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GST Registration
₹1,499
Goods & Services Tax ( GST ): An Overview
Goods and Services Tax is a consolidated indirect tax policy that encompasses VAT, CST, Service Tax, Central Excise duty, Entertainment Tax, etc and is valid all over India with effect from 1st July 2017.
The taxable person under GST
A 'taxable person under the GST Act is someone who conducts business in India and is registered or needs to be registered under the GST Act. A taxable person can be an individual, HUF, company, firm, LLP, an AOP/ BOI, any corporation or Government company, body corporate incorporated under the laws of a foreign country, cooperative societies, local authorities, governments, trusts, or artificial juridical persons.
GST Registration Turnover Limit
GST registration can be obtained voluntarily by any person or entity irrespective of turnover. GST registration becomes mandatory if a person or entity sells goods or services beyond a certain turnover.
Service Providers:
Any person or entity who provides service of more than Rs.20 lakhs in aggregate turnover in a year is required to obtain GST registration. In special category states, the GST turnover limit for service providers has been fixed at Rs.10 lakhs.
Goods Suppliers:
As per notification No.10/2019, any person who is engaged in the exclusive supply of goods whose aggregate turnover crosses Rs.40 lakhs in a year is required to obtain GST registration. To be eligible for the Rs.40 lakhs turnover limit, the supplier must satisfy the following conditions:
- Should not be providing any services.
- The supplier should not be engaged in making intra-state (supplying goods within the same state) delivers in the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, TripuraADDRESS and Uttarakhand.
- Should not be involved in the supply of ice cream, pan masala or tobacco.
If the above conditions are not met, the supplier of goods would be required to obtain GST registration when the turnover crosses Rs.20 lakhs and Rs.10 lakhs in special category states.
Documents Required
Individual / Sole Proprietor | - PAN Card - Aadhaar Card - Photograph - Address proof - Bank account details |
LLP and Partnership Firms | - PAN CARD of all Partners - Copy of Partnership Deed / Agreement. - Photograph of all Partners and Authorised signatories. - All Partner and Authorised signatory Aadhaar Card - Proof of appointment of authorised signatory - In the case of LLP, Registration Certificate / Board Resolution of LLP - Bank Account Details - Address Proof of Principal Place of Business. |
Private and Public Companies (Indian and Foreign) | - Company's PAN Card |
Hindu Undivided Family (HUF) | - PAN card - Karta's PAN card and Aadhar card - Address proof of primary business location - Bank Account Details - Photograph |
Penalty for Not Registering or Late Registering under GST
If you have not registered for GST and are deliberately trying to evade tax, the penalty levied is 100% of the due tax amount.
If you do not pay tax or pay a lesser amount than what is due, the penalty levied is 10% of the due amount ( in case of genuine errors ). However, the minimum penalty is Rs. 10,000.
An entity liable to be registered under GST should apply for registration within 30 days of meeting the criteria. Casual taxable persons and non-resident taxable persons are required to be registered under GST prior to commencing business.
The primary authorized signatory is the person who is primarily responsible to undertake tasks on the GST portal on behalf of the taxpayer. It could be the promotion of the business or any other trustworthy person nominated by the promoters of the business.
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