GST REGISTRATION
| Basic | Advance |
|---|---|
| ✔ GST Registration | ✔ GST Registration |
| ✔ Udyam Registration | ✔ Udyam Registration |
| ✔ Accouting Ledger | |
| ✔ GST Returns | |
| ✔ Invoicing Software | |
| ✔ Professional Consultancy |
Gst Registration in India
GST Registration in India
Welcome to Bharat Filing Point! We are your one-stop solution for all your business setup and registration needs in India. At Bharat Filing Point, we understand the complexities of starting and running a business in India. That’s why we are dedicated to providing hassle-free and efficient services to help you navigate through the various legal requirements and regulations.
Introduction to GST Registration in India
Goods and Services Tax (GST) is a comprehensive tax levied on the supply of goods and services in India. Launched on July 1, 2017, GST has unified the country’s fragmented tax system into a single tax regime, making it easier for businesses to operate across state lines.
What is GST Registration?
GST registration is mandatory for businesses whose turnover exceeds the prescribed threshold limit. It involves obtaining a unique GST Identification Number (GSTIN) from the tax authorities, which allows businesses to collect tax on behalf of the government and avail of input tax credits.
Importance of Registering for GST
Registering for GST is crucial for several reasons:
- Legal Compliance: Avoid penalties and legal issues by staying compliant with GST laws.
- Input Tax Credit: Claim input tax credit on purchases, reducing the overall tax liability.
- Increased Credibility: Enhance your business’s credibility with customers and suppliers.
- Expansion: Operate seamlessly across states with a unified tax structure.
Advantages of GST in India
- Simplification: Unified tax regime replaces multiple indirect taxes.
- Efficiency: Streamlined process reduces the compliance burden.
- Transparency: Clearer tax system with fewer chances of evasion.
- Boost to Economy: Creates a common market, promoting economic growth.
Disadvantages of GST in India
- Compliance Load: Ongoing compliance and record-keeping can be burdensome.
- Technical Issues: Initial implementation faced technical glitches.
- Cost: Small businesses might find compliance costs high.
Procedure for GST Registration in India
Step-by-Step Guide:
- Visit GST Portal: Go to the official GST portal (www.gst.gov.in) and click on ‘Register Now.’
- Fill Application: Complete Part-A of the form by entering basic details and validating through OTP.
- Upload Documents:
- PAN Card
- Proof of business address
- Bank account statement
- Aadhaar card
- Receive ARN: After submission, receive an Application Reference Number (ARN).
- Verification: Tax authorities verify the application and documents.
- Get GSTIN: Upon successful verification, you will receive your GSTIN and login credentials.
Compliance and Maintenance of GST in India
Once registered, businesses must comply with ongoing requirements:
- Monthly/Quarterly Returns: File GSTR-1, GSTR-3B, and other relevant returns.
- Annual Return: File GSTR-9 annually.
- Maintain Records: Keep records of all transactions, invoices, and payments for at least 6 years.
- Pay Taxes: Timely payment of GST to avoid interest and penalties.
Key Steps to Remember for GST Registration in India
- Ensure all required documents are ready.
- Double-check details before submission to avoid rejections.
- Regularly check the status of your application using the ARN.
- Stay updated with any changes in GST laws and compliance requirements.
Eligibility Criteria for GST Registration in India
- Businesses with an annual turnover exceeding ₹40 lakhs (₹20 lakhs for special category states).
- Individuals engaged in inter-state taxable supply.
- Casual taxable persons and non-resident taxable persons.
- Agents of a supplier and input service distributors.
- E-commerce operators.
Conclusion
Navigating the GST registration process can be daunting, but with the right guidance, it becomes manageable. At Bharat Filing Point, our team of experts is here to support you every step of the way, providing personalized guidance and assistance to ensure that your business stays on track. We strive to empower entrepreneurs and small businesses to thrive in the competitive Indian market.
Do you have questions about how we can help your company? Send us an email and we’ll get in touch shortly.
Mail: info@bharatfilingpoint.com
Website: www.bharatfilingpoint.com
Join us today and experience the convenience and reliability of Bharat Filing Point!
Documents Required for SOLE PROPRIETOR / INDIVIDUAL vs LLP AND PARTNERSHIP FIRMS vs HUF vs COMPANY
| FEATURES | SOLE PROPRIETOR / INDIVIDUAL | LLP AND PARTNERSHIP FIRMS | HUF | COMPANY (Public and Private) (Indian and foreign) |
|---|---|---|---|---|
| DOCUMENTS | PAN card of the owner, Aadhar card of the owner, Photograph of the owner (in JPEG format, maximum size – 100 KB), Bank account details*, Address proof** | PAN card of all partners (including managing partner and authorized signatory), Copy of partnership deed, Photograph of all partners and authorised signatories (in JPEG format, maximum size – 100 KB), Address proof of partners (Passport, driving license, Voters identity card, Aadhar card etc.), Aadhar card of authorised signatory, Proof of appointment of authorized signatory, In the case of LLP, registration certificate / Board resolution of LLP, Bank account details*, Address proof of principal place of business | PAN card of HUF, PAN card and Aadhar card of Karta, Photograph of the owner (in JPEG format, maximum size – 100 KB), Bank account details, Address proof of principal place of business | PAN card of Company, Certificate of incorporation given by Ministry of Corporate Affairs, Memorandum of Association / Articles of Association, PAN card and Aadhar card of authorized signatory. The authorised signatory must be an Indian even in case of foreign companies/branch registration, PAN card and address proof of all directors of the Company, Photograph of all directors and authorised signatory (in JPEG format, maximum size – 100 KB), Board resolution appointing authorised signatory / Any other proof of appointment of authorised signatory (in JPEG format / PDF format, maximum size – 100 KB), Bank account details, Address proof of principal place of business |
| Registration Time | 7-9 working days | 7-9 working days | 7-9 working days | 7-9 working days |
Documents Required for GST Registration in India
To register for GST in India, the following documents are required:
- PAN Card: A Permanent Account Number (PAN) card is necessary for identity verification.
- Proof of Business Registration: This includes documents such as the Ministry of Corporate Affairs (MCA) incorporation certificate for companies, partnership deed for partnership firms, and LLP proof of registration for Limited Liability Partnerships.
- Proof of Identity: This includes documents like passport, driving license, Aadhaar card, or voters identity card.
- Photographs: Passport-sized photographs of the owners, partners, and authorized signatories are required.
- Address Proof: This includes documents like electricity bills, rent agreements, or ownership documents.
- Bank Account Details: This includes bank statements, cancelled cheques, or extracts from passbooks.
- Business’s Address Proof: This includes documents like property tax receipts, municipal khata copies, or copies of electricity bills.
- Proof of Place of Business: This includes ownership deeds, rental agreements, or affidavits confirming possession of the premises.
- Digital Signature: A Class 2 Digital Signature is required for the application process.
These documents are essential for GST registration in India, as they help verify the identity and legitimacy of the applicant and their business. It is important to ensure that all documents are complete and accurate to avoid any delays or complications during the registration process.
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GST Registration FAQ’s
What is a GST certificate in India?
Who needs GST certificate?
Is GST certificate compulsory?
What is the minimum limit for GST registration?
Businesses with an annual turnover of more than Rs. 40 lakhs are required to register for GST. However, this limit is lower for businesses in certain special category states, such as Arunachal Pradesh, Manipur, and Nagaland. Also, there are different rules for businesses involved in e-commerce, which may have to register for GST regardless of their turnover.
