Good and Services Tax (GST), is arguably the most remarkable tax reform introduced ever. GST laws require every entity which is subject to GST to have a Goods and Services Identification Number (GSTIN). It is a kind of identity given to that particular entity for recognising them under GST regime.
GSTIN is of 15 digit, in which, first two digits represents your state code, next ten digits the Permanent Account Number (PAN) of the manufacturer/dealer/exporter, 13th digit the business entity number, 14th is a default Z and 15th represents the Check Sum.
When do you require GST registration?
It is mandatory for your business to have a GSTIN in the following cases:
- If your organisation has an annual turnover above INR 40 lakhs for the intrastate business, in case of special states, INR 10 lakhs;
- If you are an e-commerce aggregator;
- Individuals who supply through e-commerce aggregators;
- Your business operates inter-state;
- You are subject to be taxed under the Reverse Charge mechanism
- You are subject to be taxed under Section 9(5) of CGST
- If you are a non-resident producing taxable supplies
What's the GST registration procedure?
Now, GST registration is a complicated process, mainly because of the provisions around the Place of Supply of service/goods. Your manufacturing might be in one Delhi, Head Quarters in Mumbai, clients’ office in Pune and the place of delivery of goods in Hyderabad. Now the question is, in which state will you pay State Goods and Services Tax (SGST)? The things get even more complicated in the case of services. You will be needing GST registration in each state where your business operates.
Thus, it is better to seek professional advice from the very beginning to avoid any blunder and get better value out of your money as service providers charge less for bulk work.
What documents are required?
- Company’s PAN
- Incorporation Certificate;
- Photos of authorised signatories;
- Identity and Address proof of Promoters / Partners along with their photos;
- Business’ address proof (electricity bill, property tax receipt, Municipal Khata Copy, legal ownership document);
- The resolution passed by the Board of Directors/ Managing Committee and of the Acceptance letter or Authorisation letter;
- Bank accounts proof: Account statement, passbook or cancelled cheque;
What are the benefits of GST registration?
Other than being salvaged from thousands of rupee penalty, which might be even 100% of the tax amount, you also get access to do smooth inter-state business, the benefit of claiming Input Tax Credit, less tax liability and thus more liquidity in the business.
How much time does GST registration?
It is a process of somewhere around 4 to 6 days provided that everything goes smooth and no error is made in the application process.
USAIndiaCFO incorporates at least 30 to 40 companies MONTHLY and assists them with all the further registration processes, which not only makes our services impeccable and fast but also more reliable. We have 10+ years of experience in various kinds of tax filings and unlike many other service providers, we also offer tremendous value-for-money on retainership.
On top of that, we are a confluence of CAs and CSes which enables us to avail our clients one-stop for all the services pertaining to regulatory compliance/taxation/finance/accounting saving them on the cost and efforts of outsourcing and changing firms for business expansion.
To know how we can provide the services that your business well deserves and take your organisation to a whole new league, give us a ring at 7727887799 or drop us an email at email@example.com, we will reach out to you within 2 hours.
We get your GST registration done, along with a range of other services to take full accountability as the virtual CFO to your business.
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