Hyderabad is one of the cities with great chances of business growth. GST registration is one of the intrinsic parts of the business world. It offers many benefits but if anybody violated the Goods and Services Act of 2017, he or she may face rigorous actions. After crossing the threshold limit GST registration becomes compulsory and non compliance with the same is a violation of the above mentioned law which may prove fatal to your business. Hence you must register for GST in Hyderabad or any other place in India compulsorily to secure your business against the fines and penalties.
What is Goods and Services Tax?
Every business that exceeds the goods and services tax threshold limit is required under the Goods and Services Tax Act of 2017 to register as a taxpayer. The term “GST registration” refers to this registration under the GST statute. A list of all indirect taxes is included in the Goods and Services Tax registration, also known as GST registration among business owners. Prior to 2017, there were a number of indirect taxes, and occasionally the rates varied from one state to the next. It makes the market different. Therefore, the government uniformized the tax code to address all of these issues. As of right now, the GST law applies a uniform tax rate across the country.
Threshold Limit of GST Registration in Hyderabad
Like the rest of India, Hyderabad’s initial GST registration threshold was set at Rs. 20 lakhs for both goods and services. Nonetheless, the government raised the threshold limit for companies dealing in products to Rs. 40 lakhs through a notification in March 2019 after realizing the impact on small firms. It’s crucial to remember that the Rs. 20 lakhs service threshold is still in place. This implies that companies in Hyderabad that offer services must register for products and Services Tax (GST) if their annual revenue is above Rs. 20 lakhs, but companies that deal in products must meet a barrier of Rs. 40 lakhs.
What is the Process to Register for GST in Hyderabad?
The process to register for GST in Hyderabad can be completed in two stages which are mentioned below:
Pre Registration Process
- Check the eligibility criteria in order to get register GST in Hyderabad
- Check the threshold limit for the registration of GST
- Collect all the documents required for the registration of goods and services tax
- Consult a GST expert to get register for GST in Hyderabad done easily
GST Registration Process
- Visit the official website or portal in order to register GST in Hyderabad
- Select the available option of “Registration” from the drop-down menu.
- After that choose the new registration and fill the basic details it ask to fill
- Enter the One Time Password or OTP received on your mobile and email to verify your details.
- After verification, a Temporary Reference Number (TRN) will be generated.
- Use the TRN to log in and fill in the required details in the GST REG-01 form.
- Upload necessary documents
- A verification process will be initiated, and a GST officer may contact you for further details.
- Upon successful verification, you will receive the GSTIN and a certificate of registration.
- Display the GSTIN at your place of business as required by regulations.
- Pay the applicable registration fees, if any.
- After registration, start filing regular GST returns to comply with GST regulations.
Documents Required to Register for GST in Hyderabad
Some of the key documents without which it is impossible to get register for GST in Hyderabad are given below:
- For a partnership, provide the Partnership Deed.
- For companies, submit the Certificate of Incorporation.
- Address Proof and Identification Proof of all promoters/partners/directors.
- Passport-sized photographs of all promoters/partners/directors.
- A canceled cheque or a copy of the bank statement showing the name, address, and IFSC code.
- In case of authorized signatories, provide the authorization forms along with their ID and address proof.
- DSC of the authorized signatory.
- Documents supporting the nature of the business, such as a MOA for companies or a partnership deed for partnerships.
- A copy of the recent bank statement for the business account.
Benefits of GST registration in India
Some of the key benefits to register for GST in Hyderabad or any other part of the country are mentioned below:
- Legal recognition among the various businesses in the market
- Interstate sales is possible
- Input Tax Credit is possible after registration
- Wider Market Access will be available for the business
- After this registration only one can opt for the government tenders
- Unified tax system makes the taxation easy
- Legal Protection which helps in avoidance of penalty
- Business expansion can be done smoothly
- Customer trust is build
- Export benefits will be provided
- Business through E-commerce platforms become possible
Conclusion
To register for GST in Hyderabad is a crucial step for businesses, ensuring compliance with the Goods and Services Tax Act of 2017. Hyderabad, a city with significant business potential, requires businesses exceeding the threshold limit to undergo GST registration. This process involves both pre-registration steps, such as checking eligibility and collecting necessary documents, and the actual GST registration process on the official portal. Understanding the threshold limit is essential, with different limits for goods and services. Failure to register GST in Hyderabad may lead to legal consequences. Thus, businesses in Hyderabad should prioritize GST registration to secure legal recognition and enjoy the benefits of compliance with the unified tax system.
