29 Feb A Closer Look at GST Registration Requirements
In the realm of taxation, GST registration stands as a pivotal process through which a taxpayer officially enrolls under the Goods and Services Tax system. Upon successful registration, a unique identifier known as the Goods and Services Tax Identification Number (GSTIN) is allocated to the entity.
Eligibility for GST registration extends to various categories of businesses, including but not limited to:
- Casual taxable persons/Input service distributors
- Businesses surpassing turnover thresholds (₹40 lakhs, or ₹20 lakhs for service providers, and ₹10 lakhs for special category states like Jammu and Kashmir, Himachal Pradesh, and Uttarakhand)
- Non-resident taxable persons
- Inter-state suppliers of goods and services
- Suppliers utilizing e-commerce portals
- Service providers
- Entities liable to pay tax under reverse charge mechanism
- TDS/TCS deductors
- Online data access or retrieval service providers
The documents essential for GST registration encompass:
- PAN
- Aadhar Card
- Proof of business registration or incorporation certificate
- Identity and address proofs of directors/promoters alongside photographs
- Bank account statement/cancelled cheque
- Authorization letter/board resolution for an authorized signatory
- Digital signature
Navigating the procedure for GST registration involves several steps:
- Visit the GST portal and click on 'Registration' under the 'Services' tab.
- Opt for 'New Registration' and proceed to fill in the application form, divided into Part A and Part B.
- Provide pertinent details including legal business name, PAN, email address, and mobile number, among others.
- Upon submission, a Temporary Reference Number (TRN) is issued for verification.
- Log in using the TRN and complete the remaining sections of the application form.
- Verify the details, sign with a Digital Signature Certificate (DSC), and submit.
- Following submission, an Application Reference Number (ARN) is dispatched via email or SMS to confirm registration.
Failure to register under GST incurs penalties, wherein businesses eligible for registration may face a penalty of 10% of the tax amount payable, up to a maximum of Rs 10,000.
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