What is GST?
First let us understand the basics. What is GST? GST stands for Goods and Services Tax. GST was introduced from 1st July 2017 by Government of India. GST is an indirect tax on all goods and services. (well, almost all, except exempt goods like milk, vegetables, etc). GST is different from Income tax, which is a tax on income of a person or profits of a business.
Why did the Government introduce GST? Simple really, before GST, every Indian state (India has 29 states and 7 union territories) had different tax rates on different goods and services customers and businesses were very confused. The old system was complex as there were multiple indirect taxes like Service Tax, Excise tax, etc. Now there is only 1 tax for 1 India – that is GST. Some people also like to call it “Good and Simple Tax”.
Why should I care about GST?
If you are a consumer, then you should know that a business in your area is not charging you more than the Government specified rate. Otherwise, you can continue to live normally. GST won’t affect your day to day life. If you are a business, then you have to bother about GST. If your turnover is less than Rs. 20 Lakhs, then Government has exempted your business from GST registration. This means that you don’t need to collect and deposit GST with the Government. However, if your business has turnover more than Rs. 20 lakhs or about to cross Rs. 19 Lakhs, then you should immediately proceed for GST Registration.
How to do GST Registration for my business?
GST Registration is a one-time activity but requires regular gst return filing and maintenance. For GST Registration, we recommend that you contact the expert Chartered Accountants (CA). You can also try and do the GST Registration yourself, but it can be difficult for first-time users.
What are the List of Documents required for GST Registration?
We have detailed here the complete GST Registration process including the list of documents required for gst registration on gst portal.
For GST Registration Online on GST portal GST gov in portal, keep these document ready for your CA to start the Gst registration process.
- You need 1 Mobile Number and Email id which has never been used before on gst portal
- Copy of your Business Registration Certificate(Certificate of Incorporation, MSME Registration Certificate, Partnership Deed, LLP Deed or any other Government approved business registration proof)
- Details of Directors, Partners, Sole Proprietor, other Key Persons(ID proof, Address proof, Passport Photo, Email id and Mobile numbers)
- Office Address Proof (latest Electricity Bill or Telephone Bill or Any other utility bill)
- Rent Agreementin your company name if office is rented
- NOC from Landlordif your office is rented
- HSN Code for GST(Keep HSN codes ready for your business by searching HSN Code List for GST here. Your CA will advise you on this as it is technical)
- Digital Signature (DSC)of Director who will sign the GST online application digitally (not required for sole proprietor gst registration)
- GST DSC Settings(article here on how to register dsc on gst portal)
- Authorization letter (format will be with your CA or you can contact us)
That’s all. Your CA would have the experience and knowledge to manage your gst registration on gst portal www.gst.gov.in . But if you need any help then you can drop us a message at Financebazaar.com