GST Registration
Business Setup | Registrations | Limited Liability Partnership
There are multiple steps in the Goods and Services Tax (GST) registration process. Businesses must first go to the official GST portal and fill out the online registration form by entering all required information. A distinct Temporary Reference Number (TRN) is produced upon submission. After obtaining the TRN, firms have 15 days to accurately complete the GST REG-01 form. A GST registration certificate is then issued once the application is checked to make sure there are no inconsistencies. With the help of this certificate, businesses can lawfully conduct transactions and adhere to GST requirements because it contains the Goods and Services Tax Identification Number (GSTIN). It is noteworthy that enterprises with an annual revenue above the statutory threshold are required to register for GST.
Eligibility for GST Registration
1. Those who registered under the Pre-GST law (i.e., excise, VAT, service tax, etc.) are eligible for GST registration.
2. Companies whose annual revenue above the 40 lakh mark (10 lakhs for the North-Eastern States, J&K, Himachal Pradesh, and Uttarakhand)
3. Non-resident taxable person or casual taxable person
4. Distributors of input services and agents of suppliers
5. Individuals who pay taxes using the reverse charge method
Minimum Requirements
- The penalty for failing to pay taxes or paying less than what is owed is 10% of the amount owed ₹10,000 is the minimal fine, nevertheless
- The penalty for not registering for GST is 100% of the amount owed in taxes if you are intentionally attempting to avoid paying taxes
GST Registration Process
The procedure of GST registration is as follows:
1.TRN Generation
2. Documents Uploading
3. Show Cause Notice (if deficiency)
4. Reply to Notice (if deficiency)
5. Issuance of GST certificate (GSTIN)
Documents Required for GST Registration
- Copy of PAN Card of the Applicant
- Copy of Aadhaar Card
- Incorporation Certificate or Business Registration Proof
- Address Proof (Rent Agreement/Electricity Bill)
- Cancelled Cheque/Bank Statement
- Digital Signature
- Passport size photograph
- Letter of Authorization / Board Resolution for Authorized Signatory
Documents Required for GST Registration
