GST Registration is a method by which a taxpayer gets himself registered below GST. Once a business is successfully registered, a singular license number is allotted to them called the Goods and Services Tax Number (GSTIN). This can be a 15-digit range allotted by the central government once the taxpayers get registration. If you’re in import export operation from more than one state, then you must take separate registration for every state you’re in operation from. This article walks you through the process of GST registration in Chennai

Benefits of GST Registration

A GST Consultant in Chennai says registration underneath the Goods and Service Tax (GST) regime can confer the subsequent benefits to the business:

  • Legally licensed as a provider of goods or services.
  • Proper accounting of taxes paid on the input goods or services that could be used for payment of GST because of the availability of products or services or according to the business.
  • Legally licensed to gather tax from customers and pay the credit of the taxes paid on the products or services provided to purchasers or recipients.

Liability for GST registration

As per section 22(1) of the CGST Act, 2017, all the suppliers within the State or Union Territory are prone to register underneath this Act, aside from special class States, from wherever he makes a ratable offer of products or services or each if his overall turnover during a year exceeds 20,00,000 INR.

Under Provision of the knowledge that wherever such person makes taxable supplies of goods or services or each from any of the special class States, the business shall be prone to be registered if their overall turnover during a year exceeds 10,00,000 INR.

Eligibility for GST Registration process

All the companies providing goods whose turnover exceeds 40,00,000 INR in a financial year are needed to register as a traditional taxable person. However, the edge limit is 10,00,000 INR if you have got a business in northeastern states, J&K, Himachal Pradesh, and Uttarakhand. The turnover limit is 20,00,000 INR, and just in the case of special class States, 10,00,000 INR for the service suppliers.

Also, here is that the list of bound businesses that GST registration in Chennai is obligatory no matter their turnover:

  • Normal taxable person / Input Service Distributor (ISD)
  • Non-resident taxable person
  • Inter-state provider of products and services
  • Supplier of products through an e-commerce portal
  • Any service supplier
  • Liable to pay tax beneath the reverse charge mechanism
  • TDS/TCS deductor
  • Online information access or retrieval service supplier.

GST Registration process in Chennai

The GST registration method is online through a portal maintained by the Central Government of India. The Government will appoint GSPs (GST Suvidha Providers) to assist businesses with the registration method. Through a GST Consultant in Chennai GST registration in Chennai can easily be done.

Based on the knowledge provided by GSTN, the registration method seems like this:

The applicant must submit his PAN, mobile number, and email address in Part-A of Form GST REG–01 on the GSTN portal or through the GST Consultant in Chennai.

The PAN is verified on the GST Portal. Mobile range and E-mail address are verified with a one-time password (OTP). Once the verification is complete, the applicant will receive a unique application reference number on the registered mobile number and via Email. An acknowledgment is to be issued to the applicant in the form GST REG-02 electronically.

The applicant has to fill Part- B of Form GST REG-01 and specify the applying reference number. Then the form will be submitted once attaching the necessary documents.

If extra information is needed, Form GST REG-03 is issued. An applicant has to respond in Form GST REG-04 with the necessary information within seven operating days from the date of receipt of Form GST REG-03.

If you have provided all needed information via Form GST REG-01 or Form GST REG-04, the registration certificate in Form GST REG –06 for the principal place of business furthermore as for each extra place of business is issued to the applicant. Someone with multiple business verticals within a state may file a separate application for the registration in Form GST REG-01 for every business vertical. If the main points submitted aren’t satisfactory, the registration application is rejected using the Form GST REG-05. The applicant shall submit an application in form GST REG – 07 who is needed to deduct TDS or collect TCS for registration. If the applicant is not prone to deduct or collect tax at supply then the officer could cancel and communicate the cancellation of registration, explains a GST Consultant in Chennai.

Documents needed for GST registration for normal taxpayers:

  • PAN Card of the business
  • Partnership deed
  • Memorandum of Association (MOA)
  • Articles of Association (AOA)
  • Certificate of incorporation.
  • Passport size photo of the applicant.
  • Authorized persons like List of partners with their identity and address proof of partnership firm or List of administrators with their identity and address proof in case of an organization.
  • Proof of Appointment of licensed persons. Anyone of these: Letter of Authorization, Copy of Resolution glided by BoD/ Managing Committee and Acceptance letter.
  • Proof of Principal Place of business like Electricity Bill, Legal possession document, Municipal Khata Copy, capital levy Receipt, Rent Agreement,
  • Proof of Details of Bank Accounts, financial statement, Cheque.

Documents needed for GST registration for Company:

  • PAN Card of the company
  • PAN Card, Aadhar Card, DIN, and passport size photograph of the Directors
  • Registration certificate of the previous regime
  • Bank Statement/ Cancelled Cheque/ Pass Book
  • Copy of Board Resolution
  • Owned – electricity/landline/water bill
  • Consent – No Objection Certificate of owner
  • Rent Agreement

Documents needed for GST registration for LLP/Partnership:

  • PAN Card of entity
  • Partnership Agreement
  • Registration certificate of the previous regime
  • Bank Statement/ Cancelled Cheque/ Pass Book
  • Copy of Board Resolution (only for LLP)
  • PAN Card, Aadhar Card, and passport size photograph of the partners
  • Owned – electricity/landline/water bill
  • Consent – No Objection Certificate of owner
  • Rented – Rent Agreement

Documents needed for GST registration for individual or sole proprietorship:

  • PAN Card, Aadhar Card & Photograph
  • Bank Statement/ Cancelled Cheque/ Pass Book
  • Registration certificate of the previous regime
  • Owned – electricity/landline/water bill
  • Consent – No objection certificate of the owner
  • Rented – Rent Agreement

Amendments in Registration

  • If any change should be created within the registration, then within fifteen days of such amendment, submit an application, together with documents concerning such amendment.
  • The amendment in name only of business and addition, deletion, or retirement of partners or administrators, Board of Trustees, corporate executive or equivalent, accountable for the day-to-day affairs of the business can have an effect on such amendment in all registrations.
  • Where an amendment within the Constitution of any Business ends up in an amendment of the PAN of a registered person.
  • Deemed change
    • Registration will be deemed modified if the right officer fails to require any action-
      • Within fifteen operating days from the date of submission of the application; or
      • Within seven operating days from submission of the reply.

Penalty for not registering under GST

An offender not paying tax or creating short payments (genuine errors) has got to pay a penalty of 100% of the tax quantity due subject to a minimum of Rs.10,000. The penalty can be at 100% of the tax quantity due once the wrongdoer has deliberately evaded paying taxes

In case you’re confused regarding GST as a business owner, be at liberty to consult the GST consultants in Chennai. You will get comprehensive help on GST Registration in Tambaram, Chennai.