A Comprehensive Guide to :- GST Registration in Bihar

GST Registration in Bihar has many benefits such as increase in the income of the government to increase the welfare of the society. By getting GST Registration firm credibility increased , cost of the product decreased,increasing the profit of the business, increase in efficiency of logistics and many others. This page will give full detail about the GST registration Process, its fee and benefits.

Get GST Registration in Bihar with the help of Professional Utilities in a smooth and effortless manner.

The following list includes some of the various sorts of people or companies that must register with GST:

• Composition Registration - Businesses with a revenue of more than Rs. 1.5 crores may register under this programme. Regardless of turnover, businesses must pay predetermined amounts of GST.
• Casual Taxable Person - Businesses that operate on a seasonal or irregular basis must register under this category. This registration can be renewed and extended for an additional three months.
• Non-Resident Taxable Individual - People who occasionally act as the principal or agent for the provision of goods and services do not dwell in India. If necessary, this registration's three-month validity period may be extended.
• Normal Taxpayer - Businesses that fall under the typical taxable person category include those with a turnover of more than 40 lakh rupees and those with a turnover of 20 lakh rupees in the delivery of services that are needed to be registered under the GST Act.

To obtaining GST Registration entails the following steps as mentioned below -

• Step 1 - In Form GST REG 01 PART A Information such an email address and a mobile number must be entered. The OPT that was received on the mobile device verifies that. A TRN number is then generated.
• Step 2 - The information for the authorised signatory, business, partner or promoter, and additional place of business is filled out in GST REG 01 PART B, and then an ARN number is sent to you through SMS or email.
• Step 3 - After submitting the form, the necessary documents must be filled out in the correct format.
• Step 4 - The officer verifies the supplied forms and documents during this stage of verification and acceptance. An officer has the authority to reject an application if he discovers a discrepancy. Applicants have three to seven days to respond to the officer's question.
• Step 5 - Following the officer's acceptance, proceed to this step. In GST REG 06, a GST Certificate is granted.

It is suitable for the growth of the economy and the revenue base due to a number of factors.

• Taxpayer Facilitation Centers - The Bihar State GST Department runs many taxpayer facilitation centres. These facilities provide assistance with any GST-related activity, including answering questions, submitting returns, and enabling compliance.
• Registration Certificate - Registration Certificate is one of the components of GST registration in Bihar.This registration document must be on-site for every business and GSTIN should be present there.
• Threshold limit - Any business with a turnover of more than 40 lakhs involved in the supply of products and 20 lakhs in the supply of services is required to register under the GST.
• Unique Identity Number - Following firm registration, a GSTIN is issued. A unique identity number is granted in specific circumstances, such as diplomatic missions, embassies, or any other specialised agencies.

It's crucial for firms to register for GST in Bihar because failing to do so could result in the loss of significant economic prospects.

• Small Business can avail Composition scheme - The composition scheme is an alternative for small businesses. Small enterprises are relieved of the compliance and tax burden as a result.
• Cost of Product and services is reduced - The GST's implementation lowers the price of goods and services. This GST lessens the tax-on-tax cascading impact.
• Unorganized Sector are regulated - Unorganised and uncontrolled businesses like textile and building construction have been regulated by GST registration. Online payment and compliance have strengthened regulation and responsibility of these industries by providing features like input tax credit.
• Lengthy Taxation services are avoided - The long taxation services might be cut down with GST registration. Businesses with a turnover of under Rs. 40 lakhs for the provision of products and Rs. 20 lakhs for the supply of services are free from GST.
• Taxation services are simplified - Numerous indirect taxes have been consolidated under the GST into one tax system. The tax systems have been made simpler as a result.
• Registration Threshold is higher -Many small traders are now exempt under the GST regime because the threshold requirement for registration increased from 5 lakhs to 20 lakhs.
• Tax Evasion is reduced -Tax Evasion is reduced in the GST Act.
• Lesser Compliances -One tax system includes many levies. Service returns had to be completed because there is only one GST Return to file as opposed to a VAT Return.
• Taxation Processes are uniformed -Everywhere in the nation, the taxing process is the same. One regulation applies to return filling and there is centralised registration.
• Corruption is reduced -Sales without receipts are decreased under GST, which contributes to a decrease in double entry.

In the end it can be said that GST Registration is one of the best ways to incorporate best practice in the taxation regime. GST Registration has many benefits such as increase in efficiency of the logistics, decrease in cost of the product, increase in profit of the firm, government income also increase and many other benefits.

GST Registration can be obtained by filling of form , submission of the required documents and after verification GSTIN and GST Certificate is granted.