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What is GST?
GST, also known as Goods and Service Tax, is an indirect tax that has replaced several indirect taxes such as VAT, Service Tax and Excise Duty. GST registration is mandatory for businesses with an annual turnover of more than Rs 20 lakh.
When GST Registration Is Required?
GST registration is mandatory for businesses in India whose annual turnover exceeds Rs. 40 lakhs (for goods) or Rs. 20 lakhs (for services). In addition, certain categories of businesses are required to register for GST regardless of their turnover, such as those involved in the interstate supply, e-commerce, and non-resident taxable persons. Failure to register for GST can result in penalties and legal consequences. Therefore, it’s essential to determine if your business meets the GST registration requirements and take appropriate action.
If you are a business owner, it’s necessary to file your GST return. We also provide comprehensive GST return filing services to help you meet your tax obligations.
Documents Required for GST Registration
Documents Required for Proprietorship GST Registration
- PAN Card of Owner
- Aadhaar Card Of Proprietor
- Bank Details
- Address Proof
Documents Required For Private Limited GST Registration
- PAN Card of Company
- Aadhaar of All Directors
- Bank Details
- Address Proof
- MOA, AOA and Incorporation
Documents Required For Partnership/LLP GST Registration
- PAN Card of Partnership
- Aadhaar of Partners
- Bank Details
- Address Proof
- Partnership Deed/ LLP Certificate
What are GST Rules 2023
GST was implemented simultaneously in all the states of India on 1st July 2017. Since then many changes have been made in its rules.
Keeping in mind the objective of reducing the problems of businessmen and benefiting the country, many new rules have been added and many have been removed from registration, rates, billing, returns etc.
1. GST registration mandatory on annual turnover of 20 to 40 lakhs
In normal category states, it is mandatory for all businessmen with an annual turnover of more than Rs 40 lakh to register for GST. Earlier this exemption was only for those with turnover up to Rs.20 lakhs.
According to The New Rules, At Present the Turnover Limit for GST Registration Is as Follows-
- On business of goods in normal states – 40 lakhs
- On turnover of services in general states – 20 lakhs
- On trading of goods in particular states – 20 lakhs
- On turnover of services in particular states – 10 lakh
2. Composition Scheme Can Be Taken On Turnover Up to 1.5 Crores
Under the new GST, the limit for adopting Composition Scheme has also increased to Rs 1.5 crore turnover. Earlier this scheme could be adopted only on turnover up to Rs.1 crore.
Composition Cannot Be Availed On Certain Categories of Businesses
- Traders who sell goods to other states (Inter State suppliers)
- Manufacturers of tobacco, pan masala, ice cream and related products
- Those doing business through e-commerce companies (such as Flipkart, Amazon, etc.)
- Casual taxable persons who do business temporarily in other states
- Non-resident taxable persons who come for temporary business from other countries
3. Different Type of GST
- CGST: Central GST for the Center
- SGST: State GST for the state
- UTGST: Union Territories
- IGST: Integrated GST