What is GST Registration?
GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017; Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition. In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India. If any of the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.
So, before Goods and Service Tax, the pattern of tax levy was as follows: Under the GST regime, the tax will be levied at every point of sale. In case of intra-state sales, Central GST and State GST will be charged. Inter-state sales will be chargeable to Integrated GST. Business whose turnover exceeds 20 lakhs is required to register themselves as a normal taxable person. This process is called GST registration. GST stand for (Goods and Services Tax). But for some business, registering themselves under GST is mandatory. GST registration usually
Documents for Registration ?
- PAN Card of owner/ directors/ partners.
- MOA/ AOA or Partnership Deed
- Bank statement/ Cancelled Cheque.
- Letter of Authorisation for signatory.
- Aadhaar Card of owners/ directors/ partners.
- Bill of Electricity/ Telephone, Rent Agreement or Letter of Consent (NOC).
Who should register for GST?
- Business woes turnover exceeds 20 Lakhs
- Casual Taxable person/ Non-resident taxable person
- Agents of a supplier
- Every E-commerce aggregator