GST Registration Online - An Overview
The Goods and Services Tax (GST), which went into effect on July 1, 2017, applies to all Indian service providers (including freelancers), traders, and manufacturers. Since July 1, 2017, a number of central taxes, including Service Tax, Excise Duty, and CST, as well as state taxes, including Entertainment Tax, Luxury Tax, Octroi, and VAT, have been merged into a single tax, GST. GST will be levied at every stage of the supply chain, with full set-off benefits available. The GST procedure is entirely online and does not require any manual intervention.
Every product goes through several stages of the supply chain, including purchasing raw materials, manufacturing, selling to a wholesaler, selling to a retailer, and finally selling to the consumer. Surprisingly, GST will be levied on all three stages. Assume a product is manufactured in West Bengal but consumed in Uttar Pradesh; the entire revenue will go to Uttar Pradesh.
Types of GST Registration
Regular, casual taxable persons, non-resident taxable persons, and eCommerce operators are all eligible for GST registration. Regardless of turnover, casual taxable persons, non-resident taxable persons, and eCommerce operators must obtain GST registration.
Casual Taxable Persons: A casual taxable person is defined by the GST Act as someone who occasionally supplies goods or services in a State or Union territory where the entity does not have a fixed place of business. As a result, individuals operating temporary businesses at fairs or exhibitions or seasonal businesses would be classified as casual taxable persons under GST.
Non-resident Taxable Persons: A non-resident taxable person (NRI) under GST is any person, business, or non-profit organisation that supplies goods or services but does not have a fixed place of business or residence in India. As a result, any foreign person, foreign business, or foreign organisation supplying goods or services to India would be a non-resident taxable person, subject to all Indian GST regulations.
E-Commerce Operators: Every person who owns, operates, or manages a digital or electronic facility or platform for electronic commerce is considered an electronic commerce operator. Thus, regardless of business turnover, any person selling via the internet qualifies as an eCommerce Operator and is required to register for GST.
What Advantages Come with GST Registration?
The following are the benefits of GST registration: -
• Taxation Services Are Simplified
• Product and service cost reductions
• It assists in avoiding lengthy taxation services.
• The goal is to reduce corruption and sales without receipts.
• Taxation Process Uniformity
• Reduce Tax Evasion
• Increased Registration Requirement
• Scheme of Composition for Small Businesses
• Simple and Straightforward Online Procedure
Who Requires GST Registration Services?
Every business or corporation engaged in the buying and selling of goods and services must register for GST online. Companies with a yearly turnover of more than 20 lakhs (for supply of services) or 40 lakhs (for supply of goods) must register for GST.
GST registration is required for all businesses that make interstate outward supplies of goods. Similarly, businesses that make taxable supplies on behalf of other taxable individuals, such as agents and brokers, are subject to the same tax.
Furthermore, according to a recent notification, e-commerce sellers/aggregators do not need to register if their total sales are less than 20 lakhs.