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GST Registration

While replacing the traditional taxation system with the GST Act, government has put a lot of efforts in providing comfort of registering and filing regular returns consistently, and manually via the online GST portal. However, it is a time-consuming process that requires accurate data-entry skills along with proper knowledge of accountancy, as well as eligibility criterion for completing GST registration. Prior to completing GST registration, it is essential for the taxpayer entity to be aware of the various categories under which the individual/business entity is supposed to complete the registration process.

Prior to completing GST registration, it is essential for the taxpayer entity to be aware of the various categories under which the individual/business entity is supposed to complete the registration process.

GST registration is a necessary procedure to be followed by businesses with a turnover of over 40 Lac. It is also mandatory for specific industries to registration under GST. If any company carries on business without registration under GST, it is considered an offence under GST. Heavy penalties are charged. This is where the professional GST Registration Services Bihar play vital. AnshInfotech helps you to get your business GST registered and obtain your GSTIN. We cover various entities like proprietorship, enterprise, company, LLP etc.

Our GST experts will guide you on the applicability of your business and compliances under GST for your business. Get your business registered under GST with our quick online GST registration services Bihar.

We have a team of experienced Chartered accountants to handle your case and file your GST registration. We have the expertise to handle GST Registration for Service Providers Bihar without any hassle from the time of submission of all the required documents. Join us now.

The 10 Types of Taxpayer Entities Under GST Act

The taxpayers are categorized in several types depending on the nature of the entity so completing the GST Registration process.  This particular content is the information that every taxpayer should be aware of while completing the GST Registration. The various types of GST Registration are briefly explained as follows:

  1. Normal Taxpaying Entity

Applicants falling under this category of GST Registration are considered normal taxpayers and do not require any additional prior deposit to complete the GST Registration. A normal taxpaying entity need not renew or extend their GST Registration as there is no expiry date of registration for entities that are covered within. Most of the individuals and businesses fall under this category.

  1. Casual Taxable Entity

    Businesses and individuals who function under seasonal market conditions fall under this categorization of GST Registration. Registration requires submitting prior consent amount whose value is estimated based on the expected liabilities within the duration, is to be deposited by the taxpayer. The entity needs to extend or renew its GST Registration in case if expired, where validity lasts for 3 months from the date of completing the registration

     
  2. Composition Taxpaying Entity

    Entities referring for GST Composition Scheme are categorized under this type. A flat GST rate needs to be deposited during the time of completing the GST Registration. Input Tax Credit is non-obtainable for Composition taxpaying entity.

     
  3. Non-Resident Taxpaying Entity

    The entities who reside outside of India and do business by means of goods provision within the country are liable to register within this category type. These taxpaying entities, unlike the Normal Taxpaying Entity, need to renew or extend their GST registration period, which is 3 months in usual cases.

     
  4. Non-Resident Online Service Providing Business or Entity
     
  5. Special Economic Zone Developing Entity
     
  6. GST TDS Deductor Government Entities
     
  7. UN Embassy/Body/Other Notified Individuals
     
  8. Special Economic Zone Unit
     
  9. GST TDS Collector – E-Commerce Companies
     

Eligibility for GST Registration

An entity is considered mandatory for GST Registration if it fulfils any of the following 8 criterions-

  • Individuals and entities registered under the taxation system before 1st of July, 2017.
  • Entities falling under Non-Resident Taxable and Casual Taxable entities.
  • Businesses exhibiting a turnover of Rs. 40 Lakh or above for regions excluding Jammu & Kashmir, Uttarakhand, Himachal Pradesh, and the 7 North-Eastern States, the turnover amount for which is Rs. 10 Lakh.
  • Individuals supplying goods via online/e-commerce platforms.
  • Input Service Distributors and agents of supplies.
  • Business entity that pays tax under the Reverse Charge Mechanism.
  • Individuals who are providing information via online resources, residing outside the country while delivering its services within, and those who are registered entities must complete GST Registration.

List of Necessary Documents for Completing GST Registration

The following list of 8 important documents is necessary to complete GST Registration.

-Permanent Account Number of the Applicant.
-Aadhaar Card of the Applicant.
-Bank details of the Applicant, that must include a Bank Account Statement along with Cancelled Cheques.
-Address proof of the GST Registration Applying Entity.
-Proof of Business Registration/ Incorporation Certificate.
-Digital Signature of the Entity.
-Director’s or Promoter’s Address Proof, and ID along with photograph.
-Letter of Authorization or Board Resolution Documentation.

Penalty for Not Completing GST Registration

A minimum Rs. 10,000/- penalty, along with 10% of the due tax amount is to be paid if GST Registration is not completed on time. This is the case where payment is less than the required amount. However, if the entity tries to evade taxes, the penalty involves paying 100% of the due tax amount.