GST Registration is obligatory for any business as a fixed taxable unit if its annual profits exceed Rs. 40 Lakhs. For firms located in hilly states and North-Eastern states, the revenue limit is Rs. 10 Lakhs. The process of GST registration takes around six days to complete. Every business that exceeds the revenue limit must do the registration. Carrying out business without GST registration is against the law, and severe penalties exist.
What is GST Registration?
GST registration is a practice of enlisting any taxpayer business for GST. A unique Goods and Service Tax Identification Number (shortly known as GSTIN) is provided to every enterprise upon completion of the process. The Central Government of India provides the 15-digit GSTIN that helps verify whether a firm needs to pay GST. Business owners can verify the GST number and find out all the information. For people who run a business in more than one Indian state, they must complete an individual registration for every state in which they do business.
Documentation required for registering for GST
Here is the list of paperwork business owners require to register their business for GST:
Digital signature
Applicants’ PAN) Card
A copy of the applicant’s Aadhaar card
Incorporation certificate or evidence of business registration
Directors’ ID proof and address proof with one photo
Bank statements (along with a canceled cheque, if any)
Proof showing an authorized signatory appointment
LLP Board resolution or registration certificate for an LLP
One can make this process hassle-free with the help of a GST Registration service. Professionals have a better understanding of required documents and procedures, which eliminates mistakes and delays.
Exemptions/Exclusions in GST Registration
Indian Government also provides exclusions from registering GST to various businesses or business entities:
Manufacturing businesses that produce supplies coming under reverse charge.
Businesses that produce non-taxable supplies.
Businesses that do not exceed the threshold exemption limit.
Businesses producing exempt goods & supplies.
Businesses that are not considered to be part of products or services supply.
These are some exemptions for GST registration. It means businesses under these need not register and pay GST.
Conclusion
By accessing the GST portal and going to www.gst.gov.in, any qualified individual can apply for GST registration. The officer verifies the application, and then the registration is granted.
