GST Registration

 

GST is the biggest tax reform in India, improving the ease of doing business and increasing the taxpayer base in India by bringing in millions of MSME businesses. By abolishing and subsuming multiple taxes into a single tax system, tax complexities would be reduced while the tax base is increased substantially. Under the new GST regime, GST Registration is required for all entities involved in buying or selling goods or providing services or both. Unregistered entities would not be allowed to collect GST or claim an input tax credit of tax paid or could be penalized. Further, GST registration is mandatory once an entity crosses the 40 lakhs (20 lakhs special category states).

As per the GST Council, entities in special category states with an annual turnover of Rs.20 lakhs and above would require GST registration under the GST act. All those entities in the rest of India would be required registration whose annual turnover exceeds Rs.40 lakhs. There are also various other criteria's, that could make an entity liable for obtaining registration - irrespective of annual sales turnover. Entities required to register for GST as per regulations must file for registration application under 30 days from the date on which the entity became eligible for registration under GST.

R K Associates have depth knowledge in indirect tax, direct tax, and accounting. R K Associates can help you obtain GST registration in India and maintain GST compliance through a proprietary GST accounting software. The time taken to obtain GST Certificate is about 2 - 3 working days, subject to government processing time and client document submission. Get a free consultation on GST registration and GST return filing by scheduling an appointment with an R K Associates Advisor.

 

The following documents must be submitted for GST apply.

 

PAN Card of the Business or Applicant

 

Under the GST Act, the GST number is linked to the PAN of the business. Hence, PAN should be obtained for the legal entity before applying for Registration.

Identity and Address Proof along with Photograph

The applicant entities are required to submit their identity proof and address proof along with Photographs. For identity proof, documents like PAN, Passport, Driving License, Aadhaar Card or Voter Identity Card can be submitted. For address proof, documents like Passport, Driving License, Aadhaar Card, Voter Identity Card and Ration Card can be submitted.

 

Proprietary Concern – Proprietor

Partnership Firm / Authorized / LLP – Managing / Designated Partners (all partner's personal details are to be required but the photograph including of only ten partners that of Managing Partner are to be submitted)

1. Hindu Undivided Family - Karta
2. Company - Directors, Managing Director and the Authorised Person
3. Trust – Trustees, Managing Trustee, and Authorised Person
4. Association of Persons or Body of Individuals –Members of Managing Committee (all member's personal details are to be required, but the photograph including of only ten partners, who have to be presented as Chairman)
5. Local Authority – CEO or his equivalent
6. Statutory Body – CEO or his equivalent
7. Others– Person(s) in Charge

Business Registration Documents

Proof of business registration should be submitted for all types of entities. For proprietorship, there is no requirement for submitting business proof, as proprietor and proprietorship are considered as the same legal entity.

In the case of a partnership firm, the partnership deed should be submitted. In the case of LLP or Company, the incorporation certificate from MCA should be submitted. For other types of entities like the government department or body of individuals, society, club, trust, registration certificate can be provided.

Address Proof of Place of Business

For all places of business described in the GST registration application, address proof to be submitted. The following documents are acceptable for the address proof for GST registration.

(I) For Own premises

Any document in support of the ownership of the premises like Latest Property Tax Receipt or Municipal Khata copy or copy of Electricity Bill.

(II) For Rented or Leased Premises

A copy of the valid rental agreement with any document in support of the ownership of the premises of the Lessor like Latest Property Tax Receipt or Municipal Khata copy or copy of Electricity Bill. If a rental agreement or lease deed is not available, then an affidavit to that effect along with any document in support of the possession of the premises like a copy of an electricity bill is acceptable.

(III) SEZ Premises

If the principal place of business is located in an SEZ or the applicant is an SEZ developer, necessary documents/certificates issued by the Government of India are required to be uploaded.

(II) All Other Cases

For all other cases, a copy of the consent letter of the owner of the premises with any document in support of the ownership of the premises of the Consenter like Municipal Khata copy or Electricity Bill copy. For shared properties also, the same documents can be uploaded.

Bank Account Proof Scanned copy of the first page of bank passbook or the relevant page of a bank statement or scanned copy of a canceled cheque containing the name of the Proprietor or Business entity, Bank Account No., MICR, IFSC and Branch details including code.

 

 

Particular	Pre-Budget	Post-Budget
Income from salary	3,60,000.00	3,60,000.00;
Less : Standard deduction	(40,000.00)	(40,000.00)
Taxable salary	3,20,000.00	3,20,000.00
Tax on above	1,040.00	NIL
Less : Rebate u/s 87A	(1,040.00)	NIL
Final tax payable (Including Cess)	NIL	NIL
Tax Saved	1,040.00