GST Registration For

Individual

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GST is a multi-stage tax system that is both comprehensive and universal in application. It is levied on the sale of both goods and services. The primary objective of this taxation system, which is applicable throughout India, is to mitigate the cascading effect of other indirect taxes.

GST is an acronym for Goods and Services Tax. It is a destination-based tax levied on the supply of goods and services. It is assessed at each stage or change of ownership that an item undergoes along its supply chain. It has largely supplanted and absorbed numerous indirect taxes, including service tax, central sales tax, value-added tax (VAT), and excise duty. The Indian Parliament passed the Goods and Services Tax Act to establish GST as the country’s comprehensive indirect tax. This Act took effect on July 1, 2017.

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Types of GST

Central Goods and Services Tax (CGST)

It is administered by the CGST Act and imposed by the Central Government on intra-state supply of goods and services.

State Goods and Service Tax (SGST)

The SGST is a tax charged by the State Government on intra-state supply of goods & services, and it is administered by the SGST Act.

Union Territory Goods and Service Tax (UGST)

It is the tax placed on the supply of goods & services inside the Union Territory. The UTGST Act governs this tax, which is collected in tandem with the CGST.

Integrated Goods and Services Tax (IGST)

Any supply of goods or services, whether imported into India or exported from India, would be subject to the IGST.

Objective of GST

Objective-GST-Registration

  1. The primary goal of the Goods and Services Tax (GST) in India is to establish an unified market with a single tax rate.

  2. GST permits the set-off of past taxes for the very same transactions as input tax credit in order to prevent the cascading impact of taxes.

  3. The GST initially paid on inputs would be reimbursed to stimulate Indian exports, so all exports would be tax-free.

  4. To raise more money for the government by increasing the number of people who pay taxes.

  5. Through the use of standard forms and avoiding the need to visit tax offices, tax return operations may be made more efficient.

  6. To make it possible for taxpayers to pay their taxes and submit paperwork electronically. One of the most important aspects of the implementation of GST is the creation of the Goods and Services Network (GSTN).

Steps involved in GST registration For Individual

A few easy actions with Finaxis could get you registered for GST. All of your questions and concerns about the GST registration process would be answered promptly by our specialised GST professionals, who will be available to assist you throughout the process.

Step 1:

When you apply for GST, we will gather all the documentation you need to do so from you.

Step 2:

The application will be prepared by us with the help of the document received from you.

Step 2:

An ARN would be created upon successful submission of the application. 

Step 4:

We’ll be working with the appropriate authorities to expedite your application once you’ve submitted it. We’ll also take care of any questions you may have about the GST, so you can simply sit back and relax!

Step 5:

Following successful document verification, you would then obtain your GSTIN in 7 days. Bills issued or collected by you from now on will include this number. We would email you a copy of your GST certificate. 

Types of registration in GST?

GST Registration For Individual

Normal Taxpayer

Anyone with a yearly revenue of more than Rs. 40 lakhs falls into this group. In order to participate in this programme, you must have a turnover of less than ₹75 lakh in the preceding year.

GST Registration For Individual (1)

Composition Scheme

Under this plan, any taxpayer with an annual turnover lower than ₹1.5 crores is eligible to register for GST. Simple and uncomplicated way to skip GST requirements and pay income tax at a set rate.

GST Registration For Individual (2)

Casual Taxable Person

Casual taxable persons are defined as those who provide products or services in a jurisdiction where GST is imposed but do not have a permanent place of business.

Input Service Distributor

This is a supplier’s location which collects tax bills on the input services receipt. A business with the same PAN might receive tax bills for the allocation of credits for the same services.

Non-resident Taxable Person

Under the GST, non-resident taxable individuals are those who sell products or services in India to whom the GST is applicable.

UN/Embassy/Other

The Ministry of External Affairs assigned the UN and its embassies a unique number. This number allows registered people to sell them goods and services.

Special Economic Zone unit or developer

Developers and units in SEZs should register for GST for the first time by providing the required certificate and documentation.

TDS/TCS

Individuals who pay suppliers more than Rs. 2.5 lakhs must register for GST as a TDS. Individuals may submit an application directly on our website.

Non-resident Online Service Distributor

 GST registration is required for anybody except from the registered individual who provides services abroad India via online.