The new taxation system that has already implemented in India focuses on the enhancement of nation’s economy through an unbiased and unified taxation system. GST has removed the multiplicity and complexity of the taxes that people used to pay before. It has ended the discrimination that was previously done on the basis of taxes while transportation of goods and services from one state to another. After the GST introduction, businesses and enterprises are eager to understand and follow the new provisions associated with the taxation system. However, they do not know the proper channel through which they can avail the benefit of the new taxation regimen. In this blog post, we discuss about how to simply apply for GST. Let’s take a look.
Know the GST Requirements
Any person who deals with the supply of goods and services and his taxable annual income exceeds twenty five lakhs is eligible to get registered under GST for paying taxes. If a person need to claim ITC (Input Tax Credit), he must get registered under GST via voluntarily. It’s important to get registered under GST within thirty days of exceeding the turnover limit of twenty-five lakhs.
GST Registration Number
Previously, it was essential to avail the VAT registration in each state separately. However, the benefit of getting registered under GST is that you’ll get a GST registration number which can be used in any State across India. GST registration will only be provided based on the PAN number. Thereby, simplifying the transportation of goods for inter as well as intra-state supplies.
Documentations Required for GST Registration
Here is a list of documents that are required by private companies, proprietorship, and limited liability partnership in order to get registered under the GST are as follows:
- Private Companies: Private companies need a copy of certificate of incorporation, memorandum of articles, PAN of the company, articles of association, ID proof of directors, board resolution and so on.
- Proprietorship:LLP agreement, PAN of the LLP, certificate of incorporation, list of partners, ID and Address proof of partners.
- Limited liability partnership:PAN and address proof of the proprietor.
Online GST registration Procedure
GST registration can be done online through government portal which is maintained by Central as well as State Government. The applicant has to fill the information in the application related to goods and services to be dealt. Online payment is accepted and temporarily you’ll be provided a GST registration number when you submit the application. Finally the documents that you’ve provided with the application will be verified and thus a GST certificate will be issued by the concerned officer. The entire process is online and simple to follow.
Wrapping Up
The entire process of GST registration is online and simple to follow. Everything is well-streamlined and therefore, will help you simplify your taxes. GST is a crucial step taken by the Government towards good governance.
