GST registration
GST is a comprehensive, multi-stage, destination-based tax that is charged on every value addition. It was introduced on 1st July, 2017. As we glare to the name, the name itself depicts that the GST will be applicable on both the goods and services following a dual system of GST keeping the work of both the Central and the State Government independent.
It has One Nation One Tax theme and consist of slabs from a minimum of 0% to the highest of 28%.
In this regime all the entities who are engaged in buying or selling of goods or providing services or both the required to get themselves registered under the provisions of GST Act. Entities carrying out operations without GST Registrations are not allowed to collect a GST from Consumers or claim an input tax credit paid.
WHO NEEDS TO GET REGISTERED FOR GST?
Certain category of persons are required to compulsorily get registered under GST:
1.Inter state suppliers
2.Casual Taxable persons
3.Persons taxable under the reverse charge basis
4.Non-resident taxable persons
5.Persons required to deduct TDS under GST
6.Persons required to deduct TCS under GST
7.Input Service Distributors
8.Persons making a sale on behalf of someone else whether as an Agent or Principal.
9.Every E-commerce Operator who provides a platform to suppliers to make supply through it.
10.Suppliers who supply goods through E-commerce operator who is liable to collect tax at source.
11.Online Service Providers providing service from outside India to a non-registered person in India.
VOLUNTARY REGISTRATION UNDER GST
Any person whether natural or artificial regardless of business turnover can obtain GST registration at any-time. Many businesses in spite of not meeting the aggregate turnover limit register themselves under GST. Major reasons for obtaining voluntary GST registration are:
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For improving the business credibility;
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For satisfying the requirements of B2B customers
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For claiming the input tax credit benefits.
WHAT ARE THE MAIN DOCUMENTS REQUIRED FOR GST REGISTRATION?
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PAN of the Applicant
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Proof of business registration
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Aadhar card
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Address proof of business location
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Identity and Address proof of promoters or directors of the business
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Bank Account statement or a cancelled cheque
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Digital Signature
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Letter of Authorization
Connect Soul help you with the applicability, registration and regulations under GST for your business so that the business remains compliant with all the rules and regulations. Choose us for GST registration and we will assist you at every step to make the registration process faster and smoother for you.