GST Registration

 

GST Registration:

The Goods and Service Tax Act (GST Act), a new law, was introduced by the Indian government on July 1, 2017. On March 29 of the same year, the measure was formally approved by the Parliament.

 

 

 

The GST is an indirect tax that was created to eliminate a number of other indirect taxes in India, provide a unified taxation system for convenience of collection, and boost process efficiency.Businesses with an annual turnover of Rs. 40 lakh or more are now required to register for the new GST. Companies in the North East and Hill states that generate more than Rs. 10 Lakh in income annually are required to register.It will hardly take two to six working days to finish the comparatively easy GSTIN registration process.First, though, these are the many types of GST that are applicable in India.

 

GST Registration Is Required for Certain Businesses

GST registration is required for the following, regardless of the threshold limit:

·         A threshold of ₹20 lakhs or ₹10 lakhs applies to interstate supplies of taxable services, some handicrafts, and handcrafted items.

·         Individuals participating in interstate taxable supply. o Casual taxable individuals participating in taxable supply

·         Non-resident taxable people involved in taxable supply o Individuals required to pay tax under reverse charge for received inward supplies

·         E-commerce organizations (including all e-commerce operators and suppliers of goods and/or services)

·         Section 51 requires individuals to deduct taxes.

·         A distributor for input services

·         People who, in their capacity as agents or otherwise, make taxable supplies of goods or services on behalf of other taxable persons o People who must pay taxes under Section 9(5)  Any additional people or groups that the government notifies.

 

 

Knowing What Your GST Identification Number Means

Businesses registered under the GST system in India are given a unique 15-digit alphanumeric identifier known as a GSTIN (Goods and Services Tax Identification Number). This is an illustration of a GSTIN:

•Let's dissect a GSTIN's structure:

The state code in which the business is registered is represented by the first two digits (State Code): 09; the next ten digits (PAN) are ABCDE1234F, which is the business's PAN (Permanent Account Number); the final digit (Entity Code) is: The PAN holder's entity code is represented by the first digit, Z, which is currently kept blank for future usage. The last digit, the check code, is: 5. A check code for the purpose of verification

Documents Needed to Register for GST

 

The list of documents needed for GST registration is as follows:

 

·         Aadhar Card

·         Pan Card

·         Bank account details

·         Digital signature

·         Proof of address

·         Photographs

·         Articles of Association/Memorandum of Association

·         Ministry of Corporate Affairs certificate of incorporation

·         Documentation of authorized signatory appointment

·         Registration certificate/LLP Board resolution for LLP