What is GSTIN?
A GSTIN is the unique Goods and Services Tax Identification Number which is assigned to each and every business who All businesses that successfully register under GST are assigned a unique Goods and Services Tax Identification Number also known as GSTIN.
When should a business apply for multiple GST registrations?
If a business operates from more than one state, then a separate GST registration is required for each state. For instance, If a sweet vendor sells in Karnataka and Tamil Nadu, he has to apply for separate GST registration in Karnataka and TN respectively.
A business with multiple business verticals in a state may obtain a separate registration for each business vertical.
Can I apply for GST Registration Online?
Yes, you can apply for GST Registration online. You can simply register your business on the official GST portal and then scan and upload all the required documents. You will then receive an acknowledgement. A GSTIN will be generated on acceptance of the application and a temporary password and login will be sent. GSTIN is a unique 15-digit ID. A GSTIN Pradesh, Assam, Meghalaya, Manipur, Mizoram, Nagaland and Tripura must get a GST registration if their supply turnover exceeds Rs. 10 lakh. As mentioned above, this threshold limit applies only to businesses that operate within their home state. A business that conducts trade with another state must seek registration regardless of turnover.
What are the benefits of registering under GST?
For normal registered businesses:
Take input tax credit
Make interstate sales without restrictions
To know more about the Benefits of GST
For Composition dealers:
Limited compliance
Less tax liability
High working capital
To know more about composition scheme
For businesses that voluntarily opt-in for GST registration (Below Rs. 40 lakhs*)
Take input tax credit
Make interstate sales without restrictions
Register on e-commerce websites
Have a competitive advantage compared to other businesses
To know more about voluntary registrations
*CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019.
