The long-awaited goods and service tax is a reality now, which subsumes the greater part of the indirect taxes in it. While tax base will raise the complexity of compliance is set to decrease. Presently the tax isn't on producing, deal or allotment of service is on supply. The arrangement of GST is such where the credit of the GST paid on Inward Supply can be set off towards the GST on outward supply where the chain of expense credit needs to stay in place. Under the new tax administration, all people associated with the supply of products or services are required to get enrolment of GST. The people who are not registered under GST shall not be allowed to gather GST from clients or claim input tax credit (ITC) on internal supply. GST Council has prescribed 20 Lakhs of turnover to be as far as the limit for registration under GST. However, for north-eastern states, it is 10 Lakhs. 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. However, if there should arise an occurrence of registered job worker, the turnover of supplies underemployment work won't be included in his turnover.
Documents required for GST:-(All copies of documents should be self-attested by the customer)
Passport size photo (Photo of Authorized signatory + key person of the business)
Active mail id & current mobile number
Pan card, Aadhar card
Copy of bank statement (First page of pass book and bank statement)
Address proof of the business
NOC (In case, if the premises are not owned by the customer)
Board resolution certificate (In case if it’s a company/ LLP)
List of goods or services provided by their company
Digital signature is required for:
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. Essential KYC documents are required.
Process for GST:
- 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.