GST Registration

GST Registration

The Prime Minister approved “The constitution amendment bill for Goods and Service Tax”(GST) in the Parliament Session (Rajya Sabha on 3 August 2016 and Lok Sabha on 8 August 2016) along with the ratification by 50 percent of state legislatures. Thus the current indirect taxes levied by state and center are all set to be replaced with proposed implementation of GST by April 2017. This would be the biggest tax reform since independence and a boon to the economy as it will eradicate the shortcomings of the current tax structure and provide a single tax on supply of all goods and services

ELIGIBILITY FOR GST REGISTRATION

  • Upon Reaching Turnover of 20 Lakh: If your current supply of goods or service is over Rs. 20 lakh, you need to obtain GST Registration (if your business operates exclusively in the North Eastern states, Rs. 10 lakh).
  • Inter-State Sales or Service provider: Anyone supplying goods or services to another state, need to apply for GST regardless of turnover. Even online service provider serving customers in another State will instantly attract GST registration.
  • E-commerce operator: Who owns, operates of manages digital platform for e-commerce. Eg: Flipkart, Amazon etc.
  • Vendors selling through E-commerce Portals: Persons who supply goods or services through e-commerce sites
  • Non- Residents & Importers: Any Non-resident person or company supplying goods or services in India need to take the registration regardless of turnover.
  • Supplier of Online Information: Any person supplying online information and database services from outside India to a person in India need to register irrespective of turnover.

DIFFERENCE BETWEEN CGST VS SGST VS IGST

  • Central GST (CGST) – When the supply of goods and services takes place WITHIN the State (Intra-state), that is when the Supplier and the Consumer both are in the same state, two taxes will be levied. One part is levied by the State Government and the other is by Central Government. Hence the tax levied by the central government is known as Central GST.
  • State GST (SGST) – State GST is the component of GST that will be collected by the state government on all items, both goods and services on intra-state trade.
  • Integrated GST (IGST) – When the supply of goods and services takes place BETWEEN two States (Inter-state), that is when the place of Supplier and the Consumer are in different states, Integrated GST is levied by the central government. In case of Inter State supply of Goods and Services only IGST will be applicable.

DOCUMENTS FOR GST REGISTRATION

  • Pvt. Ltd. /Public Ltd./OPC
    • Company PAN card
    • MOA, AOA & Incorporation Certificate
    • Company Address Proof
  • LLP & Partnership Firm
    • Firm PAN card
    • LLP Agreement/ Partnership deed
    • Firm Address Proof
  • Proprietorship Firm
    • Proprietor’s PAN card
    • Shop Act / Ghumasta License
    •  Address proof of Firm

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