05/08/2020
Who should register for GST
There are two categories of GST registration
1) Turnover criteria
2) Mandatory registration
1) registered under any previous law of indirect tax like service tax, sales tax, excise etc., which got submerged into GST is required to migrate to the new GST regime and obtain the registration with effect from the appointed date, i.e 1st July 2017
2) Businesses with aggregate turnover above the threshold limit of Rs. 40 Lakhs (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)
3) Casual taxable person / Non-Resident taxable person
4) Person who supplies via e-commerce Distributors
5) Every e-commerce aggregator
6) Person 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
7) Entities supplying goods and services across state boundaries are obliged to apply for GST Registration Online or Offline, not withstanding with their annual turnover
What is a GST Registration Number?
Goods and Services Tax Identification Number or GSTIN is a unique number that is allocated to every business or every person once registered successfully under GST.
In GST, each taxpayer is allocated a state-wise PAN like a 15-digit number. The first two digits of the GSTIN is the state code, for example, Maharashtra has the code 27. This means that every GST taxpayer from Maharashtra will have a GSTIN number that begins with the number 27. The following 10 digits is the PAN card number of the taxpayer. The 13th number is assigned based on the number of registrations within a state while the 14th is Z by default. The last digit is used for check code, and so it is always an alphabet.
Benefits of GST Registration
Businesses registered under Goods and Services Tax enjoy many benefits under various schemes of Central and State Government. Main benefits include:
1) Input Tax Credit (ITC’) on purchases would be available only for Registered taxpayers. By availing GST Registration, taxpayers would be able to offset the ITC against the output GST liability, thereby reducing the cascading effect of GST and optimising the value of goods/ services offered to customers.
2) A Registered taxpayer would be able to undertake inter-state an export sales without any restrictions, thereby increasing the extent and volume of business.
3) GST indirectly enforces buyers and sellers to undertake business transactions in a transparent manner by reporting transactions and comply with law at various stages.
4) Single registration for a PAN Indian Business
5) Hassle free movement of goods via E-Way Bills
6) Eligible to sell online on Ecommerce Portal such as Amazon,Cartfacio and Flipkart
7) Easy of getting business loans via GST Compliance Data
Documents Required
DOCUMENTS REQUIRED FOR GST REGISTRATION OF AN INDIVIDUAL/PROPRIETORSHIP BUSINESS
1. Email id and mobile number (for OTP)
2. Proprietor details:-
i) Photograph
ii) Aadhar card
iii) PAN card
3. Date of commencement of business
4. Principal place of business:-
i) Rent or Lease Agreement/Electricity bill/Property tax receipt
ii) NOC from owner of the premises if property rented/leased- MANDATORY (Draft format of NOC)
5. Nature of Business carried on by the firm
6. Bank Accounts details:-
i) Copy of cancelled cheque OR
ii) Copy of Bank Account statement with Account no, IFSC code, etc
7. HSN Codes related to the nature of business carried on or as received in any invoices
8. Additional Place of Business details along with address proof (If any)
DOCUMENTS REQUIRED FOR GST REGISTRATION OF A PARTNERSHIP FIRM
1. Email Id and Mobile number of Authorised Signatory (For OTP)
2. Pan Card Copy of Firm
3. Date of Commencement of business
4. Principal Place of Business details:-
i) Rent or Lease Agreement/Electricity bill/Property tax receipt
ii) NOC from owner of the premises if property rented/leased- MANDATORY (Draft format of NOC)
5. Partner details:-
i) Mobile number and Email ID of all partners
ii) Photograph of all partners
iii) PAN & Aadhar of all partners
6. Nature of Business carried on by the firm
7. Bank Accounts details:-
i) Copy of cancelled cheque OR
ii) Copy of Bank Account statement with Account no, IFSC code, etc
8. Authority letter to be signed by all partners (will be provided by us after we receive basic details)
9. Signed copy of Partnership Deed
10. HSN Codes related to the nature of business carried on or as received in any invoices
11. Additional Place of Business details along with address proof (If any)
DOCUMENTS REQUIRED FOR GST REGISTRATION OF A TRUST
1. Email Id and Mobile number of Authorised Signatory (For OTP)
2. Pan Card Copy of Trust
3. Date of Commencement of business
4. Principal Place of Business details:-
i) Rent or Lease Agreement/Electricity bill/Property tax receipt
ii) NOC from owner of the premises if property rented/leased- MANDATORY (Draft format of NOC)
5. Trustee details:-
i) Mobile number and Email ID of all trustees
ii) Photograph of all trustees
iii) PAN & Aadhar of all trustee
6. Nature of Business carried on by the trust
7. Bank Accounts details:-
i) Copy of cancelled cheque OR
ii) Copy of Bank Account statement with Account no, IFSC code, etc
8. Authority letter to be signed by all partners (will be provided by us after we receive basic details)
9. Signed copy of Trust Deed or Certificate
10. HSN Codes related to the nature of business carried on or as received in any invoices
11. Additional Place of Business details along with address proof (If any)