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GST Return Filings
GST registration is the process by which a business obtains a unique identification number, known as a GSTIN (Goods and Services Tax Identification Number), making it liable to pay Goods and Services Tax (GST) in India. According to the Central Goods and Services Tax Act of 2017, businesses with an annual turnover exceeding ₹40 lakh (or ₹20 lakh in specific special category states) are required to register as taxable entities. The GSTIN, a 15-digit number, uniquely identifies each taxpayer under the GST framework and allows authorities to monitor transactions and related data effectively.
DOCUMENTS REQUIRED FOR GST REGISTRATION
Private Limited Company -
- Certificate of Incorporation
- PAN card of Company
- Articles of Association, AOA
- Memorandum of Association, MOA
- Resolution signed by board members
- Identity and address proof of directors
- Digital Signature
- Director’s Proof (Any 2 from the below)
LLP -
- PAN Card of LLP
- LLP Agreement
- Partners’ names and address proof
- Director’s Proof (Any 2 from the below)
Individual/Proprietorship -
- PAN Card
- Address proof of proprietor
Director's Proof (Any 2 to be shown as proof of address of a director)
- Telephone or Electricity Bill
- Driving License
- Bank Account Statement
- Ration Card
- Passport
- Voter Identity Card
- Aadhar Card
DIFFERENCE BETWEEN CGST VS SGST VS IGST
Central GST (CGST)
- When the supply of goods and services takes place WITHIN the State (Intra-state), that is when the Supplier and the Consumer both are in the same state, two taxes will be levied. One part is levied by the State Government and the other is by Central Government. Hence the tax levied by the central government is known as Central GST.
State GST (SGST)
State GST is the component of GST that will be collected by the state government on all items, both goods and services on intra-state trade.
Integrated GST (IGST)
When the supply of goods and services takes place BETWEEN two States (Inter-state), that is when the place of Supplier and the Consumer are in different states, Integrated GST is levied by the central government. In case of Inter State supply of Goods and Services only IGST will be applicable.
ELIGIBILITY FOR GST REGISTRATION
Upon Reaching Turnover of 20 Lakh:
If your current supply of goods or service is over Rs. 20 lakh, you need to obtain GST Registration (if your business operates exclusively in the North Eastern states, Rs. 10 lakh).
Inter-State Sales or Service provider:
Anyone supplying goods or services to another state, need to apply for GST regardless of turnover. Even online service provider serving customers in another State will instantly attract GST registration.
E-commerce operator:
Who owns, operates of manages digital platform for e-commerce. Eg: Flipkart, Amazon etc.
Vendors selling through Ecommerce Portals:
Persons who supply goods or services through ecommerce sites
Non- Residents & Importers:
Any Non-resident person or company supplying goods or services in India need to take the registration regardless of turnover.
Supplier of Online Information:
Any person supplying online information and database services from outside India to a person in India need to register irrespective of turnover
FAQs on GST
Many Indirect taxeslike VAT, Excise Duty, Service Tax, CST, Import- Export, Octroi, Luxury Tax and Entertainment Tax is now only require a GST registration. This will result in less compliances and help businesses to focus more into their business.
The GST rate will depend on the type of goods and services. Currently, the slab rates are 5%, 12%, 18% and 28%. Gold and rough diamonds do not currently fall under GST and will be taxed at 3% and 0.25%
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