GST registration is a mandatory process for any business dealing with goods and services earning a specific annual turnover. The threshold limits for the GST registration process are based on the type of supply (goods and services) and the state in which the business operates. Here\u2019s a detailed look at the threshold limits:<\/p>\n\n\n\n
For suppliers engaged exclusively in the supply of goods:<\/p>\n\n\n\n
\u00b7 In the states of Mizoram, Tripura, Nagaland and Manipur, the threshold limit is \u20b910 lakh.<\/p>\n\n\n\n
\u00b7 In Uttarakhand, Arunachal Pradesh, Sikkim, Meghalaya, Telangana, and Puducherry, the threshold limit is \u20b920 lakh.<\/p>\n\n\n\n
\u00b7 For other states, the threshold limit is \u20b940 lakh.<\/p>\n\n\n\n
For suppliers engaged in the supply of services or both goods and services \u2013<\/p>\n\n\n\n
\u00b7 In the states of Mizoram, Manipur, Tripura and Nagaland, the threshold limit is \u20b910 lakh.<\/p>\n\n\n\n
\u00b7 For other states, the threshold limit is \u20b920 lakh.<\/p>\n\n\n\n
These threshold limits are designed to cater to the diverse economic conditions across distinct states. Understanding these limits is the initial step towards ensuring that your business complies with GST regulations. Once you are aware of the GST regulations, the next step is understanding the GST registration process. <\/p>\n\n\n\n
The GST registration process is online and must be carried out on the government website, gst.gov.in. To avoid any confusion regarding the process and to ensure an error-free registration, continue reading the below step-by-step guide.<\/p>\n\n\n\n
\u00b7 Visit the GST portal<\/p>\n\n\n\n
\u00b7 Click on Services<\/p>\n\n\n\n
\u00b7 Choose the Registration tab<\/p>\n\n\n\n
\u00b7 Click on New Registration<\/p>\n\n\n\n
\u00b7 Click on the New Registration button<\/p>\n\n\n\n
\u00b7 In the drop-down under I am a, choose Taxpayer<\/p>\n\n\n\n
\u00b7 Select the state and district<\/p>\n\n\n\n
\u00b7 Input the business name and PAN<\/p>\n\n\n\n
\u00b7 Provide the email ID and mobile number<\/p>\n\n\n\n
\u00b7 You will receive OTPs on the registered email and mobile number or PAN-linked contact details<\/p>\n\n\n\n
\u00b7 Click on Proceed<\/p>\n\n\n\n
\u00b7 Enter the OTPs received<\/p>\n\n\n\n
\u00b7 Click on Continue<\/p>\n\n\n\n
\u00b7 You will get a 15-digit TRN, sent to your email and mobile or PAN-linked contact details. Note this down<\/p>\n\n\n\n
You will be required to complete the Part-B details within the next 15 days. <\/p>\n\n\n\n
\u00b7 Go back to the GST portal<\/p>\n\n\n\n
\u00b7 Choose New Registration<\/p>\n\n\n\n
\u00b7 Select TRN<\/p>\n\n\n\n
\u00b7 Input the TRN and captcha code and proceed<\/p>\n\n\n\n
\u00b7 Input the OTP received on the registered contact details<\/p>\n\n\n\n
\u00b7 Click on Proceed<\/p>\n\n\n\n
\u00b7 The application status will be shown as draft<\/p>\n\n\n\n
\u00b7 Click on the Edit Icon<\/p>\n\n\n\n
\u00b7 Input trade name, business constitution, and district<\/p>\n\n\n\n
\u00b7 Opt-in or out of the composition scheme<\/p>\n\n\n\n
\u00b7 Input the business commencement date and date from which liability arises<\/p>\n\n\n\n
\u00b7 Choose Yes\/No for registration type and generate the challan if applicable<\/p>\n\n\n\n
\u00b7 Choose the reason to obtain registration and upload the required documents<\/p>\n\n\n\n
\u00b7 Input details of up to ten promoters\/partners<\/p>\n\n\n\n
\u00b7 Provide identity and personal details, residential address and upload a photo<\/p>\n\n\n\n
\u00b7 Input details of authorised signatory similar to the details entered for promoters\/partners<\/p>\n\n\n\n
\u00b7 Input the primary location address and contact number<\/p>\n\n\n\n
\u00b7 Upload supporting documents<\/p>\n\n\n\n
\u00b7 Submit details of goods and services with HSN code or SAC<\/p>\n\n\n\n
\u00b7 Input bank details of up to 10 bank accounts (optional during registration)<\/p>\n\n\n\n
\u00b7 Upload supporting documents<\/p>\n\n\n\n
\u00b7 Enter professional tax employee code, PT registration certificate number and State Excise License number<\/p>\n\n\n\n
\u00b7 Choose whether to opt for Aadhaar authentication<\/p>\n\n\n\n
\u00b7 Submit the application using DSC, EVC or e-Sign<\/p>\n\n\n\n
\u00b7 A message will confirm the successful application
<\/p>\n\n\n\n
A current account<\/a> is essential for managing business transactions efficiently. It assists in maintaining a clear record of business finances, which is crucial for GST compliance. Additionally, it simplifies the digital transaction processes, essential for GST payments and refunds.<\/p>\n\n\n\n One of the current accounts you can consider opting for is the Indus Max Current Account by IndusInd Bank. This account offers a host of value-for-money and practical features to help you grow your small business. Here are its advantages:<\/p>\n\n\n\nMinimal average monthly balance requirement<\/td> Average monthly balance requirement of \u20b910,000 only<\/td><\/tr> Digital transaction<\/td> Free NEFT\/IMPS\/RTGS for seamless digital transaction<\/td><\/tr> Auto-sweep deposit<\/td> Converts surplus funds in your current account into fixed deposits to earn higher interest<\/td><\/tr> Grouping of accounts facility<\/td> You can group your current account with your own or your family\u2019s current or savings accounts, making cash flow management easier<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n