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GST Registration: Everything You Need to Know

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If your yearly revenue exceeds the threshold limit for GST registration as a products or service supplier, you must register for GST. Businesses who fail to register for GST will face significant fines and penalties. 

What is the GST Registration Process?

The GST applies to all service providers, traders, and manufacturers, among others. There are other freelancers on the list. GST combines a number of federal and state taxes (such as Service Tax, CST, and Excise Duty) (such as Entertainment tax, VAT, Luxury Tax, Octroi, etc.).

Businesses with a turnover of more than Rs. 40 lakhs must register as taxable persons under the GST regime in the case of goods. If your turnover reaches Rs. 20 lakhs, you must register if you are from one of the mentioned states. For services, businesses with a turnover of more than Rs. 20 lakhs must register as taxable persons under the GST regime. GST registration is the name of the registration process.

Who is required to file a GST return?

  • Businesses or persons who were previously taxed under the VAT, Excise, or Service Tax regimes.
  • Non-resident taxable persons, as well as casual taxable persons
  • Taxpayers who use the reverse charge technique to pay their taxes
  • A supplier’s input service distributor and representatives across the country
  • Every e-commerce company
  • People from outside India who provide OIDAR services
  • Businesses with a revenue of more than Rs. 40 lakhs in commodities and Rs. 20 lakhs in services are considered large.
  • Those who work for an e-commerce aggregator

What are the Key Features of GST?

There are three tax components in GST. The first is the Central Goods and Service Tax (CGST), followed by the State Goods and Service Tax (SGST), and finally the Integrated Goods and Service Tax (IGST) (IGST).

When a transaction occurs within a state, the CGST and SGST are levied by the federal and state governments. The IGST is also imposed by the Central Government in the case of inter-state trade, that is, when a transaction occurs between two states.

Required Documents for GST Registration

Different documentation is required depending on the nature of your firm. Take a peek at the images below.

GST registration documents for a proprietorship firm

  • The proprietor’s address proof, PAN number, and Aadhaar number
  • Cancel cheque
  • Photo of passport size
  • Proprietor’s phone number and mailing address

Documents required for LLP GST registration

  • The LLP Contract
  • The LLP’s PAN Card
  • Partners’ PAN numbers and Aadhaar numbers
  • Partner’s phone number and mailing address
  • Photo of partners in passport size
  • Proof of address
  • Names of all partners, as well as evidence of their addresses
  • Electronic Signature
  • Partner will be authorised to sign a letter of authorization.

GST registration documents for a private limited compan

  • AOA Articles of Association
  • The company’s PAN card
  • Incorporation Certificate
  • Directors’ PAN numbers and Aadhaar numbers
  • Directors’ phone number and mailing address
  • The directors’ identity and address must be verified.
  • Board members sign a resolution authorising any director to sign.

How to Apply for GST

The GST registration process is fully paperless, which means you may only register for the GST regime electronically. There are no physical copies of the document needed. There are two phases to the registration process. The first phase entails creating the GST application form, and the second part involves filling it out. Continue reading to learn more about the procedure.

Suggested Read: GST Consultancy services

 

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