Suppliers who engage in business anywhere in India and whose aggregate turnover exceeds Rs.20 lakhs in a financial year must register to obtain a GSTIN in Gujarat.
A company with a turnover exceeding Rs. 40 lakhs is required to register with the GST Regime as a normal taxable person. GST registration is a method of registering. GST registration is mandatory for several businesses. The company will be charged large penalties if it conducts business without filing under the GST regime.
Registration for GST usually takes two to six working days. Our team will assist you in registering for GST in three simple steps. There has been an increase in the threshold for annual turnover by CBIC (Central Board of Indirect Taxes and Customs) from Rs 20 lakhs to Rs 40 lakhs. As of 1st April 2019, this has become effective.
Benefits of GST Registration in Gujarat
- GST offers an economically effective solution to companies in the unorganized sector.
- It reduces logistic costs and concentration of warehousing amenities.
- GST will simplify tax administration, improve compliance, and reduce economic distortions in production, business, and consumption.
- GST eliminates “cascading” of taxes, reducing product costs, and helping trading become more ambitious.
- Federal and state oversight will be doubled, and tax-exempt goods will decrease.
Businesses registered under the Goods and Service Tax (GST) administration will benefit from the following:
- The Company will be formally branded as a supplier of goods or services.
- Proper accounting of expenses paid on input of goods or services that can be used to report GST based on the number of goods or services or both received by the company.
- Has the legal right to collect taxes from his purchasers and credit the taxes paid on the goods or services provided to purchasers or recipients.
Gujarat GST registration checklist or requirements
- A provisional ID issued by the state/central government
- State or central authority-issued passwords
- Valid email address
- Valid mobile number
- Bank account number
- Bank IFSC
Gujarat GST code: what is it?
- Gujarat GST code 24. GST state codes are also known as GST codes.
- Each taxpayer will be assigned a state-wise. This number will be 15 digits long and based on the PAN of the taxpayer. According to the Indian Census of 2011, the first two digits of GSTIN will describe the state code. There are two-digit codes for every state.
- GSTIN’s next 10 digits are the pan number of the taxpayer.
- GST registration Gujarat codes will be alphanumeric i.e., 1-9, then A-Z, allotted based on the number of registrations a legal organization, company, etc., has within one state.
- The fourteenth digit is currently unusable and will be set to ‘Z’ by default.
- The last digit serves as a check code for discovering mistakes.
What is the GST number for Gujarat?
- Gujarat has the state code 24. Gujarat’s GST number begins with 24. Gujarat’s GST number starts with 24 if you observe any number starting with that.
- GSTIN is an acronym for Goods and Service Tax Identification Number. GST-registered characters are assigned a 15-digit alpha-numeric PAN-based single code. This unique number will be assigned state wise. GSTIN is a tax registration number supporting GST. Each business activity will be tracked by the Government of India. Taxpayers will also be able to register, file taxes, and maintain their tax information through this service.