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
EXISTING TAXPAYERS
GST NUMBER:-
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?
If you do not register for GST then,
you won’t be
in a position to claim tax refunds on purchases. So, if you buy goods worth Rs 1 lakh in a year and the tax rate is 28% then, you will lose tax refund of worth Rs. 28,000.
You cannot sell goods and/or services outside your state.
GST REGISTRATION DOCUMENTS
PAN CARD Of the BUSINESS Or APPLICANT
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.
Pan Card
Passport
Driving License
Aadhar Card
Voter Card
BUSINESS REGISTRATION DOCUMENTS
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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