The process of registering for GST is quick and easy. Get expert assistance to complete your GST registration in just one day. Our services include helping you open a current bank account for your business, providing GST billing software, facilitating GST tax payments, and filing GST returns. Stay informed with regular updates and reminders about GST due dates.
Registering for GST not only assists in establishing your business as a legal entity but also presents numerous advantages for your enterprise. The benefits of being a registered GST business are as follows:
1. Enhanced competitiveness: Your business will gain a competitive edge over unregistered competitors as you will possess a valid tax registration.
2. Expansion into the online market: Without GST registration, you cannot sell products or services on popular e-commerce platforms such as Flipkart, Amazon, Paytm, Shopify, or even your own website. If you intend to make waves in the e-commerce industry, it is imperative to obtain a GSTIN.
3. Eligibility for input tax credit: Only GST registered businesses can claim input tax credit, enabling them to save costs by offsetting the GST tax paid on their purchases.
4. Unrestricted nationwide trade: Without a GSTIN, you are prohibited from engaging in inter-state trade. Registering your business under GST allows you to sell your products or services all across India without any limitations.
5. Access to government tenders: Numerous government tenders mandate the submission of a GSTIN for eligibility. Failure to possess a GST registration may result in missed business opportunities.
6. Establishment of a current bank account: In the case of sole proprietorship businesses, banks and financial institutions typically require a current bank account in the name of the business trade name. However, they will only open such an account if you can provide government proof in the name of your business. A GST registration certificate can facilitate the opening of a current bank account.
7. Establishing credibility with multinational corporations (MNCs): MNCs often hesitate to engage with small business entities unless they possess a valid tax registration proof.
In conclusion, GST registration is crucial for your business as it not only ensures legal recognition but also unlocks a multitude of opportunities for growth and success.
1. Validating the credibility of a business and granting proper authorization to conduct operations
2. Enhancing the trustworthiness of the business among customers, suppliers, and financial institutions
3. Enabling businesses to offset the tax paid on purchases of goods and services used for business purposes, thereby reducing their overall tax liability
4. Streamlining the process of compliance by eliminating the need for multiple registrations and reducing associated costs
5. Empowering businesses to expand their market presence by freely selling goods and services across different states in India without any restrictions
6. Equipping businesses with a competitive advantage by minimizing their tax burden, enabling them to offer goods and services at a lower cost compared to their rivals
7. Simplifying the tax framework and reducing the burden of compliance, making it more convenient for businesses to operate
8. Providing legal safeguards to businesses, enabling them to take legal action against customers or suppliers who fail to make payment or comply with regulations.
As per section 122 of the CGST Act, the penalty for not obtaining GST registration within the prescribed time is either INR 10,000/- or 10% of the tax amount due from the supplied goods, whichever is higher. This penalty is in addition to the requirement of paying GST on the supplied goods, along with any applicable interest, regardless of whether the business has collected GST from its customers or not.
Moreover, not having GST registration can lead to the following consequences:
1. Detention of goods and vehicles: Failure to register may result in holding the goods and vehicles used for supply in detention.
2. Confiscation of goods and vehicles: Non-registration can lead to the confiscation of goods and vehicles used for supply.
3. Ineligibility for input tax credit: Individuals or suppliers who are not registered under GST would be unable to claim input tax credit on their purchases.
4. Inability to transfer input tax credit: Non-registered individuals or suppliers would be unable to transfer the input tax credit to other entities.
It is crucial for businesses to ensure timely registration under the GST regime to avoid the penalties and consequences associated with non-registration.
1. Go to the official GST website at www.gst.gov.in (click on the link icon).
2. Navigate to the Services section and choose the Registration option
3. Select the Track Application Status feature
4. Input the ARN (Application Reference Number) that was received during the filing of the GST registration application
5. Enter the captcha code displayed on the screen
6. Click on the Search button to inquire about the application’s status
7. The screen will display the current status of the application, which could be one of the following: – Submitted
– Awaiting verification
– Awaiting clarification
– Rejected
– Approved
8. If the application gets rejected, the reason for rejection will also be provided
9. In case the status is awaiting clarification, the applicant should furnish the necessary information and resubmit the application
10. Once the application is approved, the applicant will be issued the GST registration certificate.
