Registration under Goods and Services Tax
GST Registration has become vital for any business enterprise in India. If the aggregate turnover of your business exceeds the prescribed limit or if your business falls within any of the specified categories, then it becomes necessary to get yourself registered under GST. Our team at YKG Global can guide and assist you with smooth and fast GST registration for your business.
Who Shall Need to Register Under the GST
1. Any person having an annual aggregate turnover of more than Rs. 40 lakh (in the case of special category states, it is Rs. 20 lakh).
2. Service providers whose annual turnover is above Rs. 20 lakhs. (Rs. 10 lakhs in the case of special category states).
3. Interstate suppliers, e-commerce operators, agents, non-resident taxpayers, etc.
Threshold Limit under GST
1. In the case of Service Providers, the annual aggregate turnover is above Rs. 20 lakhs Rupees. (Rs. 10 lakhs in the case of special category states) which is necessary for getting registration under the GST Act.
2. In the case of Goods Supplier, the aggregate turnover should be more than Rs. 40,000, excluding the relaxation available in certain cases.
Documents Required for Registration under GST
The documents required depend upon the nature of the business organization or structure chosen. Briefly enumerated below:
- Sole Proprietor/Individual:
PAN card, Aadhaar card, photograph, bank details, address proof.
PAN card of partners, partnership deed, address proof, photographs, and bank details.
PAN of HUF and Karta, photographs, bank details, and address proof.
- Company (Public, Private, Indian, Foreign):
PAN of company, incorporation certificate, Memoranda/Articles of Association, PAN and Aadhaar of directors, bank details, etc.
Penalties for Non-Compliance
Failure to pay GST or paying insufficient GST attracts a penalty of 10% of the payable tax.
The penalty for wilful evasion: 100% of the tax not paid.
Benefits accruing from Registration under GST
1. Legality /Compliance: To be compliant and not attract penalties.
2. Input Tax Credit: Avail credit on the paid tax.
3. Easy Inter-State Trade: Ability to conduct an easy inter-state trade without much hassle.
4. Competitive Advantage: Assist in gaining the trust of your clients by being compliant.
5. Good Cash Flow: Proper functions of the flow of taxes for a healthy cash flow.
6. Expert Assistance for GST Registration
At YKG Global, we ensure that the process of getting registered under the Goods and Services Tax is not cumbersome. Contact us today to begin your GST registration process with our company and savor the advantage of being tax-compliant!
