Get In Touch
Gst Registrations
GST registration is a must for businesses in India to comply with the GST system, enabling smooth tax filings. It involves obtaining a GST Identification Number (GSTIN) by submitting details like PAN, business address proof, and bank account information.
At Bhanushali & Bhanushali, we streamline GST registration by handling documentation, verifying eligibility, and ensuring timely submission. Whether you're a startup or an enterprise, our expert guidance ensures GST compliance, keeping your operations smooth and penalty-free.
Frequently Asked Questions about GST Registrations in India
1. Who Needs to Apply for GST Registration?
GST registration is mandatory for businesses that:
• Exceed the prescribed annual turnover threshold.
• Engage in inter-state supply of goods or services.
• Operate as e-commerce operators, input service distributors, or agents.
• Are liable for reverse charge.
• Use or supply goods through e-commerce aggregators.
• Are casual or non-resident taxable persons.
• Need to comply with TDS/TCS provisions.
• Hold Service Tax, VAT, or Central Excise registration.
• Are transferees in business transfers or successors in business successions.
2. What advantages does GST Registration offer?
• Legal Compliance Stay compliant with GST laws and avoid penalties.
• Input Tax Credit (ITC) Claim tax credits on purchases, reducing tax burden.
• Boosted Credibility Gain trust from customers and suppliers with GST compliance.
• Inter-State Trade Facilitate seamless cross-state business transactions.
• E-Commerce Access Enable business growth on platforms like Amazon and Flipkart.
• Government Tenders Eligible to bid for government contracts requiring GST registration.
• Simplified Taxation Unified tax system reduces complexities and streamlines processes.
• Operational Efficiency Improve inventory management and accounting with better record-keeping.
• Business Continuity Avoid disruptions by registering on time as turnover thresholds are crossed.
• Competitive Edge Build a stronger reputation as a GST-compliant business.
At Bhanushali & Bhanushali, we make GST registration simple, ensuring your business maximizes these benefits while staying compliant.
3. What turnover limits determine the need for GST registration?
The GST registration threshold depends on your business type and location:
Special Category States:
• Goods: Turnover above ₹20 lakh.
• Services: Turnover above ₹10 lakh.
• States include Arunachal Pradesh, Assam, Jammu & Kashmir, Himachal Pradesh, and others.
Other States:
• Goods: Turnover above ₹40 lakh.
• Services: Turnover above ₹20 lakh.
At Bhanushali & Bhanushali, we evaluate your business to determine the GST registration requirements and guide you through the process to ensure hassle-free compliance.
4. How to avoid non-compliance penalties for GST?
• Penalty of 10% of the due tax, with a minimum of ₹10,000, for non-registration.
• Up to 100% penalty on tax amount for deliberate evasion.
• Continued non-compliance may lead to further fines, legal action, or suspension of operations.
5. What are the guidelines for displaying your GST Registration Certificate and GSTIN?
• Display GST Registration Certificate at the main and any additional locations.
• Show GSTIN on the name board at the entrance of all registered premises.
• Non-compliance may result in fines or penalties.