Documents Required For GST Registration
Documents Required for Regular Taxpayers
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Authorized Signatory
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FAQ's
All businesses that successfully register under GST are assigned a unique Goods and Services Tax Identification Number also know as GSTIN.
If a business operates from more than one state, then a separate GST registration is required for each state. For instance, If a sweet vendor sells in Karnataka and Tamil Nadu, he has to apply for separate GST registration in Karnataka and TN respectively.
A business with multiple business verticals in a state may obtain a separate registration for each business vertical.
Small businesses having an annual turnover less than Rs. 1.5 crore** ( Rs. 75 Lakhs for NE States) can opt for Composition scheme.
**CBIC has notified the increased in the threshold turnover for opting into the Composition Scheme from Rs 1 crore to Rs 1.5 crores. The notification will be effective from 1st April 2019.
Composition dealers will pay nominal tax rates based on the type of business:
- Composition dealers are required to file only one quarterly return (instead of three monthly returns filed by normal taxpayers).
- They cannot issue taxable invoices, i.e., collect tax from customers and are required to pay the tax out of their own pocket.
- Businesses that have opted for Composition Scheme cannot claim any Input Tax Credit.
Composition scheme is not applicable to :
- Service providers
- Inter-state sellers
- E-commerce sellers
- Supplier of non-taxable goods
- Manufacturer of Notified Goods
This scheme is a lucrative option for all SMEs who want lower compliance and lower rates of taxes under GST.
A GST taxpayer whose turnover is below Rs 1.5 crore** can opt for Composition Scheme. In case of North-Eastern states and Himachal Pradesh, the present limit is Rs 75 lakh.
Turnover of all businesses registered with the same PAN should be taken into consideration to calculate turnover.
**CBIC has notified the increased in the threshold turnover for opting into the Composition Scheme from Rs 1 crore to Rs 1.5 crores. The notification will be effective from 1st April 2019. Learn the Rules about Composition scheme & Know the pros & cons of being a composition dealer.
Obtain GST registration and file CMP-02 to opt-in for the scheme.
A. For normal registered businesses:
- Take input tax credit
- Make interstate sales without restrictions
- To know more about the Benefits of GST
B. For Composition dealers:
- Limited compliance
- Less tax liability
- High working capital
- To know more about composition scheme
C. For businesses that voluntarily opt-in for GST registration (Below Rs. 40 lakhs*)
- Take input tax credit
- Make interstate sales without restrictions
- Register on e-commerce websites
- Have a competitive advantage compared to other businesses
- To know more about voluntary registrations
*CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019.