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Every business is eligible for voluntary registration under Goods and Services Tax irrespective of the threshold limit. Read more here.
You may opt for voluntary registration under GST even if you are not liable to be registered. All the provisions of GST applicable to a registered taxable person will similarly apply to you also, i.e. you will be treated as a normal taxable person.
Latest update on GST registration
28th May 2021
Due date to file application for revocation of cancellation of registration falling between 15th April 2021 up to 29th June 2021 is 30th June 2021.
1st May 2021
The time limit to take actions, reply or pass orders as given under Rule 9 of the CGST Rules, 2017 that falls between 1st May 2021 and 31st May 2021 has been extended up to 15th June 2021.
5th March 2021
The Search ARN Functionality for Registration, post-TRN Login has been enhanced for the taxpayers.
31st January 2021
1. Persons applying for Registration in Form GST REG-01 as SEZ unit and SEZ developer would now be required to provide the validity period, as per Letter of Approval (LOA)/Letter of Permission (LOP).
2. A functionality has been provided to registrants to upload the copy of Notification issued by MEA /State while applying for Registration on GST Portal in Form GST REG-13.
3. Aadhaar Authentication for one Promoter and Primary authorized signatory has been implemented on the portal for existing taxpayers.
31st December 2020
1. For Taxpayers applying for new registration and opting for Aadhaar Authentication, the authentication would now be required to be done only for one Primary Authorized Signatory and one Promoter/Partner, instead of all.
2. A person registered as a GST Practitioner can now file an application for cancellation of their Registration, in Form GST PCT-06
3. While applying for a new Registration application, the taxpayers will now be shown some additional details related to the same PAN, in a table.
4. Immediately after initiation of GSTIN cancellation, the status of GSTIN for which cancellation is initiated will be shown as “Suspended” on the GST Portal.
5. Taxpayers can select the jurisdiction of CBIC and states/UTs on the basis of PIN code
20th August 2020
An option is given for Aadhaar authentication while obtaining the GST registration. The rules are amended with effect from 21st August 2020 as follows:
1. In case the aadhaar authentication is opted for, it must be completed while submitting the application. The date of application is earlier of the date of aadhaar authentication or fifteen days from the submission of the application in Part B of Form GST REG-01.
2. For the rest of the applicants, physical verification of place of business will be carried out, including document verification, as the case may be, with permission.
3. Cases of deemed approval have also been listed.
Click here to know more about aadhaar authentication.
27th June 2020
The time limit for completion or compliance has been further extended to 31st August 2020, where the time limit falls between the period from 20th March 2020 to 30th August 2020. But it does not include cases where a person needs to obtain GST registration under section 25 (Normal registration) and 27 (Registration as a casual taxable person/ non-resident taxable person) of the CGST Act.
3rd April 2020
The time limit for completion or compliance has been extended to 30th June 2020, where the time limit falls between the period from 20th March 2020 to 29th June 2020. It does not include cases where a person needs to obtain GST registration under section 25 (Normal registration) and 27 (Registration as a casual taxable person/ non-resident taxable person) of the CGST Act.
As the name suggests, anyone can register under GST even though he may not be required by law
Certain businesses are required to register mandatorily under GST such as
Click here for the entire list of businesses which are required to register mandatorily. Small businesses with turnover less than 20lakhs can voluntarily register under GST. Businesses with turnover 20 lakhs to 1 crore can opt for composition levy. But composition levy comes with additional disadvantages such as not being able to collect any tax from their customers or avail input tax credit. Such SMEs may also opt for to register themselves as normal dealers instead of composition dealers.
Example: A small grocery dealer with a turnover of Rs. 12-15 lakh is not be required to register under GST. However, he is also supplying to a nearby restaurant which is registered under GST (having a turnover exceeding Rs. 20 lakh) The restaurant is eligible for input credit and may look for a registered seller who can pass on ITC . In such a scenario, the grocer might register voluntarily to pass on the benefit of input credit to his buyer.
We discussed the benefits of getting registered under the Goods and Services Tax, however, there is a flip-side to it. Businesses registering voluntarily under GST may have to face extra compliance and working capital liquidity. We are listing down some of these consequences:
Before opting you must consider the following-
Needless to say that small business must do their math around the cost-benefit of voluntary registration under GST.
You cancel your voluntary registration anytime later on after one year. Any person who has taken voluntary registration but has not commenced business within six months from the date of registration will have his registration cancelled. Such cancellation will be done by –
***However, application for cancellation of registration by the concerned person who has registered voluntarily will be only after one year from the date of registration. Please read our in-depth article on cancellation of GST registration. Click here to know the step-by-step process for GST registration.
Be GST ready through ClearTax GST Software, an easy user-friendly versatile software which will help you to be GST compliant.
If you are a business looking to discover more, please read our articles on GST registration.
If you have further queries about GST and registration, please email us at firstname.lastname@example.org or call us on 080-67458707.