portal'.
As businesses in India start file GST Returns, it is important to note the benefits of registering for GSTR 2. Registered businesses are eligible for reduced input tax credit (ITC) rates and a host of other goodies. Here are some key points:
Registered businesses are automatically deemed to be carrying on business in India and are thus eligible for reduced ITC rates. This lowers the effective tax rate from 25% to 18%. Additionally, registered businesses have access to various government programmes that would not be available to unregistered businesses. For instance, registered firms can avail of interest subsidy under the Pradhan Mantri Fasal Bima Yojana and get preference under government procurement deals.
Registered companies can claim a credit of 41% against the amount paid as Input Tax on capital goods and services used in their business activities. This compares with the normal credit rate of 35%. In addition, registered companies are also entitled to an exemption on customs duty payments on imported materials and equipment used in their business activities.
Registering your business with GST authorities will enable you to claim rebates on specific taxes such as Customs Duty, Service Tax, etc., that you may have paid earlier without knowing it. You will also be able to file electronic returns which will help streamline processing at both the stages – pre-GST and post-GST.
To register as a GST Registration in India, businesses must meet certain checklist requirements. These requirements include filing an application form and submitting supporting documentation, such as business statements, invoices, income tax return, and certificates of incorporation or establishment. In addition, businesses must comply with GST regulations governing the registration process and the collection and reporting of taxes.
In order to register for GST in India, the taxpayer must submit certain documents to the tax authority. These documents include:
Since filing the GST returns becomes mandatory from July 1, 2017, many business owners are scrambling to get their GSTR 2 registration in place. While there are a number of options available, Vakilsearch is the best choice for GSTR 2 registration in India. Here are the reasons why: