Before stepping into detail about what’s GST registration, allow us to first check out what’s GST :
WHAT IS GST?
Nowadays everyone knows what it’s. But let’s have a recap, shall we? On 1st July 2017 Government of India launched what we call now, “GST” under the governance of Prime Minister Narendra Modi. But, the concept of GST was first proposed during the govt of Atal Bihari Vajpayee. So, after almost 20 years it returned.
We pay GST once we take out items, clothes, electronics, transportation, etc. We don’t pay it on to the govt but, it works during a chain. Before the merchandise reaches the customer, there are producers, wholesalers, and retailers. They add this tax and therefore the last person during this chain, to finish it’s us! the purchasers.
WHAT IS GST REGISTRATION?
GST registration may be a process through which the taxpayer registers himself/herself under GST. After the registration is completed, the vendor gets a singular ID. which unique ID that is understood as Goods and Services Tax Number (GSTIN). the amount may be assigned by the central government and is a 15-digit number. and therefore the seller will need a special GSTIN if his/her business is in a different state.
Now, not every other business person has got to register for the amount. Those businesses whose yearly turnover exceeds 40 lakh rupees are required to use. And for states like Jammu and Kashmir, Himachal Pradesh, Uttarakhand, and people in North-East are required to use if their business features a turnover of 10 lakh rupees per annum.
There are a couple of businesses, which, regardless of the turnover, need to register for GST:
-Input Service Distributor (ISD)
-Business supplying goods inter-state
-A business supplying through e-commerce medium
-Service providers
-TDS/TCS deductor
-Non-resident taxable person
-GST
TYPES OF GST REGISTRATION:
-Normal taxpayers
Most businesses in our country fall into this category. As we read previously, businesses whose turnovers are quite 40 lakh rupees are required to register as normal taxpayers. and people in North-Eastern states, Himachal Pradesh, Uttarakhand, and Jammu, and Kashmir have a turnover of 10 lakh rupees that need to register for an equivalent.
-Casual taxable individual
People who are starting their business and are just seasonal can apply under this category. Businesses got to make a deposit adequate to the GST liability from the occasional operations. The tenure for registration is 3 months. But it is often renewed.
-Non-resident taxable individual
Business owners who occasionally come to the country for business or supply goods here are required to fill the GST registration during this category. Again here, the tenure is 3 months but they will extend.
-Composition registration
Businesses with an annual turnover of 1 crore rupees need to apply during this sort of registration. Businesses need to pay to repair a hard and fast amount of GST regardless of their actual turnover.
HOW TO DO GST REGISTRATION?
The process to get a GSTIN is hassle-free. A citizen wanting a traditional registration can visit the GST portal and apply.
What are the documents required for GST registration?
To register your business, you’ll need the subsequent list of documents:
-Photograph of the applicant
-ID proof (any two)
1)Aadhar card
2)Election card
3)Passport
4)PAN CARD
-Constitution documents
1)Proprietor: Shop Act Registration/Intimation
2)Partnership Firm: Partnership Deed, Certificate of Incorporation just in case of LLP
3)Company (Private Ltd/OPC, Public Company): Certificate of Incorp
-Proof of Principal Place of companies Owned:
1)Property Tax paid receipt, Light Bill, Sale deed, Index II (Anyone)
2)Rented: Registered rent Agreement, Light bill
-Bank Account of Business (Anyone)
1)Canceled Cheque.
2)Copy of statement.
3)The first page of Pass Book
-Address proof of residence (anyone)
1)Light bill
2)Telephone bill
3)The land tax paid receipt
-Digital signature if available
PENALTY FOR NOT REGISTERING UNDER GST:
All the companies required to register under GST mandatorily will need to pay a penalty of 10% of the tax amount payable up to a maximum of Rs 10,000.
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The items and offerings tax (GST) is a value-brought tax imposed on maximum items and offerings bought for everyday home purposes.
GST is a tax this is levied at the delivery of products and offerings, proper from the producer to the intake holder.
GST is specifically causing for the single-charge tax that's used globally.Tax is carried out to the delivery chain of products and offerings.
GST is a submerged of many taxes like VAT, Excise Duty, Service tax, and Octroi.In India, GST Act became handed in Parliament on twenty-ninth March 2017 and GST became applied on 1st July 2017.The GST Council has an authorized charge structure - 5%, 12%, 18%, and 28% - with usual items that want to fall withinside the class of 12% and 18% charge.
In addition, a cess can be imposed on luxurious and sinful items.Category beneath neath the Goods and Services Tax:➢ Central items and offerings tax (CGST)➢ State items and offerings tax (SGST)➢ Union territory items and offerings tax (UTGST)➢ Integrated items and offerings tax (IGST)CENTRAL GOODS AND SERVICES TAXCentral items and offerings tax is imposed at the delivery chain of products and offerings undertaken inside Intra State.The CGST is charged via way of means of the Central Government that's the sum-up of some oblique taxes likeCessesCustom DutyService TaxCentral Excise TaxAll Services available at Legalwiser
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