Overview :

Online GST Registration is the process through which a taxpayer can get themselves registered with the GST council as one through the official government-run portal dedicated to the tax regime. When the taxpayer takes care of the GST Registration process, they will receive what is known as the Goods and Service Tax Identification Number (GSTIN). This 15-digit GSTIN is essentially issued by the Central Government, which helps them determine whether or not a business must pay any GST. GST has 3 tax components, which includes a central component (Central Goods and Services Tax or CGST) and a state component (State Goods and Services Tax or SGST) where centre and state will levy GST on all entities, i.e. when a transaction happens within a state. Inter-state transactions will attract the Integrated Goods and Services Tax (IGST), to be levied by the centre, i.e., when a transaction happens one state to another.

When Required :

Any business whose annual turnover is more than the prescribed limit shall make an online application for a GST Number on gst portal.
The GST registration is mandatory if the "aggregate turnover" exceeds the prescribed limits Aggregrate Turnover

• It comprises of following :
  Taxable Supplies
  Exempt Supplies
  Export of goods or services or both
  Inter-state supplies to persons having same PAN
• But it excludes CGST, SGST, IGST charged on supplies and inward supplies on which tax is payable under Reverse charge. However outward supplies by a person on which tax is payable by the recipient under RCM are part of aggregate turnover.
• Further, this aggregate turnover is be calculated on PAN India Basis. If a person is having one branch in Rajasthan and another branch in Kerala, then turnover of both the branches are to be clubbed for calculating aggregate turnover

Benefits of GST Registration :

• With GST, one can also open a current bank account in the venture's name.
• Goods can be sold online by registered establishments.
• GST registration certificate in itself is valid proof as it is issued by a legal entity.
• The input tax credit can be availed at the time of goods and services being purchased or rendered.
• The GST registration number is critical in boosting a company's brand value.