The word GST stands for Goods and Services Tax, It is the compulsion for all business whose transaction turnover is above 20 lakhs has to
register the business to fill GST on the time it is a new form of tax. The
registered person will be allotted with a unique identification number in which
the first two numbers are the code of your state, third to twelfth number is
your PAN number, the thirteenth number is your entity code, fourteenth one blank and the last one is your check digit.
Who should register for
GST?
Any person who is doing business in any place of India whose
transaction is above 20 lakhs in a financial year is liable to do GST Registration and pay tax. In some of the states, the GST limit is
reduced to 10 lakhs in a financial year.
Meaning of total
turnover in GST?
This is also known as aggregate turnover where it includes
all taxable supplies, exempt supplies, and the export of goods and import of
goods.
What is the process of
GST registration?
You can register your business for GST Registration online by
following the process: -
·
Purchase a plan.
·
An expert will be assigned.
·
Upload all legal and required documents.
·
Submission on the portal.
·
Generation of ARN number.
·
GSTIN
Number received.
Documents required for
GST Registration.
It is required to provide all the documents which are
important for doing registration these are as follows: -
1.
PAN of the applicant: - PAN card is required to know the
permanent account number of the applicant who is applying for GST registration.
2.
Aadhaar Card: - Aadhaar card is compulsory to know
the address of the applicant which is very important to know from where that
person belongs.
3.
Proof of business registration: - you have to submit the incorporation certificate
which shows that your business is registered.
4.
Address proof of business: - The applicant is requested to upload
the proof of business location to know the exact place of that business.
5.
Statement of bank account: - To know the turnover of the business
it is required to see the transaction history of that business.
6.
Digital signature: - You have to upload your scanned
signature which is required in all types of documentation required doing the
process of GST transitions.
7.
Letter of authorization: - to know the authorization of the
business it is required to submit the letter of authorization.
Penalty for not doing
GST Registration: -
If your business is registered for GST still you are not
paying tax then you have to pay 10% of the taxable amount and if you continue
to not pay the amount of tax then this penalty will be 100% of the taxable the amount for example if your tax amount is 50,000 then you have to pay 50,000 tax
plus 50,000 penalties.
It is required to
register for the GST if total turnover is lesser than the given limit?
Yes, GST Registration is
compulsory if you are making an Inter-State taxable supply of any product, and
the person who is doing supply of goods by being an agent on behalf of any
other company.
Condition for the person who has multiple businesses in a
State
You can use single registration for all businesses which are
in a state but the law of GST provides the option of getting different GST
numbers to the person having multiple authorized businesses.
Advantages of doing GST
registration
The first and foremost advantage is your business will be
recognized as a legally authorized business.
Hence, it is required to pay GST on time but remember that
the business who is not registered for GST
Registration cannot charge you any tax on the invoice.
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