What are the Document Required & Procedure for GST Registration in India – Swarit Advisors

Introduction

In the GST Regime, organizations whose turnover surpasses Rs. 40 lakhs* (Rs 10 lakhs for NE and slope states) is required to enroll as a normal taxable individual. This procedure of registration is called GST registration. For individual organizations, registration under GST is required. On the off chance that the association carries on business without enrolling under GST, it will be an offense under GST, and substantial punishments will apply. GST Registration for the most part takes between 2-6 working days. We'll assist you with registering for GST in 3 simple advances.

*CBIC has told the expansion in limit turnover from Rs 20 lakhs to Rs 40 lakhs. The notice will become effective from first April 2019. It is a goal put together tax with respect to the utilization of products and enterprises. It is proposed to be demanded at all stages directly from assembling up to definite use with credit of taxes paid at past stages accessible as set off. More or less, just worth expansion will be taxed, and the weight of tax is to be borne by the last buyer.

The tax became effective from July 1, 2017, through the execution of One Hundred and First Amendment of the Constitution of India by the Indian Government. The tax supplanted existing numerous Central and State Government taxes. The tax rates, guidelines, and guidelines are represented by the GST Council, which comprises of the account clergyman of focal and every one of the states. GST is intended to supplant a large number of backhanded taxes with a brought together tax and is in this way expected to reshape the nation's 2.4 trillion dollar economy. GST tax rates differ from 0% - 28% relying upon the sort of service or Nature of Goods Your business is selling.

ONLINE GST REGISTRATION

GST (Goods and Services Tax) is essentially an Indirect tax which has been implemented to replace numerous taxes in India. Online GST Registration was passed in the Parliament on 29th March 2017, yet it became valid on 1st July 2017 in India. As per the changes in the 32nd council meeting, the threshold limit for GST registration is 40 lakhs for the supplier of goods and 20 lakhs for the supplier of services. Along with that, the North-Eastern States have an option to choose between 20 lakhs and 40 lakhs.

Online GST registration can be quickly done by visiting the Online GST Portal. It is easy to fill the form on GST online portal, yet at the same time, you require the experts to fill the form with accurate information and submit the documents accordingly. A few of the terms while drafting for GST registration cannot be understood by many of the taxpayers. Therefore at the initial stage, GST registration should be done with the help of experts, and here at Swarit Advisors, you will be able to get done with your GST registration with a quick and straightforward process.

GST Registration Procedure

 GST Registration is obligatory for most people and substances providing products or services in India. On account of an individual or substance giving merchandise or services, GST registration winds up mandatory when the total estimation of inventory is more than Rs.20 lakhs. In the event that the article is working in an alternate class state, GST registration ends up required when the aggregate sum of stockpile is more than Rs.10 lakhs per annum. In this article, we take a gander at the qualification for acquiring GST registration, a rundown of reports required, and the technique for applying for GST registration on the web.

The Goods And Services Tax (GST) Registration services at ClearTax causes you to get your business GST enrolled and get your GSTIN.

Swarit Advisors Goods and Services Tax specialists will manage you on the relevance and compliances under GST for your business and get your business enlisted under GST.

WHAT ARE DIFFERENT TYPES OF GST REGISTRATION?

·         Registration Under Composition Scheme:

The Composition Scheme is for the small taxpayers in order to ease the tax compliance for them. This scheme allows eligible taxpayers to pay a percentage of their yearly revenue as a tax. Like small retailers, eateries, and trading businesses. This will relieve the firms/taxpayers from collecting taxes from their customers directly and adds benefits, as mentioned below:

• File Single Quarterly return, not multiple monthly returns.
• Pay Lower Tax which gives a competitive advantage
• Books of Accounts and Records are easy to maintain under GST norms.

Following is the eligibility criteria to register under GST Composition Scheme :

• Must be a Registered Taxpayer
• Annual Turnover should be less than Rs 1 Crore
• Manufacturers of Goods, Dealers, and Restaurants (Not Serving Alcohol) can opt for this scheme.

·         Registration As a Casual Taxable Person:

A casual Taxable Person is a person who supplies taxable goods or services occasionally like an event management company that has various events in different states that need to register as a Casual Taxable Person for that particular taxable state before supplying or offering any goods or services.

Suppose Mr. 'A' has a business of consulting and who provide services in different states, then he needs to register as a Casual Taxable Person so that his business is compliant with the tax norms of that particular state.

WHO NEEDS GST REGISTRATION NUMBER?

·         Businesses having annual turnover morethan Rs 20 Lakhs Per Annum (Rs 10 Lakh for North Eastern States)

·         If business is dealing in more than one state

·         If your business has previous registration under VAT, Excise Laws, Service Tax Laws

·         Selling your goods or services online (like selling on Amazon and Flipkart)

If you are providing services and goods outside India.

LIST OF DOCUMENTS REQUIRED FOR GST REGISTRATION

• PAN of the Applicant
• Aadhaar card
• Proof of business registration or Incorporation certificate
• Identity and Address proof of Promoters/Director with Photographs
• Address proof of the place of business
• Bank Account statement/Cancelled cheque
• Digital Signature

Letter of Authorization/Board Resolution for Authorized Signatory

Conclusion

As a goods or service provider, if you fail to register for GST, you can incur heavy fines and penalties that can go up to 100% of your owed tax amount. Registering for GST means you can also collect GST from your customers. Thus, in order to avoid any conflict with the law, you must register for GST.

Learn all you need to know about GST registration to make this process easier for yourself.