How To Obtain GST Registration In Pune?

GST or Goods and Service Tax is a revolutionary taxation scheme that has brought about a change in the way businesses operate, not just in Pune but in the entire country. And if the 9% increase in the GST collection of the country from last year is anything to go by, it’s being implemented successfully and businesses are benefiting from it too. So read on to know everything about GST and why it is important for your business. 

What Is GST in India

1. GST stands for the indirect tax levied in India on the sale and purchase of goods and services.
2. It is a comprehensive, multistage, destination-based tax. GST is termed as comprehensive because it has subsumed almost all the indirect taxes except a few State taxes.
3. Further, GST is divided into CGST, IGST and SGST. CGST and IGST is levied by the Central Government, whereas SGST is levied by the State Government.
4. CGST and SGST is to be paid for the Intra-State Supply, whereas IGST is to be paid for Inter-State Supply.

Benefits Of GST Registration 

GST registration is beneficial for businesses as well as consumers too. Some of the advantages of GST registration include-

1. Under GST norms, a single product is taxed at the same rate in every corner of the country. This helps businesses keep track of the GST levied for the product type and is beneficial for the consumers too.
2. The GST registration process is a simpler process, and involves lesser compliances as compared to the previous taxation structure.
3. The GST registration portal acts as a common portal for various requirements, thus helping save time and resources. Additionally it becomes convenient for businesses to take care of their various GST and related requirements at a single portal.
4. GST has also brought about a regulation of the unorganised industries. This has benefited the country as well as created a standardisation within the industrial sector. 
5. The GST paid on input goods or services can be utilized by the business at the time of payment of GST that is due on supply of goods or services or both, thus benefiting the businesses.
6. GST can legally be collected from purchasers and the credit of the taxes paid on the goods or services supplied can be passed on to purchasers or recipients only if you have GST registration. This benefit can be availed only by businesses registered under GST, thus adding to the advantages of GST registration.
7. The Composite Scheme under GST and its tax benefits can be availed by the entrepreneurs whose turnover is within the prescribed limit.
8. Businesses registered under GST can avail the benefit of the Input Tax Credit wherein business owners will have to pay only the difference between GST paid and payable by the other business.

These are just some of the benefits that business owners in Pune and elsewhere, can avail of by registering for GST.

Who Can Apply For GST Registration?

In order for a business to obtain GST Registration in Pune, the business must consider the following pointers for eligibility for GST registration.

1. GST is levied on sale of goods and services and is thus applicable for all businesses dealing in the sale of goods and services.
2. Businesses whose annual turnover is Rs. 40 lakhs or more have to compulsorily apply for GST registration. Further, a business can voluntarily get GST Registration even if their turnover is not Rs. 40 lakhs or more.
3. Under the GST scheme there is no requirement for re-registration or renewal as GST has no expiry.

GST Registration In Pune 

The entire GST registration process is online and is uniform throughout the country. Therefore the GST registration in Pune can be done from anywhere, including from any location within Pune too.

1. Online Registration
   • The online registration process is done via the GST portal
2. However if the need for visiting the local office arises, then the GST office location in Pune is –
   • • Office location address: GST Bhavan opp. Golf Club, airport road, Yerwada- 411006, Pune
     • Contact number: 020-26609000

GST Registration In Pune Via The Portal

• Documents Required

• Registration Procedure
  • Step 1– Login to https://reg.gst.gov.in/registration/ website.
  • Step 2– Fill Form A for “New Registration”.
  • Step 3– Verify via OTP sent on the mobile number and email address shared.
  • Step 4– Obtain “Temporary Reference Number (TRN)” upon verification.
  • Step 5– Complete Part B of the GST registration process and complete the steps under the “Temporary Reference Number (TRN)” option.
  • Step 6– Check the status of the application and fill the 10 sections for various categories on the Form.
    • Section 1: Business Details 
    • Section 2: Promoter/Partner details 
    • Section 3: Authorized Signatory
    • Section 4: Authorized Representative
    • Section 5: Principal place of business 
    • Section 6: Additional place of business 
    • Section 7: Goods and Services 
    • Section 8: Bank account 
    • Section 9: State specific information
    • Section 10: Verification 

The steps and detailed procedure for GST Registration in Pune can be found in the GST Registration Checklist. 

Important Dates To Remember For GST Registration

The different GST return forms, and their due dates are mentioned below. However, it must be remembered that applicability of GST returns, its nomenclatures, due dates are subject to change in case of any updates or notifications or amendments.

• GST returns to be submitted MONTHLY
  • GSTR-1
  • GSTR-3B
  • GSTR-5
  • GSTR-6
  • GSTR-7
  • GSTR-8
  • GSTR-11
• GST returns to be submitted QUARTERLY
  • CMP-08 (previously GSTR-4)
• GST returns to be submitted ANNUALLY
  • GSTR-9
  • GSTR-9A
  • GSTR -9B
  • GSTR– 9C
• GST returns to be submitted only ONCE
  • GSTR-10

GST Penalties

The penalties for the businesses that do not comply under GST are discussed below. 

1. If a business is found selling goods or services without GST registration, then the business will be penalised with 100% tax due or Rs 10,000 whichever is higher.
2. If the business is found not giving GST invoices, they will be penalised with 100% tax due or Rs 10,000 whichever is higher.
   • In case of any kind of incorrect invoicing, the business will be penalized with Rs 25,000.
3. If the business is not filing GST tax returns, they will be penalized with Rs. 20 per day for nil return or Rs. 50 per day for regular returns.
4. If the business is found choosing composition schemes even if not eligible, then the business will be penalized with 100% tax due or Rs. 10,000, whichever is higher.

GST Collection Over The Financial Year

The GST collection goals for the fiscal year 2019-2020 were set at a Rs 1.1 lakh crore monthly target. The targets for the previous four months of the fiscal year were easily achieved and were likely to be achieved for these remaining four months from December 2019 to March 2020 too. These positive statistics reveal that an increasing number of businesses, including those in Pune, are following GST norms and benefiting from registering under GST.

These pointers regarding GST registration, its importance and benefits, the eligibility and applicability, the procedure to apply for GST and important dates to remember will help businesses in Pune register for GST and take advantage of its schemes and benefits. Businesses can also obtain their GST registration in Pune by contacting deAsra for their services.