Latest GST Rates in India for Goods & Services Understanding the latest GST rates is essential for businesses and consumers alike. The β¦
Looking to register your business under GST? Donβt stress! Let E Accountax Manager handle it all for you β from registration to return filing. Our expert support ensures a smooth and simple GST journey.
What is GST Registration?
Introduced on 1st July 2017, GST (Goods and Services Tax) is a single, unified tax system that replaced multiple indirect taxes like Service Tax, VAT, Excise Duty, and more. Itβs mandatory for businesses crossing a certain turnover threshold.
If your annual turnover exceeds βΉ20 lakhs (βΉ10 lakhs in special category states), GST registration is compulsory. For goods suppliers, the threshold is βΉ40 lakhs in most states.
This reform has simplified Indiaβs tax system, bringing businesses under one tax network.
Composition Scheme for Small Taxpayers
If your business turnover is below βΉ1.5 crores, you can choose the Composition Scheme under GST.
Benefits include:
β’ Lower tax rates
β’ Simplified return filing
β’ Fewer compliance requirements
Who Needs GST Registration?
Hereβs a quick checklist of who must register under GST:
β’ Businesses with turnover over βΉ40 lakhs (βΉ20 lakhs in special states)
β’ Service providers earning above βΉ20 lakhs (βΉ10 lakhs in special states)
β’ Inter-state suppliers
β’ Casual taxable persons
β’ Businesses under the Reverse Charge Mechanism
β’ Input service distributors
β’ E-commerce operators and aggregators
β’ Non-resident taxable individuals
β’ Online service providers from outside India
β’ Agents selling on behalf of suppliers
Even if you’re not required by law, voluntary registration can benefit your business!
Turnover Limits for GST Registration
β’ Service Providers: βΉ20 lakhs and above (βΉ10 lakhs for special states)
β’ Goods Suppliers: βΉ40 lakhs and above (conditions apply)
Note: You can also register voluntarily to enjoy tax credit and expand your reach.
Key Benefits of GST Registration
β’ Stay Legally Compliant β Avoid penalties and build trust
β’ Claim Input Tax Credit β Reduce your overall tax burden
β’ Do Business Nationwide β No restrictions on interstate sales
β’ No Tax-on-Tax β Eliminates the cascading effect
β’ Win More Clients β Improve your brandβs credibility
β’ List on E-Commerce Platforms β Like Amazon, Flipkart, etc.
β’ Enjoy Better Cash Flow β Optimize tax payments
β’ Improve Credit Profile β Better chances of loan approval
β’ Transparent Accounting β Stay audit-ready
β’ Simplified Compliance β One tax, one return
GST Registration Certificate
Once your application is approved, youβll receive a GST Registration Certificate containing:
β’ Your unique 15-digit GSTIN (GST Number)
β’ Business name and registered address
β’ Understanding GSTIN:
β’ First 2 digits β State code
β’ Next 10 digits β Your PAN
β’ 13th digit β Number of registrations under one PAN
β’ 14th β Default digit
β’ 15th β Check code
Voluntary GST Registration
Even if your turnover is below βΉ20 lakhs, registering for GST can benefit your business by:
β’ Letting you claim tax credits
β’ Selling products/services across India
β’ Appearing more credible to clients and vendors
β’ Joining e-commerce platforms
Documents Required for GST Registration
Here’s what youβll need, depending on your business type:
For Proprietors / Individuals:
β’ PAN, Aadhaar card
β’ Passport-size photo
β’ Proof of address
β’ Email & mobile
β’ Nature of business
For Partnerships / LLPs:
β’ PAN of firm & partners
β’ Partnership deed
β’ Aadhaar, photos of partners
β’ Appointment proof
β’ Bank & business address proof
For HUF:
β’ PAN of HUF & Karta
β’ Aadhaar & photo of Karta
β’ Address & bank details
For Companies:
β’ PAN, Incorporation Certificate
β’ MoA / AoA
β’ Aadhaar & PAN of directors
β’ Board resolution
β’ Bank & address details
Penalty for Not Registering under GST
β’ Non-Payment / Short Payment β 10% of tax due or βΉ10,000 (whichever is higher)
β’ Deliberate Evasion β 100% of the tax amount
β’ Donβt take the risk β stay compliant and worry-free!
How E Accountax Manager Helps You Get GST Registered?
Let our team take care of the process from start to finish:
β’ Submit Your Info β Fill in your name, contact, and basic details
β’ Expert Consultation β Our professional verifies your docs and guides you
β’ Make Payment β After payment, weβll initiate the process
β’ Get Your GSTIN β Usually within 3β7 working days
Ready to Register for GST?
Let us handle the legal work β so you can focus on your business!
Talk to Our GST Experts Today!
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