GST is the outcome of the idea of One Tax One Nation. It is the biggest tax reform which has reduced the cascading effect of various taxes on the business. It introduced single taxing system which removed the complexities of earlier tax method. It also increased the tax base by easing the rules and procedure from registration to return filing. The criteria for GST has been kept simple like entities in special category states with annual turnover of 10 lakh and above would require to get register under GST whereas for rest of India turnover criteria is 20 lakh. There are other criteria also which makes an entity liable for GST registration irrespective of annual turnover.
Collection of GST from customer or claiming input tax credit of GST without GST registration is prohibited and could be penalized. GST registration is required for all business entities involved in buying and selling of goods and providing services anywhere in India. Compex can help you obtain GST registration in India and maintain GST compliance through a proprietary GST accounting software. The average time taken to obtain GST certificate is about 5-8 working days, subject to government processing time and client document availability.
ELIGIBILITY FOR GST REGISTRATION
TURNOVER
Entities which are involved in supplying goods & services with annual turnover of 20 lakhs are required to GST registration mandatorily. The turnover is reduced to 10 lakhs in some special states.
INTER STATE SUPPLY
Registration under GST is mandatory for entities undertaking inter state supply of goods and/or services irrespective of annual turnover.
E-COMMERCE ENTITIES
Entities involved in the supply of goods and services through e-commerce platforms are mandatorily required to be registered under GST irrespective of annual turnover.
TAXPAYERS
All entities having service tax or VAT or central excise registration must be registered under GST.
CASUAL TAXABLE PERSONS
A casual taxable person is someone who occasionally undertakes supply of goods or services having no fixed place of business.
TAX DEDUCTOR
All local bodies are required to get register as tax Deductor for the purpose of deducting tax on services rendered.
DOCUMENTS REQUIRED FOR REGISTRATION
PAN CARD
Registration requires PAN of business or authorized signatory (Director or Partner or Proprietor).
EMAIL ID AND PHONE NUMBER
A valid email id and mobile number is required to get OTP generated during application.
ID AND ADDRESS PROOF WITH PHOTOGRAPHS
Anyone from PAN, Passport, Aadhaar, Voter card, Driving License can be given along with a photograph.
BUSINESS REGISTRATION DOCUMENT
Any registration with government authorities in the name of the business should be submitted for proof of business.
ADDRESS PROOF OF PLACE OF BUSINESS
It includes document like rent agreement, sale deed, latest electricity bill or property tax receipt or municipal khata copy with the address of business mentioned in it.
BANK ACCOUNT
Scanned copy of first page of bank passbook, Cancelled cheque or bank statement for details of valid bank account.
DIGITAL SIGNATURE
For submission of forms and application in GST portal class 2 or class 3 digital signature is required for the authorized signatory. No such need in case of Proprietorship.
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s