GST, popularly known as the “Goods and Services Tax” took India by storm the day it was introduced.
Although the Government received mixed reviews about GST, it is considered to be a relief to several businesses making it easier for them to pay taxes without any complications.
GST was introduced by the Government by removing all the indirect taxes that are levied on goods and services offered by businesses respectively.
The Goods and Services Taxes has replaced all the indirect taxes such as VAT, service tax, sales tax, excise duty, etc since it came into effect in the year 2017.
GST is levied on the supply of all kinds of goods and services. GST is considered to be a single domestic indirect tax law that is valid across the country.
To make the GST implemented across the country; there must be a mutual work understanding by designing a model that involves both the State and the Centre.
The Central & State government must levy taxes as per their respective legislations and collect taxes similarly. The tax is levied on intra-state supplies and is done so under the Good and Services Act, 2017.
Almost all businesses have welcomed the introduction of GST. As a business owner or seller, it is mandatory to register for GST if the turnover of your business is 20 lakhs INR, and 40 lakhs INR for physical goods and supplies respectively.
GST GSTIN Process, Eligibility, Documents:
Eligibility Criteria for GST Registration Online:
Every seller and provider that supplies goods that have a value of more than 25 lakhs INR is eligible to register for GST.
The GST is levied on goods based on supply and not sales. Every business owner that supplies goods and services to other states has to register for GST too.
All businesses irrespective of the category you belong to along with other firms consisting of writers or bloggers are also eligible for GST registration.
The documents required to register for GST vary from different categories of businesses or firms. Some of the common documents required to register for GST are:
Incorporation certificate
PAN of Company
Articles of association
Memorandum of association
Resolution signed by board members
Identity and address proof of directors
PAN card of LLP
LLP agreement
How to do GST Registration Online?
Here is how you register for GSTIN with a few simple steps.
• Visit the official website of the GST portal and obtain the application form. Fill in all the details, and upload all the original copies required.
• Before submitting the application form, make sure you print it and attach the documents that have to be sent to the GST department for a further process to be completed.
Previous Post
Next Post