GST ( Goods and Services Tax) is the biggest tax reform in India and has improved business very easily. It has increased the taxpayer base in India which includes millions and billions of people in small businesses. This comes under a uniform tax system. As GST came up, the tax complexities have reduced and multiple tax systems got abolished. It went subsumed into a simple tax system. There is a GST regime which makes buying and selling of goods or services mandatory, further providing registration and obtaining GSTIN.
It is a 15 digit unique code which is provided to each and every taxpayer who is having a valid GST registration in India. This unique code is allocated to a taxpayer which is based on the state and PAN card. This is important for businesses when annual turnover or gross receipts exceeds Rs 20 lakh. Some businesses carry out an e- business platform to obtain GSTIN. Once the entity crosses a minimum threshold turnover or is expected to cross a turnover, GST registration is needed.
Eligibility to obtain GST Registration
If anything falls in below category, they are required to get GST Registration:
- Aggregate Turnover: If a service provider provides services exceeding Rs 20 lakhs aggregate in a year, then GST registration needs to be done. If an aggregate turnover of an entity crosses Rs 40 lakhs in the supply of goods, registration of GST needs to be done.
- Interstate Business: This says that if any entity or company or business is involved in supplying of goods and services from one state to another, then it should get GST registration in India.
- E-commerce platform: Any e-commerce platform supplying goods and services online is entitled to GST registration irrespective of the turnover. Even GST registration is needed in order to commerce with an E-commerce business.
- Casual Taxable Persons: Any person or individual who is involved in undertaking the supply of goods and services whether it is seasonally or intermittently through a stall or shop should get GST registration done.
- Voluntary registration: This is totally voluntary. Any entity who by itself wants to obtain a registration is free to do it. Any entity which has the right to voluntary registration but did not do it due to some issues, can do it within a time period of 1 year. There has been recent revisions which said that an applicant or entity can apply for voluntary registration at any time.
Procedure to obtain a GST registration
- The first step is that an entity or person has to send a request to a GST expert to obtain GST registration. The experts reach us and understand the business activity and note down the state they are applying for.
- A GST expert collects the documents from the concerned person to obtain GST registration.
- Once the payment for the registration is done, the registration process begins and the advisors are available for any kind of doubts or queries.
- Then within 3-7 days, we obtain the GST registration. The full process is online and we don’t have to visit the office for each and every thing.
Documents required to obtain GST registration:
The regular tax payers have to submit the documents to apply for GST registration:
- PAN card of the business and applicant or entity
- Address proofs, identity proofs and photographs of the applicant
- Digital Signature certificate (DSC) and business location proof
- A cancel cheque, bank account statement, business registration document and Incorporation certificate of the company
- An authorization letter and board resolution for authorized signatory
GST return filing
A person applying for the GST return filing has to be filed through ledgers GST software. While applying, it should include sales, output GST, input tax credit and purchases.
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