Who is GST registration required and what is the registration process?

 

What is the GST registration? The Goods and Services Tax (GST) is an indirect tax, introduced on July 1, 2017. The main objective of implementing GST was to implement a uniform tax regime across the country. Taxpayers in India have to register GST because GST has replaced all previous taxes. Units and companies whose annual turnover is more than 40 lakhs, have to register in GST as a general taxpayer.

 

This is called GST registration. Currently, GST registration is mandatory in many businesses. Doing business without registration is considered a crime and a heavy fine has to be paid if caught by the authority. Traders who were earlier under VAT or service tax are automatically covered by GST registration. This GST registration also applies to individual taxpayers, agents and suppliers of e-commerce aggregators.

 

GST Registration process? GST registration usually takes two to six days. You have to fill the GST registration application form and put together the necessary documents, which can be uploaded electronically online.

 

GST registration documents

 

1. Applicant's PAN.

2. Aadhaar Number.

3. Proof of Business Registration or Incorporation Certificate.

4. Proof of identity and address, including photographs of promoters/directors.

5. Proof of work address.

6. Bank account statement / cancelled cheque.

7. Digital signature.

8. The Letter of Authorization / Board Resolution for Authorized Signatory.

9. GST registration fees.

 

With the implementation of GST, many changes have also taken place in the service sector and service providers are required to get registered if they come within a fixed radius. Whichever yearly turnover is more than 40 lakhs, they will have to get GST registration. As big companies prefer to work with people who have GST registration. However, there are some organizations that ask individuals or companies for the GST registration for which they work, as such, they can claim tax exemption on the services provided to them.