A Few Words

GST Registration

GST Registration - An Overview

Launched on July 1 2017, the Goods & Services Tax (GST) applies to all Indian service providers (including freelancers), traders and manufacturers. A variety of Central taxes like Service Tax, Excise Duty, CST and state taxes like Entertainment Tax, Luxury Tax, Octroi, VAT are absorbed in one tax – GST, implemented on 01.07.2017.  GST is to be charged at every step of the supply chain, with full set-off benefits available. The procedure for GST is entirely online and requires no manual intervention.
 
Every product goes through multiple stages along the supply chain, which includes the purchasing of raw materials, manufacturing, sale to the wholesaler, selling to the retailer and then the final sale to the consumer. Interestingly,  GST will be levied on all of these 3 stages. Let’s say if a product is produced in West Bengal but is being consumed in Uttar Pradesh, the entire revenue will go to Uttar Pradesh.
 
Also, taxpayers with a turnover of less than Rs.1.5 crore can choose composition scheme to get rid of tedious GST formalities and pay GST at a fixed rate of turnover.
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Who needs a GST Registration?

Every business or corporation that are involved in the buying and selling and good of services have to register for GST. It is mandatory for companies whose turnover is more than Rs.20 lakhs (for supply of services) and Rs. 40 lakhs ( for supply of goods) yearly to register for a GST.

All businesses making interstate outward supplies of goods have to register for a GST too. The same applies to businesses making taxable supplies on behalf of other taxable persons, example Agents and Brokers.

Also, as per the recent notification, e-commerce sellers/aggregators need not register if total sales are less than Rs.20 lakhs.

Documents for Online GST registration

The list of documents required for registration of GST for various business are as follows:

Proprietorship

  • PAN Card and address proof of proprietor

LLP

  • PAN Card of LLP
  • LLP Agreement
  • Partners’ names and address proof

Private Limited Company

  • Certificate of Incorporation
  • PAN Card of Company
  • Articles of Association, AOA
  • Memorandum of Association, MOA
  • Resolution signed by board members
  • Identity and address proof of directors
  • Digital Signature

The following can be shown as proof of address of a director:-

  • Passport
  • Voter Identity Card
  • Aadhar Card
  • Ration Card
  • Telephone or Electricity Bill
  • Driving License
  • Bank Account Statement

Preparation of GST application

One of our GST representatives will collect all the required documents and process the GST application through the iCFO platform.

Application Filing

Once all the documents are collected, the application will be processed and filed. Then immediately the ARN number will be issued.

GST Registration Certificate

The GST registration certificate and GSTIN will be issued upon verification of GST application and other mandatory documents by the GST officer. Be aware that no hard copies of the certificate will be issued and the GST registration certificate can be downloaded from the GST Portal.

Penalties For Failure To GST Registration

As per the Section 122 of the CGST act, in India, there is a direct penalty for all those taxable persons who fail to register for GST.certificate can be downloaded from the GST Portal.

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