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GST registration is essential for businesses in India. If your business revenue surpasses certain threshold levels or belongs to specific categories that require GST registration, it's imperative to register following the GST regulations.

GSTIN
GSTIN, which stands for Goods and Services Tax Identification Number, is a distinctive 15-digit alphanumeric code allocated to every taxpayer who is registered under the GST framework in India. This number acts as the primary identifier for both businesses and individuals in the context of GST-related transactions and compliance.

Voluntary GST Registration for Businesses
Businesses generating a turnover of less than Rs.20 lakhs can enroll for GST voluntarily. By doing so, they can benefit from advantages such as availing input tax credits, unrestricted inter-state sales, eligibility to list on e-commerce sites, and establishing a competitive stance against businesses that aren't GST-registered. While this Registration isn't a mandate, it paves the way for enhanced growth prospects and the potential for increased profitability.

Overview of Online GST Registration
Since its introduction on 1 July 2017, the Goods & Services Tax (GST) has been mandatory for all service providers, traders, manufacturers, and even freelancers in India. The GST system was implemented to replace Central and state-level taxes such as Service Tax, Excise Duty, CST, Entertainment Tax, Luxury Tax, and VAT, making the tax process more streamlined.

For those taxpayers whose annual turnover is less than 1.5 crore, the GST framework provides an option for a composition scheme. This scheme allows them to undergo simplified GST procedures and pay taxes at a predetermined rate according to their turnover.

The GST mechanism operates throughout various stages of the supply chain. This includes acquiring raw materials, production, wholesale, retail, and the eventual sale to the end consumer. Notably, GST is imposed at every one of these steps. For example, when a product is produced in West Bengal and then used in Uttar Pradesh, the GST revenue generated is allocated entirely to Uttar Pradesh, emphasizing the consumption-based nature of GST.

GST return filing
GST return filing is a formal process in which a taxpayer provides the government with information regarding their sales, purchases, and taxes collected and disbursed. In India, every GST-registered taxpayer must submit these returns consistently, even if there were no sales or purchases during a particular period.

Documents Required for GST Registration

Sole proprietor / Individual
PAN card of the owner
Aadhar card of the owner
Photograph of the owner (in JPEG format, maximum size – 100 KB)
Bank account details*
Address proof**

LLP and Partnership Firms
PAN card of all partners (including managing partner and authorized signatory)
Copy of partnership deed
Photograph of all partners and authorised signatories (in JPEG format, maximum size – 100 KB)
Address proof of partners (Passport, driving license, Voters identity card, Aadhar card etc.)
Aadhar card of authorised signatory
Proof of appointment of authorized signatory
In the case of LLP, registration certificate / Board resolution of LLP
Bank account details*
Address proof of principal place of business

HUF
PAN card of HUF
PAN card and Aadhar card of Karta
Photograph of the owner (in JPEG format, maximum size – 100 KB)
Bank account details
Address proof of principal place of business

Company (Public and Private) (Indian and foreign)
PAN card of Company
Certificate of incorporation given by Ministry of Corporate Affairs
Memorandum of Association / Articles of Association
PAN card and Aadhar card of authorized signatory. The authorised signatory must be an Indian even in case of foreign companies/branch registration
PAN card and address proof of all directors of the Company
Photograph of all directors and authorised signatory (in JPEG format, maximum size – 100 KB)
Board resolution appointing authorised signatory / Any other proof of appointment of authorised signatory (in JPEG format / PDF format, maximum size – 100 KB)
Bank account details
Address proof of principal place of business

Consequences of Not Securing GST Registration
For Non-Payment or Underpayments: If a taxpayer either neglects to pay the requisite tax or mistakenly underpays, an acceptable equivalent of 10% of the outstanding tax amount is levied. However, the penalty cannot be less than Rs. 10,000.

How to apply for a NEW GST Number online| Documents required| No Fee| Tips & Tricks| Latest| 2024