The long-awaited goods and services tax is a reality now, which subsumes most of the indirect taxes in it. While tax base will increase the complication of compliance is set to reduce. Now the tax is not on manufacturing, sale or provision of service but is on supply. The system of GST is such where the credit of the GST paid on Inward Supply can be set off towards the GST on outward supply where the chain of tax credit needs to remain intact. Under the new tax regime, all persons involved in the supply of goods or services are required to obtain registration of GST. Those who are not registered under GST shall not be allowed to collect GST from customers or claim input tax credit (ITC) on inward supply. GST Council has prescribed 20 Lakhs of turnover to be the threshold limit for registration under GST. However, for northeastern states, it is 10 Lakhs. The registration must be applied within 30 days of reaching the threshold limit. For GST, the term Aggregate Turnover means all supplies made by the taxable person whether on his own or behalf of a principal. However, in case of registered job worker, the turnover of supplies under job work won't be included in his turnover.
Documentation for GST Registration
GST Registration is a PAN based registration which is done online and for one PAN multiple GST registration can be obtained based on the location or business vertical. The registration must be applied within 30 days of, the coverage and to apply the same soft copy of documents are required. Following is the list of documents required for GST registration in India.
For a company applicant, the Certificate of Incorporation issued by the Registrar of Companies, Board Resolution, Bank Details of Company and KYC of its directors and the digital signature is required. |List of Documents and Formats
LLP / Partnership
The Firm Registration Certificate, its agreement, the address proof and Bank details of the firm and KYC documents of all the designated partners of the LLP or all partners of the firm plus the digital signature. | List of Documents and Formats
Proprietorship / Individual
For an Individual or proprietorship, obtaining the GST registration is easier. There is no need to get the digital signature and registration can be done based on Aadhar based OTP. essential KYC documents are required | List of Documents & Formats
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