WHAT IS GST?

The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services.

The goods and services tax (GST) is an indirect federal sales tax that is applied to the cost of certain goods and services. The business adds the GST to the price of the product, and a customer who buys the product pays the sales price inclusive of the GST. The GST portion is collected by the business or seller and forwarded to the government. It is also referred to as Value-Added Tax (VAT) in some countries.

GST has tremendously improved the ease of doing business in India and has increased the no. of taxpayers by bringing in millions of small businesses in India. After the abolition and inclusion of multiple taxes into a single system, tax complexities have been reduced while the no. of taxpayers have increased substantially.

WHO ALL NEED GST REGISTRATION?

A business organization or an entity is screened through a layer of criterions in order to conclude if a particular organization/an entity/ a company needs GST registration or not. The set of criteria is discussed as follows:

TURNOVER CRITERIA

If the entities are selling goods and/or services with an annual aggregate turnover of more than Rs.20 lakhs in most states then they are required to do GST Registration. Only in the cases of special category, Goods & Services tax (GST) registration is required if the aggregate turnover (annually) of the business is 10 lakhs.In case a business organization is involved in any of the following cases mentioned below, the entity is subjected to do GST registration.

INTER-STATE SUPPLY

GST Registration is must for the organizations, irrespective of the amount of aggregate annual turnover the organization is generating, if they are selling goods and/or services to the regions belonging to a different state.

E-COMMERCE SELLERS

Entities selling goods and/or services through e-commerce platforms are supposed to do GST registration irrespective of the amount of the aggregate annual turnover the entity is generating. Hence, entities/companies earning money through e-commerce platforms, like Amazon, Flipkart and Snapdeal, by selling goods and/or services will have to do Goods & Services Tax (GST) registration.

EXISTING TAXPAYERS

All the entities who have registered for service tax or VAT or central excise, they are entitled to do Goods & Services Tax (GST) registration. All the respective tax departments have provided Provisional IDs and passwords to the existing taxpayers so that they can complete the formalities of Goods & Services tax (GST) migration and generate GSTIN.

GST NUMBER:-

A GST number or GSTIN includes the state code (first 2 digits), PAN card number (next 10 digits), entity number of the same PAN holder (13th digit of the GSTIN number) of the business organization to be registered.

CASUAL TAXABLE PERSONS

A casual taxable person is the one who frequently supplies goods and/or services and he has no fixed place of business. Example: A fireworks shop set up during Diwali time. Entities are required to register for GST as per the regulations created by the government. The GST application must be filed within 30 days from the date on which the entity became liable for registration under Goods & Services Tax (GST).

WHY?

GST REGISTRATION DOCUMENTS

IDENTITY AND ADDRESS PROOF OF PROMOTERS

It must be ensured that, while an entity is applying for GST registration, it must submit the following as the identity & the address proof of its promoters.

BUSINESS REGISTRATION DOCUMENTS

A business organization or a company must submit a business registration proof i.e. incorporation certificate or partnership deed or registration certificate in case it is a registered entity.

In case of a proprietorship firm, a sole proprietor is not entitled to submit a business registration document as the proprietor and the proprietorship firm are considered as the same legal entity.

In case of a partnership firm, the firm must submit a partnership deed.

In case of LLP or Company, the company must submit the incorporation certificate received from MCA.

In case the entity is a society, trust, club, a government department or is a body of individuals, the entity can provide a registration certificate as a business registration proof of the organization.

ADDRESS PROOF FOR PLACE OF BUSINESS

At the time an organization is applying for the GST registration in India, it must provide the address proof of the location where the entity is running its operation.

Rental agreement/the sales deed, along with the copies of electricity bill/latest property tax receipt/the municipal khata.

BANK ACCOUNT PROOF

Use scanned copy of the first page of the bank passbook of your bank account as the bank account proof for GST registration.
Or
The first page of the bank passbook must include a few transactions and the address of the business organization.

DIGITAL SIGNATURE

In order to do GST registration and to file GST in India, a business organization or a company needs a class 2 digital signature.

All the documents that are submitted to the Government under GST, including GST registration applications or documents uploaded to the GST common portal, all of them must be digitally signed.

Normally, it takes 2-6 working days to do GST registration in India. The process of getting the application signed with the department and getting the digital signatures of the authorized person(s) takes a few days.

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