GST Registration

GST Registration –

GST registration is a procedure through which a taxpayer gets registered under Goods and Services tax. GST Registration authorizes a business to function legally and imparts brand authenticity .The registration can be done online by visiting the official GST portal .Once your GST registration is complete; your application will be checked by a GST officer. Post-approval they will provide you with a unique 15 digit GST Identification Number or GSTIN,the whole process can take around 7 to 10 days.

Who needs GST Registration –

  • For the manufacturing sector, the threshold limit is Rs- 40 lakhs or more and for the service sector, the threshold limit is Rs-20 lakhs or more.
  • Businessin North-eastern states, the threshold is Rs. 10lakhs or more
  • If your business has previous registration under VAT, Excise , Service Tax laws
  • If your business is dealing in more than one state.
  • Selling your goods and services on E-commerce platforms.
  • For import-export business

Note –

  • Penalty will imposed if you are eligible and still not registered under GST.
  • As a penalty you might be fined  with 100% tax due & Rs- 10,000
  • For wrong invoicing Rs- 25,000 will be fined.
  • For GST registered companies it is necessary to file GST tax return if not then you will be penalized Rs-20 per day for nil return &Rs-50 per day for regular returns.
  • If business is operated from more than one state different GST is required.

Benefits of GST Registration –

  • Gives you authority to collect tax legally from customer
  • Can apply for state and central tenders
  • GST file return
  • It is a symbol of authenticity for your business
  • The number of compliances are less
  • Simple online procedure
  • Improves efficiency of logistics

Documents required for GST registration –

Documents required for Private limited (Pvt Ltd.) companies

  • Signatory’s Aadhar card , Pan card & Appointment  proof
  • Pan card of Company
  • Address proof and Pan card of all directors
  • Bank details
  • Address proof of business
  • Incorporation certificate by Ministry of Corporate Affairs

Documents required for LLP& partnership firm

  • Pan card , address proof and photographs of all partners
  • Appointment proof of signatory
  • Bank details
  • Business address proof
  • Partnership deed

Documents required for individual and proprietors

  • Pan and Aadhar card , Photographs of owner
  • Bank details
  • Address proof

Documents for Hindu undivided family

  • Pan card of Family’s Patriarch
  • Owner’s photograph
  • Bank details
  • Address proof of your business

Recent development

  • Anyone can lodge a complaint who’s PAN was misused. Following that, the complaint will get forward to tax officer under whose jurisdiction the registration has taken place.
  • Now GST Portal facilitates you with a search process to find out whether any GSTIN (GST identification number) is issued on a particular PAN.

GST Registrationin News

  • The Govt of India has made Aadhar authentication mandatory for GST refunds, as the central board of income taxes and customs (CBIC) has revised the rules.

Goods and service tax (GST) field formations have cancelled 1,63,042 registrations in the month October &  November 2020 due to non-filing of GSTR-3B ,in a month , the Directorate General of GST Intelligence (DGGI) and CGST Commission has arrested 132 people for passing ineligible input tax credit fraudulently and booked 1430 cases in against  4586 fraud entities identified across the nation.