GST Registration
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GST
Goods and Service Tax (GST) came into effect from 1st July 2017. It is a kind of indirect tax levied on the supply of goods and/ or services across the country. To know who are liable to get registration under GST, there are different categories.
Categories of Registration:
TURNOVER BASED
GST registration becomes mandatory if a person or entity sells goods or services or both beyond a certain turnover (details given below).
COMPULSORY
GST registration is mandatorily required for some specified business irrespective of business turnover.
VOLUNTARY
GST registration can also be taken voluntarily irrespective of business turnover.
EXCLUSIVELY EXMPTED-
Registration is not required at all for goods or services which are exempt and not under the purview of GST.
Non Compliance of Registration:
Any delay or non-compliance of requirement of GST registration can lead to a penalty of 100% of Tax or Rs 10,000 whichever is higher and loss of input tax credit during the period of delay.
Importance of Registration:
BENEFIT of ITC -Input Tax credit of taxes paid can be taken only if an individual/entity is registered.
CREDIBILITY- There is a natural trustworthiness towards a registered business of individual/entity. It also helps in reaching out to suppliers and customers with confidence and built good trade relations.
LEGAL STRENGTH- If for some reasons, any business or individuals taken a legal action against the registered business, there is a legal strength to fight back or defend the case.
AVOID HURDLES – The way GST regime works is through a chain system. In this chain, everyone wants to be a GST compliant. If a person liable to get registered is not registered, the authorities can track your activities and create a hurdle in business operations.
Registration under GST:
Every business crossing the below mentioned threshold limits of turnover has to get itself registered under the GST regime compulsorily:
| Turnover | Nature of supply |
|---|---|
>40 lacs | Supply of only goods in normal state |
>20 lacs | Supply of goods and/or service in normal state |
>20 lacs | Supply of only goods in specific state |
>10 lacs | Supply of goods and/or service in specific state |
Here, Special category states
FOR-20LACS includes the following - Arunachal Pradesh, Assam, Jammu and Kashmir, Meghalaya, Sikkim, Himanchal Pradesh & Uttarakhand.
FOR-10LACS includes the following - Nagaland, Manipur, Mizoram & Tripura. |
Documents required for registration:
1) FOR SOLE PROPRIETOR / INDIVIDUAL
• Pan Card of the owner
• Aadhar card of the owner
• Photograph of the owner (in JPEG format, maximum size – 100 KB)
• Bank account details.
• Address proof of principal place of business.
In case owned property -Utility bill -being Electricity bill/Property tax receipt/Legal ownership document.
In case rented property- Rent agreement.
• NOC required in the name of owner of property along with owner Aadhar /pan card.
2) FOR LLP AND PARTNERSHIP FIRMS
• Pan Card of the all the partners (including MD and authorized signatory)
• Aadhar card of authorized signatory
• Photograph of all partners and authorized signatories (in JPEG format, maximum size – 100 KB)
• Bank account details
• Address proof of partners (Passport, driving license, Voter identity card, Aadhar card etc.)
• Address proof of principal place of business –
In case of owned property-Utility bill being -Electricity bill/Property tax receipt, legal ownership document.
• In case of rented property- Rent agreement.
• NOC required in the name of owner of property along with owner Aadhar /pan card
ADDITIONAL DOCUMENT-
• Copy of partnership deed
• Proof of appointment of authorized signatory
• In the case of LLP, registration certificate / Board resolution of LLP
3) FOR HUF
• Pan Card of HUF.
• Pan Card of Karta.
• Aadhar card of Karta
• Photograph of the owner (in JPEG format, maximum size – 100 KB)
• Bank account details
• Address proof of principal place of business.
In case owned property -Utility bill -being Electricity bill/Property tax receipt/Legal ownership document.
In case rented property- Rent agreement.
• NOC required in the name of owner of property along with owner Aadhar /pan card
4) FOR COMPANY (PUBLIC AND PRIVATE) (INDIAN AND FOREIGN)
• Pan Card of company
• Pan Card of authorized signatory
• Pan Card of all the directors.
• Aadhar card of authorized signatory. The authorized signatory must be an Indian even in case of foreign companies/branch registration.
• Photograph of all directors and authorized signatory (in JPEG format, maximum size – 100 KB)
• Bank account details
• Address proof of all directors of the Company (Passport, driving license, Voter identity card, Aadhar card etc.)
• Address proof of principal place of business.
In case owned property -Utility bill -being Electricity bill/Property tax receipt/Legal ownership document.
In case rented property- Rent agreement.
• NOC required in the name of owner of property along with owner Aadhar/pan card
ADDITIONAL DOCUMENTS
• Certificate of incorporation given by Ministry of Corporate Affairs
• Memorandum of Association / Articles of Association
• Board resolution appointing authorized signatory / Any other proof of appointment of authorized signatory (in JPEG format / PDF format, maximum size – 100 KB).