GST Registration

GST Registration

GST is applicable to all traders, manufacturers and service providers. Various taxes like Service Tax, Central Excise Duty, State Excise Duty, Entertainment Tax and various Central and State taxes are subsumed under one tax, i.e. GST. It is a tax levied on the supply of goods or services or both, except alcoholic liquor intended for human consumption.

There are five products that are currently not under the purview of GST. These products are petroleum crude, diesel, petrol, aviation turbine fuel and natural gas. GST will be levied on these products from a date notified by the government on the recommendations of the GST Council.

GST removes the cascading effect of taxes thereby reducing the overall tax burden on goods and services. It has enhanced the ability of companies to compete globally, thereby improving the export prospects of the companies. Under the GST regime, the center and states provide input tax credit for the central and state GST. It is leviable on all supplies, whether inter-state or inter-state.

In any tax system, registration is the primary requirement for identifying taxpayers and ensuring tax compliance in the economy. Registration of any business entity under the GST law implies obtaining the GSTIN (Goods and Services Tax Identification Number) from the concerned authorities. Once the GSTIN is allotted to the taxpayer, he becomes eligible to collect tax on outward supplies and avail ITC for taxes on inward supplies.

Registration of GST is a completely online process, except in cases where Aadhaar authentication has not been opted for by the applicant or where the authentication has failed or where the authority deems it necessary to conduct physical verification. In such cases, the proper officer initiates the physical verification of the premises.