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GST Registration

Registering for Goods and Services Tax (GST) is essential for businesses in India. It simplifies taxation and enhances credibility.

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Overview of GST Registration

GST registration in India is a mandatory requirement for businesses operating in India. It is a unified tax system that replaced multiple indirect taxes like VAT, service tax and excise duty and enables businesses to collect and remit GST to the government.

To register for GST in India, businesses need to submit an online application on the GST portal. The application requires details such as business name, address, PAN (Permanent Account Number) and bank account information. After submission, the application is verified by the tax authorities and once approved, a unique GSTIN (GST Identification Number) is provided to the business.

What are the Benefits of GST Registration?

Following are the merits of opting for GST registration in India:

 

✅ Simplified Taxation Services

GST has helped to integrate the Indian market by bringing together numerous indirect taxes under a single regulator.

 

✅ Lower Prices for Goods and Services

The cascading impact of numerous taxes and VATs was eliminated with the implementation of GST, which decreased the cost of goods and services.

 

✅ Assists in preventing time-consuming tax services

Small businesses benefit from GST registration since it lets them avoid time-consuming tax services as service providers and products suppliers with annual sales value below the threshold of Rs. 20 lakh and Rs. 40 lakh respectively are exempt under GST.

 

✅ Trying to Cut Down on Corruption and Sales Without Receipts

GST was implemented in order to eliminate fraud and unreceipted sales. As an added benefit, it assists in lowering the amount of indirect taxes that small businesses must pay.

 

✅ Process of Taxation is uniform

GST registration provides for centralised registration and brings uniformity to the taxes process, thereby facilitating online filing of tax returns by businesses.

 

✅ Limit for Registration is higher

A business in India that had a revenue of more than Rs 5 lakh was formerly required to pay VAT. Also, service providers with turnover below Rs 10 lakh were excused from the ambit of service tax. Contrarily, under the GST regime, this barrier has been raised to Rs 20 lakh, exempting many small business owners and service providers.

 

✅ Small Business Composition Scheme

Small businesses with a revenue between Rs 20 lakh and Rs 75 lakh significantly gain from GST as it offers an opportunity to reduce taxes by using the scheme of composition. As a result, the tax and compliance burden for many small firms has come down.

 

✅ Lesser compliances

Prior to this, there were separate returns and compliances for the VAT and service tax. On the other side, under GST, only one consolidated return needs to be submitted.

 

✅ Helpful for unorganised sector

Prior to GST, certain industries in India, such as textile and building construction, were mostly unorganised and uncontrolled. However, since the introduction of GST, certain provisions for electronic filing and payment, claiming single input credit have been made possible.

What are the Eligibility Criteria for GST Registration?

 

The following below mentioned person/entities are required to get registered with GST:

 

✅ Aggregate turnover exceeding Rs 40 lakhs (the threshold is Rs 20 lakhs for states coming under special category status) in a financial year

 

✅ Entities registered under earlier taxation laws (Excise, VAT, Service Tax, etc.) must register with GST

 

✅ Inter-state suppliers of goods

 

✅ Casual taxable persons

 

✅ Taxpayers under reverse charge mechanism

 

✅ Input service distributor and its agent

 

✅ E-commerce operators or aggregators

 

✅ Non-resident taxable persons

 

✅ Agents of a supplier

 

✅ Persons supplying through e-commerce aggregators

 

✅Entities providing online information, acquiring database or retrieval services from outside India to a person in India (excluding registered taxable persons).

What are the Documents Required for GST Registration?

For a Public/Private Limited Company:

✔ PAN card
✔ Company's Certificate of Incorporation
✔ MoA and AoA of the company
✔ proof as well as address proof of directors and the authorised signatory of the company.
✔ Passport-sized photographs of the directors and authorised signatory.
✔ Copy of the Board resolution passed for appointing the authorised signatory.
✔ Information in context of opening of a bank account.
✔ Address proof of the business location.

For a Sole Proprietorship Business:

✔ PAN card of the owner
✔ Aadhar card of the owner
✔ Photograph of the owner
✔ Bank account details
✔ Address proof

For a Partnership Firm:

✔ PAN card of all partners (including managing partner and authorised signatory)
✔ Copy of partnership deed Photograph of all partners and authorised signatories
✔ Address proof of partners (Aadhar card, Passport, driving license, Voters identity card, etc.)
✔ Aadhar card of authorised signatory 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

For a HUF:

✔ PAN Card of HUF and the Passport size Photograph of the Karta.
✔ ID and Address Proof of Karta and Address proof of the place of business.
✔ Bank Account Details.

Why Choose Satkriti Advisors for GST Registration?

GST registration offers various benefits, including the ability to claim input tax credit, easy compliance with tax regulations and seamless inter-state trade. It also provides legitimacy to the business and facilitates participation in the formal economy.

We at Satkriti Advisors, can aid you with everything from providing advice in the initial phase to ensuring that you meet all the necessary requirements and follow all the tedious processes for registering with GST.

 

Our GST registration services include the following:

✅ Assisting with online application submission on the GST portal.

 

✅ Providing guidance on the required details and documents for registration.

 

✅ Assisting with the registration process for different types of entities, such as sole proprietorships, partnership firms, public or private limited companies and HUFs.

 

✅ Assisting with post-registration activities, such as filing tax returns and maintaining compliance with GST regulations.

 

✅ Facilitating the registration process for special schemes like the Small Business Composition Scheme.

 

✅ Ensuring compliance with document requirements, such as PAN card, Aadhar card, bank account details, address proof, partnership deed and company incorporation documents.