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Introduced in India on 1st July 2017, the Goods and Services Tax or GST is a form of indirect tax that is levied on the sale, manufacture and delivery of all goods and services. According to the norms set up by the Income Tax Department of India, it is mandatory for each and every regular business entity to file a total of 37 returns in a year which is composed of three monthly returns and a yearly return.
What do you mean by Registration for GST?
As is stated above, it is imperative for any regular business to file a GST return. To do this, any business that has a turnover of 10 Lakh, in case of the North Eastern States and 20 Lakh for rest of the country, are required to register themselves with the IT department as a normal taxable person. This entire process of registration to file a return is known as the process of GST registration.
Is it important to get registration?
It is necessary that a regular income generating business registers itself. GST Registrations enables the taxpayer to avail various benefits that are present or offered by the GST regime, for instance, they can avail seamless input tax credit. Since the multiple tax system prevalent earlier has been replaced, it can be seen that there is a reduction in the cascading of taxes. Not only will timely registration provide additional benefits to the tax payer but will reduce the chances of any kind of last minute interface with the income tax authorities.
What is meant by Multiple Registration?
In certain situations, it is found that the same person is dealing with multiple businesses. Therefore, he or she can obtain multiple registrations for each different business.
Documents required for Registrations
It is mandatory for the taxpayer to hold a PAN card to be able to register to file a GST return. If the person is a non-resident of India, other documents of equivalent value are required.
What are the penalties for not registering under GST?
An offender to registering under GST has to pay additional 10{f35b16eb0048c74681985a1969674bbcc954290adb4d0e54cc91fa746b5957d4} of the taxable amount. In case of a deliberate fraud, the penalty is as high as 100{f35b16eb0048c74681985a1969674bbcc954290adb4d0e54cc91fa746b5957d4} of the taxable amount.
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