GST registration is required for some companies. It will violate GST if the organization does business without registering for GST, and the government would impose substantial fines.
Do you need to Register Under GST?
GST registration is required for those who make a taxable supply of goods or services to India with an annual collected turnover of more than Rs.20 lakh. The aggregate turnover criteria were decreased to Rs.10 lakh in various category states such as Assam, Nagaland, Manipur, and the North-Eastern states. A person may receive GST registration if they engage in the interstate supply of goods or services or have an existing VAT, service tax, or central excise registration, in addition to the aggregate turnover criterion.
Do you Want to be Up-to-date? Let’s Have a Look What is Trending in GST Registration!
- Finance leaders conducted the 46th GST Council meeting in New Delhi on December 31, 2021. The conference, chaired by Union FM Nirmala Sitharaman, resolved to postpone the increase in the GST rate for textiles to 12 percent.
- CGST Rule 36(4) has been changed to eliminate a 5% extra ITC not included in GSTR-2B. Businesses can only claim ITC if it is reported by suppliers in GSTR-1/IFF and shows in their GSTR-2B as of January 1, 2022.
- The deadline for filing GSTR-9 and self-certified GSTR-9C for 2020-21 has been extended until February 28, 2022.
- As per Central Tax notice no. 40/2021, further adjustments to seizure and detention laws, fines linked to the same, and some forms such as DRC-10, DRC-22, DRC-23, and APL-01 are altered with the new form DRC-22A.
The following are the changes that had taken effect on January 1, 2022:
- ITC applications will only be accepted if they appear in GSTR-2B, as Section 16(2) requires. (aa). As a result, taxpayers no longer have the option of claiming a 5% provisional ITC under CGST Rule 36(4) and ensuring that every ITC amount claimed is represented in GSTR-2B.
- The officer can send a notification under Section 74 to several people for unpaid taxes or fraudulent ITC claims. The officer can confiscate and take items or vehicles even after ending procedures against all those liable to pay an individual or general penalties.
- Taxpayers cannot file GSTR-1 if they have not filed GSTR-3B for the prior quarter.
- Under Section 75, GST officials can commence recovery actions against taxpayers who under-report sales in GSTR-3B compared to GSTR-1 without issuing a show-cause notice.
- Under Section 9(5), any e-commerce aggregators that turn into meal delivery services or cloud kitchens must pay tax on the services they supply. Restaurants having a charge per unit of more than Rs.7,500 per day, on the other hand, are excluded from the scheme.
- The definition of passenger transport motor vehicles is broadened to encompass services provided by omnibuses and other vehicles, not merely radio taxis or cabs, as defined in Section 9.
What are the Most Essential Documents Required for GST Registration?
PAN Card of the Business or the Candidate
When registering for GST, all regular taxpayers must provide the following papers. The taxpayer must provide the PAN number while registering for GST, for this to be done, all businesses must connect their PAN for tax and legal purposes.
Identity, Address Proofs Along with Photographs of the Applicant
Documents such as a passport, PAN, Aadhaar card, or voter’s identity card can be provided as evidence of identity. Documents such as a passport, driver’s license, anything which proves your identity, including the Aadhaar card, voters identity card, and ration card, can be supplied as an address.
Business Registration Documents
Individuals must present evidence of business for all sorts of organizations to register. This document is not required for proprietorships because the proprietor and the proprietorship are considered the same legal entity.
However, the candidate must present the partnership deed in the event of a partnership business. The taxpayer must submit the incorporation certificate from the MCA in an LLP or Company. A registration certificate can be granted for different sorts of entities such as a society, trust, club, government agency, or group of persons.
For GST registration, the concerned individual must produce address verification for all business locations listed. For GST registration, the following papers are accepted as evidence of address.
For Own Property
Any document proves ownership of the property, such as the most recent property tax receipt, a copy of the Municipal Khata, or the Electricity Bill.
For Rental Properties
The candidate must supply a copy of the legal rental agreement with any evidence showing the grantor’s ownership of the property, such as the most recent Property Tax Receipt or a copy of the Electricity Bill. Let’s say you don’t have a rental agreement or a lease deed. Any document certifying ownership of the property, as well as an affidavit to that effect, such as a copy of an electricity bill, will be sufficient in such a scenario.
Bank Account Proof
scanned copy of the first page of a bank passbook or the appropriate page of a bank statement scanned copy of a canceled check with the name of the proprietor or business entity, bank account number, MICR, IFSC, and branch data including code.
What GST Registration Documents Required for Partnership and LLPs?
To receive a GST registration, a company must provide its PAN number, address proof, and the partners’ identification and address proofs. An authorized signatory will sign the application using either a digital signature certificate or E-Aadhar verification.
Documents Required for GST Registration of HUF
The following papers are required for GST registration by a HUF (Hindu undivided family):
- Karta photographs
- Proof of address (electricity bill/lease agreement)
- Bank account information (scan of the first page of business passbook/canceled check), containing account number, MICR, IFSC, and branch information, including bank code.
Documents for Club and Society?
- Adhaar card of the members or trustee
- Pan card of the members or trustee
- Photograph of the members or trustee
- Letter of authorization
- you should submit Pan card of Society/club/trust/AOP/BOI
- Registration certificate
- Proof of principal place of business
What are the significant Types of GST Registration?
Integrated Goods and Services Tax (IGST), State Goods and Services Tax (SGST), Central Goods and Services Tax (CGST), and Union Territory Goods and Services Tax (UTGST) are the four forms of GST (UTGST). Each of them has a specific taxing rate.
The types of documents required for all these four types are mentioned above.
Depending on the kind of GST registration required, different types of documentation will be filed on the GST registration. This is based on the sort of activity that the entity performs. Choose us to guide you for your business’s registration under the GST regime.