What is GST Registration?

What is GST Registration?

Any individual and businesses with a turnover of more than Rs 20 lakhs or Interstate supply for Goods & Services (as the case may be) are required to register as taxpayer for the Goods and Services Tax (GST). This is called GST registration.

Some businesses are required to register under GST. If an organization operates without being registered for GST, it will be a violation of GST and will face severe penalties.

GST registration usually takes 5-7 working days. Team GST PROFITS helps you to get your GST registration fast in 3 easy steps.

Types of GST registration

• Normal taxpayers

Most businesses in India fall under this category.

Businesses whose turnover exceeds Rs 40 lakh in a financial year are required to register as normal taxable people. However, the threshold limit is Rs 10 lakh if you have a business in the north-eastern states, J&K, Himachal Pradesh, and Uttarakhand.

• Casual taxable individual

Occasional or seasonal businesses need to register their businesses under GST for this category. Businesses need to make a deposit equal to the GST liability from the occasional operations.

The tenure for registration is 3 months. However, businesses can apply for renewal and extensions.

• Non-resident taxable individual

Individuals who reside outside India but occasionally supply goods or services as agents, principals, or in other capacities to Indian residents are liable to file for registration under this category.

The business owner must pay a deposit equal to the expected GST liability during the GST active tenure. The normal tenure is 3 months. However, individuals can extend or renew the registration if required.

• Composition registration

Businesses with an annual turnover of up to Rs 1 crore are eligible for registration under composition scheme. Under this scheme, businesses have to pay a fixed amount of GST irrespective of their actual turnover.