Get your GST registration today!

What is GST Registration?

GST, introduced on July 1, 2017, replaced all indirect taxes in India, simplifying the complex tax system. It aims to unify the market by removing taxation barriers, allowing seamless buying, selling, importing, and exporting across the country.

Companies with an annual turnover above Rs. 40 lakh for goods and Rs. 20 lakh for services must register for GST and pay taxes. Businesses below this threshold can voluntarily register to benefit from input tax credit. In special category states, the GST registration threshold is Rs. 20 lakh for goods and Rs. 10 lakh for services. These states include Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Sikkim.

Who Should Register for GST?

Businesses with turnover above Rs. 40 lakh, Rs. 20 lakh, or Rs. 10 lakh, depending on the case, must register for GST. Certain businesses are required to register, and failure to do so can lead to significant penalties. Following people must be registered for GST:

• Casual taxable person under GST
• Non-resident taxable person
• Supplier of goods and services
• Supplier of goods through an e-commerce portal
• Any service provider
• E-commerce operator
• TDS/TCS deductor
• Individuals who registered under Pre-GST law 
• Exporters
• Voluntary Registrants
• Businesses supplying goods must register for GST if annual turnover exceeds Rs. 40 lakhs in Normal Category states or Rs. 20 lakhs in Special Category states.
• Businesses supplying services must register for GST if annual turnover exceeds Rs. 20 lakhs in Normal Category states or Rs. 10 lakhs in Special Category states.
• Individuals registered under previous laws (e.g., Excise, VAT, Service Tax) must also register under GST.
• If a registered business is transferred or demerged, the transferee must register for GST from the date of transfer.

Types of GST Registration

1. Regular GST registration (GSTIN): When the gross income of the businesses exceeds over the specific amount set by the law then they are liable to pay GST. 
2. Composition scheme registration: A simple tax scheme ideal for small businesses with lower rate taxes but has certain limitations.
3. Casual Taxable person registration: A temporary registration required for businesses that do not  have a permanent place and occasionally indulge in supplying goods or services in a taxable area.
4. Non-Résident taxable person registration: Ideal for foreign  businesses supplying goods and to India without physically establishing the business in india 
5. Input service distributor registration: Any businesses registered under the GST law distributes the Input service tax credit among its various branches operating under the same PAN
6. TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) Registration: TDS and TCS is a type of registration where the organizations are required to deduct tax at source and collect the tax at source.
7.  E-commerce Operator Registration: Ideal for suppliers conducting online sales 
8. URD (Unregistered Dealer): Dealers not registered under GST, engaged in taxable supply. Required to register only if they exceed the limit.

Documents Required for GST Registration

The list of documents required to register for GST in India are as follows:

• PAN of the applicant
• Copy of the aadhar card
• Incorporation certificate
• Identity of address proof of directors with a photograph
• Bank account statement/ canceled cheque
• Authorisation letter/Board regulation for authorized signatory
• Digital signature

Penalty for Not Obtaining GST Registration

According to Section 122 of the CGST Act, if a person or supplier exceeds the threshold limit for GST registration and is required by law to register but fails to do so, they will face a penalty. The penalty for non-registration under GST is either INR 10,000 or 10% of the tax due, whichever amount is higher.

Example:

Suppose a business in a Normal Category state exceeds the GST threshold limit with a taxable turnover of Rs. 50 lakhs. The tax due on this amount is Rs. 5 lakhs. If the business fails to register for GST, the penalty will be the higher of:

1. Fixed Penalty: INR 10,000
2. 10% of Tax Due: 10% of Rs. 5 lakhs = INR 50,000

In this case, the penalty would be INR 50,000, as it is higher than the fixed penalty of INR 10,000.

Benefits of Virtual Office for GST Registration

1. Cost-Effective: Virtual offices are significantly cheaper than renting or buying physical office space
2. Prestigious Business Address: A virtual office provides a professional business address in a prime location away from the congested city centers
3. Compliance: Valid address proof required for GST registration, helping businesses to comply with legal requirements.
4. Flexibility: The businesses have the flexibility of operating remotely thereby maintaining a professional presence
5. Mail Handling and Forwarding: Among various facilities provided virtual offices offer mail handling services ensuring that the messages are delivered to you on priority.
6. Meeting Rooms: Virtual offices offer the flexibility of booking meeting rooms as per the clients requirement.

Why Choose myHQ Virtual Office for your GST Registration?

GST registration is one of the important factors for businesses to operate. We provide GST registration for new businesses or additional places of business (APOB), professional mailing address and virtual receptionist services, ensuring that your business operations run smoothly.

Choosing myHQ as your virtual office for your business can be a right choice as we ensure a step to step guidance on the GST registration process thereby decreasing the chances of rejection.Our company experts will assist you with the necessary documents required for the registration and make sure that all the steps are being followed.  

We offer:

• Professional business address as per the GST requirements
• Document Preparation
• Address Proof
• Application Review
• Timely Follow-Up
• Problem Resolution
• Continued Support
• Money back guarantee in case of GST registration Rejection.
• Mail Handling services 
• Access to meeting rooms