GST registration number (GSTIN) is a 15-digit specific variety furnished via way of means of tax government to hold music of registered taxpayers’ tax bills and compliance. From September 2017, all individuals labeled as taxable people ought to attain GST (Goods and Services Tax) registration and start submitting GST month-to-month returns. In India, anyone who materials taxable gadgets is needed to sign in for GST if here know more about GST registration in Punjab.
Their agency/business enterprise has passed the Rs. 20 lakhs annual turnover threshold restriction (10 Lakh for NE states and the Hilly States).
Their agency has multiplied into interstate deliver.
With impact from the first of April 2019, any man or woman whose annual turnover withinside the monetary 12 months is much less than Rs forty lakhs or any of the subsequent are exempted from GST:
Individuals had to sign in for obligatory registration Under Section 24 :
Persons worried under the deliver of safe to eat ice and ice cream, whether or not or now no longer consisting of pan masala, cocoa, and all commodities, i.e. tobacco and synthetic tobacco substitutes (24)
Intra-country providers withinside the states of Manipur, Arunachal Pradesh, Meghalaya, Nagaland, Mizoram, Puducherry, Tripura, Sikkim, Telangana, and Uttarakhand
Persons workout their alternative under Section 25’s Subsection (3), or such registered individuals who desire to hold their registration
Eligibility for GST Registration
GST registration is obligatory for the subsequent people/entities:
- If your annual income or turnover of products exceeds Rs forty lakhs, you ought to sign in for GST. The annual restriction for Special Category Status is Rs 20 lakh.
- If you’re a provider issuer and your annual income or turnover exceed Rs 20 lakhs, you ought to sign in for GST. The annual restriction for Special Category Status is Rs 10 lakhs.
- All groups or people registered below the Pre-GST tax laws (i.e. VAT, Excise, Service Tax, etc.)
- Casual Taxpayer– If you offer offerings and items for events/exhibitions however do now no longer have a everlasting deal with/vicinity of commercial enterprise
- NRI Taxable character
- All Input Service Distributor (ISD) or Agents of Suppliers want GST Registration to earn advantages of Input Tax Credits
- People paying tax under the opposite fee mechanism
- All the e-trade aggregators (which include Amazon or Flipkart)
- Outside India Online Portal– Individuals apart from a registered taxable character offer on line facts and database get admission to or retrieval offerings from a region out of doors India to someone in India
Brands– Aggregator who affords offerings under their very own emblem or change call - Other Taxation- Individuals obligated to deduct tax Below Section 37 (TDS) of the Income Tax Act
Branches- If your agency has many branches in specific states, designate one as the principle workplace or head workplace and the others as supplemental. (Not applicable if the business has distinct verticals, as listed in Section 2 (18) of the CGST Act, 2017)
Documents for GST Registration :
- Several units of documentation are vital relying on the character of the commercial enterprise or the kind of GST registration obtained.
- The man or woman in query ought to display deal with verification for all the locations of commercial enterprise indexed for GST registration.
- The primary files for GST registration consist of a PAN card, proof of enterprise registration, identity, images and tackle proof of humans in charge, the business’ tackle proof, and financial institution account statements.
Following is the GST registration tick list for legitimate deal with proof:
For Own premises: Any report proving the possession of the premises which include Municipal Khata, replica of strength bill, or today’s belongings tax receipt.
For Rented Premises: A replica of the prison condominium settlement, in conjunction with any documentation assisting the Lessor’s possession of the premises, which include a replica of the Municipal Khata, maximum latest belongings tax receipt or a replica of the Electricity Bill. Suppose a condominium settlement or hire deed isn’t always available. In that case, an affidavit, mixed with any report assisting ownership of the belongings, which include a replica of an electrical bill, is sufficient.
SEZ Premises: If the applicant conducts their number one commercial enterprise in an SEZ or has registered as an SEZ, they ought to add all required files as specific via way of means of the government.
All Other Cases: In all different circumstances, a replica of the consent letter of the proprietor of the premises, in conjunction with any documentation assisting the Consenter’s possession of the premises,
Bank account info: Scanned replica of a cancelled cheque (displaying the Bank Account variety, call of the Proprietor or Business entity, MICR, Branch info consisting of code, and IFSC. Scanned replica of the closing and primary web page of the financial institution passbook or the applicable web page of the financial institution statement.
Digital Signature for GST Registration
All GST registration programs ought to be digitally signed the usage of a Class 2 Digital Signature. As a result, earlier than starting the software system, it’s far important to attain the virtual signature of the accredited signatory to signal the GST registration software.
Conclusion
Not making use of for GST registration, regardless of eligibility, is taken into consideration tax evasion and fraud offence. Businesses ought to endure in thoughts the gravity of GST Registration and sign in earlier than beginning the commercial enterprise operations.
The documentation is an critical however sensitive system under the GST registration; thus, the margin of mistakes is high. The applicant ought to grant all of the vital files as according to the GST registration files list, duly signed to the authority through a web portal for making sure moral commercial enterprise functioning.
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