GST (Goods and Service Tax) Registration is the most significant tax reforms in India. It is the initiative by the Government to improve the ease of doing business in India. The GST Registration reforms not only regulated the unorganized sectors of the economy but also encourage the flow of foreign investments in India.
A business whose estimated annual turnover exceeds Rs. 40 lakhs is required to register as a regular taxpayer. GST Registration is mandatory for a particular business like Export-Import, E-Commerce, Casual Dealer and Market Place Aggregator. Such kind of business needs a GSTIN irrespective of the annual turnover.
If any GST applicable business supplies goods or services without GST number, then it is considered as an offense. Such offense attracts a liability to pay a heavy penalty under this Act.
This GST Registration usually takes 3-6 working days. The team of Tradenfill can help you in getting a new GST Registration.
Eligibility of GST Registration
1) Businesses with turnover above the prescribed limit of Rs. 40 Lakhs.
2) People involved in Distribution and Supply to manufacturers.
3) People seeking Tax Refund under double taxation mechanism.
4) Manufacturer of Goods.
5) People providing materials through e-commerce aggregator.
6) Every kind of e-commerce aggregator.
Benefits of New GST Registration
There are many of the advantages of this New GST Registration Process:
1) Pan India Business operations
2) Relief from the double taxation system
3) Higher threshold for GST Registration
4) Eligible for acquiring government tenders
5) Business expansion possibilities with International Companies
6) Opportunity to avail input tax credit on purchases
7) Lower tax rates under composition scheme (For Annual turnover up to Rs 1.5 Cr)
8) Easy and online return filing
9) Improved logistics by Introduction of E-way Bill
10) Reduction of Compliance Costs.
Documents Required for GST Registration
There are many of the necessary documents are required like;
1) Pan Card of the Applicant taxpayer.
2) Identity proof and address proofs of all the promoters of the business.
3) Photographs of Directors / Partners / Owners.
4) Proof of registration of the business, or Partnership Deed in case of partnership and registration certificates.
5) Address proof for the location of a business.
6) Bank account details of the business.
7) Digital Signature.
8) Letter of Authorization from Partners / Board of Directors.
Tradenfill is one of the best and top-rated online business services provider platforms in India. We deliver GSTIN within 3 to 6 working days. Tradenfill GST Experts will guide on applicability registration and will help you in meeting compliance prescribed under the GST Act
Who should go for the GST Registration?
- Those, who are registered under the Pre-GST law like Service Tax, Value Added Tax etc.
- Those individuals, paying tax under the reverse charge mechanism.
- Those Businesses who have the turnover of around 20Lakhs and above and for the hill states it is 10Lakh like Uttrakhand, J&K, and Himachal Pradesh.
- Every e-commerce aggregator and the individual who supplies through the e-commerce aggregator.
- Resident and Non-resident Taxable individual.
- The individual, other than a registered taxable person, who is supplying the information online and database access from one place to the other place that is outside India.
- Retails or Distributor and wholesaler.
What is the Online GST Registration Process?
At Tradenfill, we will help you to get your business registered and obtain your GSTIN. Here, our Tradenfill GST experts will guide you on each step.
What is the Penalty for not registering under GST?
The individual who does not register his/her business under GST law would be liable for the fine. The penalty would be 10% of the due tax amount and if the person still evades paying the tax with fine deliberately them the penalty would be 100%.
Documents Required for the GST Registration
- Pan Card
- Pan Cards Of All Persons (In Case Of Company)
- Aadhar Card/Voter Id/Passport (Any One) Of All Persons
- Passport Size Photo Of All Persons
- Business Proof – Ownership Proof/Rent Agreement/Landlord Noc/Electricity Bill/Municipal Tax Receipt (Any One)
- Existing Business Registration Certificate (If Any)
- Board Resolution Or Letter Of Authorisation (In Company Case)
- Bank Passbook/Bank Statement/Cancelled Cheque (Any One)
- Digital Signature Of Authorised Person:
- Business Name
- Mobile No. & Email Id
- List Of Items/Services
- Time Period 2-3 Working Days
- FEE 1499/- (ALL INCLUSIVE)