GST (Goods and Service Tax) 2017 Registration Process

GST is on the verge of implementation and businesses are looking out for trustedGoods and Service tax software. This new tax reform will replace many indirect taxes and the process would get smoother with time. However, the process starts with registration to get all the advantages of GST. In order to keep pace with this new tax regime, here are the few FAQs that are answered for your reference.

 What is GST Registration?

GST is the tax based on destination of delivery or consumption. This new tax would make up for all other taxes like excise duty, octroi, entry tax, sales tax, VAT, and any such taxes levied on the good or service at any time. Government has come up with certain prerequisites in order to make the process of taxation smoother. The existing tax payers and those who are liable to pay GST as per new tax legislation may register with the State Government or Central Government managed portals with the help of provisional ID’s given by respective state governments. You can complete the conversion process on

 Who is required to register for GST?

Any existing tax payer registered with one or more of the below mentioned authorities may register for GST -

  •  Service Tax.
  •  Sales Tax.
  •  Value Added Tax.
  •  Luxury Tax.
  •  Entry Tax
  •  Central Excise
  •  Entertainment Tax

 Apart from above categories, any supplier making yearly aggregate turnover more than the threshold limit decided by the government Eg if supply is more than 20 Lakh against one PAN (In case of northern states it's 10 Lakh) . Apart from these categories even voluntary registrations will be allowed. Link for Registration

 How do I get GST Number?

As per the existing taxation system, the dealers registered under the VAT law are assigned TIN number and those providing service are provided service tax registration number. Now according to GST reform, Goods and Services Tax Identification Number (GSTIN) would be provided to all the existing businesses on furnishing required information on the GST portal. This number would be unique and can be used all over the nation. In case of fresh registration one use the facility available over the GST portal for registration of business.

 What are the documents needed for GST registration?

GST registration is made short and hassle-free with minimizing the number of documents needed. Some of the important documents required are -

  •  Shop Act(Proprietorship), Individual PAN , PAN card of entity in case of partnership or Company.
  •  Partnership deed, Article of Association (AOA), Memorandum of Association (MOA), Certificate of incorporation, and other proof of constitution.
  •  Address proof of business. Rent agreement, telephone bill, or electricity bill.
  •  Cancelled cheque revealing key details like IFSC code, MICR code, account holder name, and details of branch.
  •  Identity proof and address proof of all the partners and authorized signatory in case of partnership firm whereas those of directors in case of company.

 What is the liability for GST registration in India?

The liability of GST registration in India is based on aggregate turnover. This turnover would differ according to the region of business. The liability for GST is as under -

  •  For North East India - If turnover exceeds Rs 10 lakhs during the financial year.
  •  Rest of India - If turnover exceeds Rs 20 Lakhs during the financial year.

The GST Filing & Invoice Software would help you know your liability for tax and hence make filing accordingly.

GST - Rate of Tax on Goods

GST rate of tax differ as per the commodity. The rate may vary as 5%, 12%, 18%, and 28%. There is different rate decided for branded, loose, and fresh produce. The entire list of goods and applicable taxes can be referred to know the exact GST liability. GST software provider would incorporate these rates in the software for accurate calculation mapped with HSN or SAC codes.

GST - Service Tax Exemption

New GST reform will continue with exemption of service tax for 83 services that would include certain selected government services, health, and education services. About 13 services related to travel by road and air would be liable to 5% tax.

GST will bring the positive change to business processes. GST billing software for small business would make this new reform user friendly by automating the entire process. Even large business houses can benefit with the GST accounting software India wide for its convenient application.