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GST Registration

GST Registration

Who should apply for GST registration?

  • Those who are registered under the Pre-GST Law like Excise, VAT, Service Tax etc.
  • Those businesses with turnover above the threshold limit of RS. 40 lakhs & RS. 20 lakhs for the North-Eastern States, J&K, Himachal Pradesh & Uttrakhand.
  • For the casual taxable person/ Non-resident taxable person.
  • Agents of the supplier and Input service distributor.
  • Individuals who are paying tax under the head of reverse charge mechanism.
  • Those who supply via e-commerce aggregator.
  • All E-commerce aggregators.
  • Those who are supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person.

Documents required for GST Registration

For Sole Proprietorship / Individual

  • Aadhaar card, PAN card, and a photograph of the sole proprietor
  • Details of Bank account- Bank statement or a cancelled cheque
  • Office address proof:
    • Own office – Copy of electricity bill/water bill/landline bill/ property tax receipt/a copy of municipal khata
    • Rented office – Rent agreement and NOC (No objection certificate) from the owner.

For Partnership deed/LLP Agreement

  • Aadhaar card, PAN card, Photograph of all partners.
  • Details of Bank such as a copy of cancelled cheque or bank statement
  • Proof of address of Principal place of business and additional place of business :

    • Own office – Copy of electricity bill/water bill/landline bill/ a copy of municipal Khata/property tax receipt
    • Rented office – Rent agreement and NOC (No objection certificate) from the owner.

  • In case of LLP- Registration Certificate of the LLP, Copy of board resolution
    Appointment Proof of authorized signatory- letter of authorization

For Private limited/Public limited/One person company

  • Company’s PAN card
  • Certificate of Registration
  • MOA (Memorandum of Association) /AOA (Articles of Association)
  • Aadhar card, PAN card, a photograph of all Directors
  • Details of Bank- bank statement or a cancelled cheque
  • Proof of Address of Principal place of business and additional place of business:-

    • Own office – Copy of electricity bill/water bill/landline bill/ a copy of municipal khata/ property tax receipt
    • Rented office – Rent agreement and NOC (No objection certificate) from the owner.
  • Appointment Proof of authorized signatory- letter of authorization

What are the benefits of the GST Registration

There are a lot of the benefits under GST Registration which are following :-

  • Stronger than Competitor – GST Registration gives you a valid legal entity registration so you can easily show your valid proof to any other firm or person.
  • Advantage of taking Input tax credit – GST Registration holders can avail the input tax credit during the purchase of any goods or services. So if you are B2B Business then it requires GST registration from starting.
  • Permission to Sell in India anywhere – GST Registration holders can sell their products or services anywhere across India. So there is no boundation like VAT/CST. You can easily supply the products interstate.
  • Open a current business bank account – GSTIN Holder’s can open easily a current bank account on the basis of GST Registration Certificate.
  • Sell Online – if you thinking about the e-commerce then on the basis of GSTIN Registration Number you can easily sell with e-commerce portals like Amazon or Flipkart etc
  • Bid for the Govt Projects – if you are contractor & want to apply for any type of the govt tender then all the Govt Projects demand only valid firms with the GST Number.
  • Chance to accept big projects from MNC – Until if you not a valid business with the valid legal entity proof, MNC is not dealing with the same.
  • Increase Trust between your customer’s – if you issue a Valid GSTIN Tax invoice then it increases the trust between your customer’s & increases your brand value.

GST Registration Responsibilities

Entities registered under GST have various responsibilities and compliance required from time to time. Failure to comply with the GST regulations or compliance requirements can be lead to getting penalties and revocation of GST registration by the authorities. Some responsibilities of a person registered under GST include:

  • Collecting and remitting GST amount from customers
  • Issuing proper GST invoices as per the GST rules and regulations
  • Filing GST returns whenever the return is due based on turnover, even if there is no turnover or business activity
  • Filling annual GST return
  • Maintaining all records related to GST for a period of 8 years