April 14, 2020 | Explore Life Style

The Goods and Service Tax (GST) system of collecting indirect taxes was rolled out in the country in the year 2017. It is a combined version of other indirect taxes that were being charged before GST. It is considered a major tax reform in India since independence. GST system is believed to be more transparent and simple than its predecessors. The taxes that GST has subsumed include – Service tax Central excise duty Value-added tax Octroi Additional Customs Duty This article is written to inform you of the list of all the documents required for GST registration in India. Facts about GST It is a destination-based tax system. It means only value addition is taxed and the tax is ultimately borne by the end-consumer. In India, businesses with a turnover of up to Rs. 20 Lakh are exempt from paying GST. In certain north-east Indian states like Assam, Jammu and Kashmir, Himachal Pradesh, businesses with a turnover of Rs. 20 Lakh and below are exempt under the GST Act. GST is supposedly responsible for the growth of 1%-2% in GDP rate. France was the first country to collect taxes under this system in 1954. Presently there are more than 160 countries around the world that follow the GST system of indirect taxation. The structure of GST collection includes a Central GST (CGST) and a State GST (SGST). That is, both the central and state Government charges GST on every goods and service sold within the country. GST Identification Number It is a unique 15-digit number assigned to all the businesses registered under the GST Act. The acronym is GSTIN is generally used by people to refer to this number. The number is essential because all our details are recorded by the GST authorities under that number. Just like a Permanent Account Number (PAN) is necessary for the payment of Income-tax, GSTIN is necessary for the payment of GST. GSTIN has 15 characters including numbers and letters. It helps in easy administration of the process of collection GST by the state and central governments. The GST registration procedure is simple and the documents required for registration are minimal. This is to ensure that every person can himself register his business for GST by visiting the online GST registration portal. Listed below are documents required for GST registration procedure in India: Documents required for GST Registration PAN card: The PAN card of the business or the owner in case of a sole proprietorship is required. They must be supplemented by the signatures of the stakeholder(s) of the business. Aadhaar Card: Aadhaar card of the owner or the authorised signatory. Proof of Constitution: In the case of companies, certificate of incorporation by the Ministry of Corporate Affairs is essential. Photographs: In the case of companies, the photographs of all the stake-holders and authorised signatories are required. In case of proprietorship, the owner’s photograph is essential. The size of the photographs must be below 100 KB while uploading. Proof of address: The principal place of business must be vouched for by providing address proof for GST registration. Address proof can include any of the following documents – Municipal Khata bill Legal ownership document Property tax receipt Electricity Bill Bank account details: Bank account statements of the company are mandatory. They are instrumental to verify your annual turnover. You have to pay your taxes according to your annual turnover. Generally, businesses hold current accounts with banks. Hence, having your current account details is essential. These documents include – The first page of pass-book Account statement Cancelled cheque In some cases, GST registration is mandatory to avail a business loan. Non-banking financial companies like Bajaj Finserv brings you pre-approved offers that make availing time-efficient and hassle-free. Registration procedure Fill out form GST REG-01 by proving your PAN, Phone number and E-mail ID. Verify your mobile number and E-mail ID with the OTPs that will be sent to both mail and mobile number after verifying your Personal Account Number. Record the application reference number (ARN) that will be sent to your E-mail and phone. Fill in your ARN where it is mentioned and attach the scanned copies of documents required for GST registration. Provide additional details in the automatically generated form GST REG-03. Wait for 3 working days after verification and submission of all the required documents and details. It is vital for every taxpayer to have a complete idea about the GST registration to file it accurately. Keep these pointers in mind to do so properly.

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Daily Archives: April 14, 2020

Know About the Documents Required for GST Registration in India