GST stands for goods and services tax which is a newly implemented tax rule that unifies all the other individual taxes making it more concise and convenient. GST registration is a mandatory requirement for the taxpaying entities. By rule, if your annual turnover of the business you run goes above the amount of Rs.20 lakhs then you must compulsorily get GST registration. Exception for the special states like Jammu and Kashmir, north eastern states and other hilly states that they must get GST registration if their turnover exceeds the amount of Rs.10 lakhs. For all these mentioned business situations, the GST registration is an absolute mandatory obligation. If you fall into that category and continue to run business without GST registration then you are liable for hefty penalties.
Who are supposed to Get GST Registration?
Following are the situations where you are supposed to get a GST Registration.
- The individuals registered under the excise duty or VAT or even Service tax or similar taxes which were taxes existing before enforcement of GST.
- Any Businesses with a turnover exceeding the amount of Rs.20 lakhs and Rs.10 lakhs for the special states as mentioned above respectively are obligated by law to have a GST registration.
- Any taxable individual or a non resident taxable individual.
- Input service distributers that are agents of a certain supplier.
- Individuals that fall into the category of tax payment under the reverse charge mechanism.
Know the Documents Required for GST Registration
- PAN of the Applicant
- Aadhar card
- Proof of business registration or Incorporation certificate,
- Identity proof and Address proof of the Promoters and/as well as the directors of your business or company with their passport-sized photographs.
- Address proof of the place of business.
- Bank Account statement or Cancelled cheque.
- Digital Signature or a DSC.
- Letter of authorization or Board Resolution for the Authorized Signatory
Follow the GST Registration Procedure Online with the Help of Experts
- Visit the official government provided website first of all. The website is reg.gov.in.
- Once you log on to the website, you will see an option sitting to register now. This is an option for the new tax payers.
- On the site, you shall see two options in order to select from, it could either be a new registration or temporary reference number. This is also known as TRN for short.
- After you through this, the next thing that will be asked would be if you are a tax payer or not along the column saying “I’m a?” and here you will put in “tax payer”. Mention along with the state or the district you are running your business in. This is also where you shall mention your legal name that is supposed to be just the same as on your PAN card. Next, simply mention your further details as asked like your registered contact and mail id, then the type of business you are running.
- Once you finish with filing these details, you will receive an OTP. This OTP is for verification. Once you verify through it, you will receive an ARN number if all your documents that you submitted are correct.
- Just in case any fault is found, you will be asked to correct it by the department or cancelled leaving you with options of either refiling the form of correcting your details. Mostly it’s the second. Once satisfied, you will get your GST registration procedure completed and done.
More info visit https://enterslice1.wordpress.com/2018/09/26/how-can-we-apply-for-gst-registration-in-india/