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The GST(Goods and services tax) is a value-added tax imposed on most of the goods and services for consumption. Those businesses who sell goods and services remit the gst to the government which is paid by the consumers.So we can say that it provides revenue for the government.
In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.
Registration under GST is mandatory for certain businesses. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.GST registration usually takes between 2-6 working days. We’ll help you to register for GST in these easy steps.The Goods And Services Tax (GST) Registration at Digital KB Management Service helps you to get your business GST registered and obtain your GSTIN.We will guide you on the applicability and compliances under GST for your business and get your business registered under GST.CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification came into effect from 1st April 2019.
GST rates have been classified into 6 categories ranging from 0% to 28%, depending upon the nature of goods and services. The rate of interest under GST Composition Scheme are very low, i.e. 1% & 5%.
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Manufacturers |
2% of turnover ( 1% CGST plus 1% SGST) |
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Restaurant Services |
5% of turnover ( 2.5% CGST plus 2.5% SGST) |
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Traders. Retailers, Wholesaler, etc |
1% of turnover ( 0.5% CGST plus 0.5% SGST) |
Besides, there's a separate composition scheme for service providers and dealers of mixed supplies as shown below in the table.The GST Council in its 32nd meeting had introduced a new composition scheme for service providers as well as mixed supplies of goods & services. Under this composition scheme,Threshold limit for GST Registration shall be ₹50 lakhs.The GST tariff rate shall be 6%, i.e. 3% CGST + 3% SGST.The suppliers under this scheme would require to file only annual GST return GSTR-9A and no need to file GSTR-4.
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Composition Scheme |
Regular Scheme |
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Compliance |
Relaxed compliance in order to safeguard small businessmen. |
Normal compliance required. |
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Tax rate |
Composition taxpayers need to pay nominal GST at a fixed rate of turnover, which is normally 1-5%. |
Tax rate for regular taxpayers goods and services, which is from 0-28%. |
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Input Tax Credit |
Composition taxpayers cannot avail Input tax credit benefit. |
Normal taxpayers can avail Input tax credit benefit. |
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GST Return filing |
Composition taxpayers required to file quarterly return. |
Normal taxpayers required to file monthly return. |
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Tax invoice |
Composition taxpayers can not issue tax invoice to their customers. |
Normal taxpayers can issue tax invoice to their customers. |
WHO NEEDS GST REGISTRATION NUMBER?
GST Registration Steps are as follows:
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Type of offence |
Amount of penalty |
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Penalty for delay in filing GSTR |
Late fee is Rs. 100 per day per Act. So it is 100 under CGST & 100 under SGST. Total will be Rs. 200/day. Maximum is Rs. 5,000. There is no late fee on IGST. |
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Penalty for not filing GSTR |
Penalty 10% of tax due or Rs. 10,000 -whichever is higher |
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Penalty for committing a fraud |
Penalty 100% of tax due or Rs. 10,000 -whichever is higher (High value fraud cases also have jail term) |
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Penalty for helping a person to commit fraud |
Penalty extending upto Rs. 25,000 |
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Penalty for opting for composition scheme even though he is not eligible |
Demand & recovery provisions of sections 73 & 74 will apply.
Penalty 100% of tax due or Rs. 10,000 -whichever is higher
Penalty 10% of tax due or Rs. 10,000 -whichever is higher |
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Penalty for wrongfully charging GST rate— charging higher rate |
Penalty 100% of tax due or Rs. 10,000 -whichever is higher (if the additional GST collected is not submitted with the govt) |
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Penalty for not issuing invoice |
Penalty 100% of tax due or Rs. 10,000 -whichever is higher |
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Penalty for not registering under GST |
Penalty 100% of tax due or Rs. 10,000 -whichever is higher |
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Penalty for incorrect invoicing |
Penalty of Rs. 25,000 |
An offender has to pay a penalty amount of tax evaded/short deducted etc., i.e., 100% penalty, subject to a minimum of Rs. 10,000.For the 21 offences above, for fraud cases, penalty will be 100% (minimum Rs. 10,000).
GSTIN is an abbreviation for Goods and Service Tax Identification Number. It consists of 15 alphanumeric digits.After successfully completing the registration of GST,it is generated by the government.
It generally take 8 days to get GST number when we apply as a proprietor. If they get any re verification then it takes another 17 days time to get the GST number.
Understand the Registration Requirement: Any person with a taxable supply turnover of over Rs.25 lakhs is required to register for GST in India.
GST registration is completely free and is very easy to do. Visit http://www.gst.gov.in and click on Register as Taxpayer and follow the steps given.GST company Registration is mandatory for all Service providers,buyers,sellers.
You will need GST registration in each state. But if you are supplying from only one location then one GST Registration is sufficient . No. Every business entity will have to get registration in each state where it operates.
Goods and Services Tax (GST) is an indirect tax (or consumption tax) levied in Indiaon the supply of goods and services. ... The tax replaced existing multiple cascading taxes levied by the central and state governments.
Yes if you are a corporate person i.e company and limited laiblity partnership you have to open current account for the same,for sole proprietor it is not so complusory. No, Current account is not compulsory for GST Registration. You can give savings account or OD or CC account also for GST registration
Introduction to GST and its 3 types- CGST, SGST, IGST AND UTGST are effectively supporting such major economic development programs. GST stands for Goods and Services Tax. ... It will subsume multiple taxes like VAT, Service Tax, CST, excise and additional excise duty, entertainment and luxury tax, etc
Goods and Services Tax (India) ... In addition a cess of 22% or other rates on top of 28% GST applies on few items like aerated drinks, luxury cars and tobacco products. Pre-GST, the statutory tax rate for most goods was about 26.5%, Post-GST, most goods are expected to be in the 18% tax range.
ARN number is a unique number assigned to each GST transaction completed at the GST common portal. Application Reference Number (ARN) is also generated at the time of submitting GST enrolment application that is electronically signed using DSC
CPIN stands for Common Portal Identification Number whereas CIN stands for Challan Identification Number. ... The CPIN is issued at the time generating GST tax challan by online. An online GST tax challan can be saved temporarily and editing before generating the final challan.
How GST Works in India. GST is a type of value added tax and a proposed comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services at the national level. It will replace all indirect taxes levied on goods and services by the Indian central and state governments.