GST Registration

The Goods and Service Tax is the biggest indirect tax reform which blends in all the other taxes into one single tax structure. Under GST Regime, the goods and services are now taxed under a single law being Goods and Service Tax Laws. 

*Govt.fees and taxes may change from one state to another and are subsequently excluded from the evaluating.

GST Registration– An Overview

The registration under GST is mandatory for the business entities based on the criteria of turnover or activities. The business dealing in goods and those providing service have to mandatorily apply for GST Registration if their aggregate turnover for a financial year exceeds Rs.40 Lakhs and Rs.20 Lakhs respectively. However, for businesses making supplies and providing services in the North Eastern States, the same is Rs. 20 lakhs and Rs. 10 lakhs respectively. Owing to its benefits, many dealers also obtain voluntary registration under GST.
The GST registration in India is completely an online process. GST Registration affirms seamless flow of Input Tax Credit in addition to providing recognition as a registered supplier.

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What are the components of GST?

GST will have 3 tax components, which incorporates a focal part (Central Goods and Services Tax or CGST) and a state component (State Goods and Services Tax or SGST) where focus and state will collect GST on all elements, for example at the point when an exchange occurs inside a state. Between state exchanges will draw in the Integrated Goods and Services Tax (IGST), to be imposed by the middle, for example at the point when an exchange happens one state to another.

Who needs a GST Registration?

Each business or company that are engaged with the purchasing and selling and great of administrations need to enroll for GST. It is compulsory for organizations whose turnover is more than Rs.20 lakhs (for supply of administrations) and Rs. 40 lakhs ( for supply of merchandise) yearly to enlist for a GST.

All organizations causing highway outward supplies of merchandise to need to enlist for a GST as well. The equivalent applies to organizations making available supplies in the interest of other available people, model Agents and Brokers.

What are the GST tax rates?

  1. Items that are considered basic necessities come under exempt list i.e. they are not taxed.
  2. Household necessities and life-saving drugs etc. are taxed at 5%.
  3. Products like computers and processed food are taxed at 12%.
  4. Hair oil, toothpaste and soaps, capital goods, industrial intermediaries and services are taxed at 18%.
  5. Luxury items are taxed at 28%.

    Benefits of GST Registration:

    1. You can legally collect taxes from your customers and pass on the Tax Benefits to suppliers
    2. Business Becomes 100% tax Compliant
    3. You can Claim Input Tax Credit which you have paid on your purchases and improve profits
    4. GST certificate can be used as one of the documents while opening current account or Business Account
    5. You can easily apply for various states and Central Government tenders if you have GSTN

      Documents required for GST Registration

      The list of documents required for registration of GST for various business are as follows:

      Proprietorship:

      • PAN Card and address proof of proprietor

      LLP

      • PAN Card of LLP
      • LLP Agreement
      • Partners’ names and address proof

        Private Limited Company

        • Certificate of Incorporation
        • PAN Card of Company
        • Articles of Association, AOA
        • Memorandum of Association, MOA
        • Resolution signed by board members
        • Identity and address proof of directors
        • Digital Signature

        The following can be shown as proof of address of a director:-

        • Passport
        • Voter Identity Card
        • Aadhar Card
        • Ration Card
        • Telephone or Electricity Bill
        • Driving License
        • Bank Account Statement

        Add what works as identity proof, One can use a PAN Card, Aadhar Card as identity proof. For address proof, any of the director’s can show their voters ID, passport, telephone bill, electricity bill and telephone bill.

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