GST Registration in Assam:- All Need to know about the

GST Registration is one of the essential requirements for GST Taxation in Assam. It was implemented to increase government revenue and reduce compliance. Businesses who sign up for GST Registration have benefits including lower costs for goods and services, improved logistics, more credibility, and many other things. This Page contains information about GST registration in its entirety.

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Several groups of people or entities, including some of those listed below, are required to register with GST.

• Normal Taxpayer - Businesses that generate more than Rs. 40 lakhs in turnover of goods and Rs. 20 lakhs in the supply of services that require registration under the GST Act are considered ordinary taxable persons.
• Casual Taxable Person - Businesses that run seasonally or erratically are required to register under this category. This registration may be extended for more than a three-month period by renewal.
• Non-Resident Taxable Individual - There are not residents of India who occasionally act as principal, the agent, or any other role. This registration's three-month validity is extendable, if required.
• Composition Registration - Businesses may enrol for this scheme if their annual income exceeds Rs. 1.5 crore. Businesses are required to pay a predetermined amount of GST regardless of turnover.

The steps to get a GST registration are as follows:

• Step 1 - In this stage, details such as an email address and a mobile number must be input. The evidence for this is the opt that was received on the mobile device. The TRN No. is then generated and delivered to the specified email and mobile number.
• Step 2 - After filling out GST REG 01 PART 2 with the appropriate information for the authorised signatory, business, partner or promoter, and additional location of business, you will receive an ARN number by SMS or email.
• Step 3 - After submitting the form, the necessary paperwork needs to be filled out in the right format.
• Step 4 - In this stage of verification and acceptance, the officer checks the submitted forms and papers. If an officer notices a discrepancy, he has the ability to reject the application. Three to seven days are given for applicants to answer the officer's inquiry.
• Step 5 - Once the officer has agreed, move on to this stage. In GST REG 06, the GST Certificate is made available.

There are several features associated with registration, some of which are described below:

• Taxpayer Facilitation Centers - Numerous taxpayer facilitation centres are run by the Assam State GST Department. These facilities assist with all GST-related tasks, including providing information, submitting returns, and facilitating compliance.
• Threshold limit - A business must register for the GST if it has a total annual revenue of more than 40 lakhs for the supply of goods and 20 lakhs for the supply of services.
• Registration Certificate - One of the elements of Assam’s GST registration is the Registration Certificate. Every firm must have this registration papers on hand. There, the GSTIN can be found.
• Unique Identity Number - After firm registration, a GSTIN is issued to the firm. In some situations, such as diplomatic missions, embassies, or any other specialist agencies, a unique identity number is provided.

There are many benefit of the GST Registration in Assam as mentioned below -

• Composition plan is used by small businesses - Small firms have an alternative in the composition plan. Small businesses are thereby relieved of the compliance and tax burden.
• Long-winded tax services are avoided - With GST registration, the time spent on lengthy tax services may be reduced. Businesses are exempt from GST if their annual revenue is less than Rs. 40 lakhs for the sale of goods and Rs. 20 lakhs for the provision of services.
• Regulation of unorganised sector - GST registration has regulated unorganised and unmanaged industries like textile and building construction. By offering features like input tax credits, online payment and compliance have increased these businesses' regulation and accountability.
• Taxation Services are made easier - The GST unifies a number of indirect taxes into a single tax structure. As a result, tax systems are now easier.
• Tax Evasion is lessen - Tax avoidance is reduced by the GST Act.
• Cost of Product and services is lowered- The introduction of the GST reduces the cost of products and services. The impact of tax-on-tax cascading is lessened by this GST.
• Lessen Corruption - GST reduces sales without receipts, which also reduces double entry.
• Higher Registration Threshold - Due to the GST regime's higher registration barrier from 5 lakhs to 20 lakhs, many small traders are now excluded.
• Uniformed Taxation Processes -The taxing procedure is the same across the board. Return filling is subject to a single regulation, and registration is centralised.
• Compliances are lesser -Many taxes are included in one tax scheme. Because there is just one GST Return to file as opposed to a VAT Return, service returns are required to be completed.

GST Registration in Assam gives various benefits to the taxpayer such as reduction in cost of the product, less compliances to follow, increase in credibility of taxpayer. To get GST Registration forms and many documents are required to be filled and after verification GST Registration is issued.