GST Registration in Gurugram :- Everything about it.

GST registration in Gurgaon is necessary for all businesses whether it is a new entity or an existing business. GST registration not only helps in claiming Input Tax Credit but has also reduced tax compliance by bringing various taxes under one tax.

Going through this page will provide all the required and complete knowledge about GST Registration, how to get it, its features, benefits and many other questions. Getting yourself registered under GST can not be ignored, otherwise it will lead to penalties and other legal issues.

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There are different types of registration as mentioned below -

• Voluntary registration - Under this type of registration Companies who have not become eligible for registration under GST. They voluntarily register themselves under GST.
• Compulsory Registration - There are companies which need to get compulsory registration under GST irrespective of turnover.
• Registration under Composition Scheme - To have simple procedure and less number of returns this scheme is introduced. This scheme is optional and voluntary. Businesses having turnover between 40 lakhs and 1.5 crores register themselves under this scheme.
• Turnover Registration - Businesses having turnover more than 40 lakhs are required to register themselves under GST.
• No Registration - Certain businesses are not required to register themselves under GST Registration.
• Non Resident Taxable Person - Person located outside India supplies goods and services in India are required to register under GST Act. This is applicable to 90 days. They can supply goods only after registering themselves.

It is mandatory to get GST Registration in Gurugram. Procedure to register yourself under the GST act is very easy and simple. There are certain steps which need to be followed as mentioned below -

• Step 1 - Applicant needs to fill GST REG - 01 FORM PART- A ( GST REG - 01 has two parts PART - A and PART -B). In Part - A information related to name, Mobile Number and Email ID are filled and verified and TRN No. is issued.
• Step 2 - Then in Part - B of GST REG - 01 FORM information related to the partners name, Business detail, authorised signatory detail etc are filled and ARN No. is issued which need to be saved for future reference.
• Step 3 - All documents related to registration need to be filled to complete the registration form.
• Step 4 - Form and documents which are submitted are verified by the officer and accordingly it is rejected or accepted under which GST IN is issued.
• Step 5 -In GST REG - 06 GST IN unique identification number is issued to the applicant.

There are many feature of the GST registration in Gurugram as mentioned below:-

• Compliance requirements - Under GST Registration businesses have to maintain accounting records properly and file GST returns regularly. Failure to comply with the rules can result in fines and penalties.
• Aggregate turnover limit - Business with turnover of more than 40 lakhs has to get GST registration in Gurugram.
• Penalties - Due to non-follow of the rules and compliance of the GST registration attract penalties and punishment as per the nature of the offence.
• Input Tax Credit - One of the major features of the GST registration is that the registered businesses can claim input tax credit on purchase. They can reduce tax liability by offset GST paid on their purchase with GST collected on the sales.

There are many benefits for getting registration in Gurugram as mentioned below -

• Compliance are less - After GST Registration compliances are less even all filling are online. It makes businesses comply with law, reduce the legal action and risk of penalties.
• Input Tax Credit - Businesses registered under GST Act have advantage of claiming input tax on their purchase. All this improves cash flow and reduces overall tax liability.
• Competitive Edge - Businesses registered under GST get a competitive edge over non registered companies. They are preferred by the other business and customers as they get legal acknowledgment.
• Inter- State Trade - GST Registration helps businesses to do inter-state trade with the help of registration in different states.
• Organised Sectors are regularised - Under GST various provisions are made to bring regulation and accountability to the unregulated and unorganised sector like textile and construction.
• Organised Transporter - GST registration has promoted free movement of the products and services across the country. Documents required for crossing the state can be generated online.

All the entities supplying goods and services in gurugram are required to get registration in Gurugram. It has been introduced to benefit both governments as well as taxpayers. By simplifying the tax structure and allowing taxpayers to take input tax credit and also by increasing government revenue it has benefitted both.