Business having turnover of more than 40* lacks required to get registered under Goods & Services Tax Act, 2017. GST registration is compulsory for all of the business entity, who wishes to trade in India whenever their aggregate turnover exceeds prescribed limit and compulsory in some cases like inter-sate transaction.
A business registered with GST, only can issue tax invoice and avail the benefit of Input tax credit. Registered taxable person will be allotted for each State/ UT having business places a PAN-based 15-digit GST Identification Number (GSTIN) as per the following structure.
Who should register under Goods & Services Tax (GST)
- Person registers under previous laws where excise, vat or service tax was applicable.
- Business with aggregate turnover exceed 40* lacks in other states and 20* lacks for Northern-eastern states, J&K, Himanchal Pradesh.
- Input service distributor
- Casual Taxable person
- Non Resident taxable person
- E-commerce aggregator
- Business doing through e-commerce portal
- Person supplying online information and database or retrieval service from a place outside India, other than a registered taxable person
- Person paying tax under reverse charge mechanism (RCM)
Which type of GST Registration is suitable for me?
- Regular dealer:- A dealer who wish to trade without any restriction & want to avail the benefit to issue a tax invoice, collecting Gst and taking input tax credit can opt for the Gst registration under Regular scheme.
- Casual dealer:- A dealer who need Gst registration for a short period of time like selling the product from a trade promotional event or providing service from a promotional event, or other situation, where duration of the period is less than 90 days, can take the registration under Casual dealer. Benefit under casual dealer registration and regular dealer registration is same, the only difference is the period of time.
- Composite dealer:- A dealer who does want to adhere Gst compliances due to their small turnover or small nature of work, can avail the benefit of registration under Composition scheme. Under this scheme, a dealer can do the business up to a turnover of 1.5 crore, but after that, it need to be converted into regular scheme. There are some disadvantage like , dealer can’t issue Tax invoice, can’t take input tax credit , can’t make inter-sate sale.
Documents required for GST incorporation
- PAN of the Applicant
- Aadhar card/Voter Id/Passport/Driving license of the applicant
- Passport size color Photograph of proprietor
- Address proof of the place of business
- Electricity bill/Water bill/Telephone bill
- NOC form owner of the premise
- If rented, then Electricity bill and Rent agreement or lease agreement
For Company/Partnership firm/LLP
- Identity and Address proof of Promoters/Director with Photographs
- Proof of business registration (Incorporation certificate or Partnership deed)
- Bank Account statement/Cancelled cheque
- Address proof of the place of business
- Digital Signature
- Letter of Authorization/Board Resolution for Authorization
Registration Process of GST Company
The process of PF registration in India can be completed online and offline through the official government portal. The steps involved in the process are as follows:
- Trade name decision
- Checking of Trademark
- Document Collection
- Filling of the Application
- Checking of the application by Department
- Filling of Registered office & commencement of Business after Incorporation
- Issue of Certificate of Registration
Why Registration Guru ?
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What will you Get from Us
- Trade name availability check
- Trademark search
- Application filling
- Department follow-up
- Certificate of Registration
- Documents Format
- Bank account opening document support