Contents
Why GST Registration required?
Under section 279A of the Constitution of India, the GST council is formed. The GST council comprises of the Union Finance Minister, Union Minister of the State Revenue Minister and the Union Minister of Finance and Tax for the respective state councils. All the respective laws and rules which apply to GST registration for a business would be in the respective central and state websites. GST is an abbreviation for Goods and Services Tax.
Benefits of GST Registration
A business would get multiple benefits for registering under GST:
Recognition-
Businesses that have registered themselves with the requirements of GST would be recognised in the eyes of the law. Public and consumers will recognise businesses that have registered as per the requirements of the government.
Appropriate Accounting-
Appropriate accounting cycles can be followed up by registering with GST authorities.
Benefits and Government Incentives-
There are different forms of benefits and government incentives offered for businesses that consider GST registration.
Lower Tax Rates-
If a taxpayer is having a turnover of lesser than Rs 1.5 crore per annum, then the taxpayer can choose for composition tax scheme. Under the composition tax scheme, there is an incentive to pay a lesser amount of tax.
Double Taxation-
Any business that is registered with GST as per the government requirements would get reliefs and exemptions from double taxation.
E-Way Bill-
By utilising this form of registration, a new system of logistics can be utilised through the E-Way Bill system.
Documents check List for GST Registration
A. From Members and Directors (Self-attested)
- PAN Card of Members and Directors.
- Aadhar card.
- Election ID Card / Passport.
- Scan copy of Photographs.
- Latest Bank statement not older than 30 days.
B. For Registered office
- Scanned copy of Latest Bank Statement/Telephone /Electricity or Gas Bill
- Bill Scanned copy of Notarized Rental Agreement in English
- Scanned copy of No-objection Certificate from property owner
- Scanned copy of Sale Deed/Property Deed in English (in case of owned property)
