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Reg. & Certification

Goods and service tax (GST)

GST Composition

GST Composition:

Under the new tax administration, all people associated with the supply of products or services are required to get enrolment GST. GST Council has prescribed 20 Lakhs to 1.5crore (in between) of turnover to be as far as for limit for registration under GST Composition. The enrolment must be connected within 30 days of reaching the limit. For GST, the term Aggregate Turnover implies all supplies made by the taxable individual whether on his own or behalf of a principal. Under the composite scheme, the tax rate is low.

Benefits of Composition Dealers:

Minimum compliance with GST rules and regulation

No need to maintain records

Lower tax rates

High liquidity

Documents required for GST Composition:- (All copies of documents should be self-attested by the customer)

GST Registration is a PAN based registration which is done online and for one PAN multiple GST registration can be obtained based on the location or business vertical. The registration must be applied within 30 days of, the coverage and to apply the same soft copy of documents are required. Following is the list of documents required for GST registration in India.

Company

For a company applicant, the Certificate of Incorporation issued by the Registrar of Companies, Board Resolution, Bank Details of Company and KYC of its directors and the digital signature is required.

LLP / Partnership

The Firm Registration Certificate, its agreement, the address proof and Bank details of the firm and KYC documents of all the designated partners of the LLP or all partners of the firm plus the digital signature.

Proprietorship / Individual

For an Individual or proprietorship, obtaining the GST registration is easier. There is no need to get the digital signature and registration can be done based on Aadhar based OTP and essential KYC documents are required.

Process for GST Composition:

Collect the documents from the customer and cross check it.
Register in the GST site with the correct data provided.
Ensure the data is correct.
Register on the GST site.
After registering customer is provided with temporary GST number.