GST registration is the procedure through which a taxpayer registers for Goods and Service Tax (GST). The Goods and Service Tax Identification Number (GSTIN) is supplied once the registration process is complete. Let us find out more details in the blog!
What Is the GST Number?
By replacing a multitude of indirect levies with a single unified tax, GST has altered the country’s economy. GST tax rates range from 0% to 28%, depending on the type of service or nature of commodities. The GST Council is responsible for determining tax rates, rules, and regulations. Prior to the implementation of the GST system, all state VAT-registered traders were assigned a unique TIN number. GSTIN has now taken the role of TIN. The GSTIN number is also known as the GST number.
Procedure for Applying for a GST Number for Online Business
According to Section 2(45) of the CGST Act, 2017, an e-commerce operator is someone who owns, runs, or maintains a digital or electronic facility or platform for electronic commerce. This is the same as running an online business. Since the benefit of the threshold exemption is not available to e-commerce operators under Section 24(x) of the CGST Act, 2017, all online businesses are required to register regardless of the value of the supplies they make.
The procedure to apply for a GSTIN number for an online business is similar to applying for a GSTIN for an offline business. The process is however a tad more tedious and quite a hassle. This is why we recommended that you lean on the expertise of the professionals at Vakilsearch, India’s premier client-friendly online legal aid.
Use our GST calculator to Calculate GST Amount to be paid before registering for GST.
- The first and most important step is to contact Vakilsearch’s GST experts to examine your GST demands and requirements
- Our team of GST experts will next double-check that all of your paperwork and documentation is in place, and answer your question “How to Register for GST?”
- Our experienced legal team will then walk you through the GST registration procedure and finish it on your behalf, allowing you to obtain your ARN and GSTIN as quickly as possible
- The Vakilsearch team will also assist with any compliance or physical verification issues that may arise throughout the registration procedure
- Our experts can also assist you after you’ve registered by managing all of your return filings to keep you GST-compliant.
Common FAQs on GST for Online Businesses
If I buy items from a variety of suppliers and offer them on our website under my own name. Is it necessary to collect TCS on such supplies?
No, TCS is needed to be collected on the net worth of taxable supplies made via it by other suppliers if the consideration is to be collected by the ECO, according to Section 52 of the CGST Act, 2017. There are two transactions in this case: one where you buy the things from the sellers and another where you sell them on your website. GST is applicable to the first transaction and must be paid to your merchant, for which you will receive a credit. The second transaction is a supply made on your own behalf, not for the benefit of other suppliers, and there is no need to collect tax at the point of sale. The transaction will be subject to GST at the current rates.
Conclusion
In accordance with GST regulations, a company must register as a regular taxable entity if its annual revenue exceeds ₹ 40 lakh. For firms located in hill states and North-Eastern states, the turnover is ₹10 lakh. Within the given time frame, the GST registration process can be finished at Vakilsearch with the assistance of the best legal minds. Online GST portal makes it simple to register for GST.
