Goods and Service Tax (GST)
Goods and Services Tax (GST) is designed to consolidate various central and state indirect taxes into a single unified tax, making business operations smoother and more efficient in India. Any individual, firm, or organization involved in the supply of taxable goods must register under GST if their annual turnover exceeds Rs. 40 lakh (or Rs. 20 lakh for the North Eastern and Hilly States). Additionally, those engaged in inter-state transactions are also required to register.
Certain conditions and exemptions apply to the threshold limit for GST registration. For example, an e-commerce aggregator or any person supplying goods or services through an e-commerce platform must register for GST, regardless of turnover. Registration involves obtaining a unique 15-digit Goods and Services Tax Identification Number (GSTIN), which is linked to the PAN and used to track tax payments and compliance.
Failing to register for GST can result in significant penalties, including fines up to 100% of the tax due. Registering not only ensures compliance with the law but also allows you to collect GST from your customers. To avoid legal issues, it is crucial to obtain GST registration in a timely manner.
What Is The Process?
GST Registration is a mandatory process for businesses and individuals involved in the supply of taxable goods and services in India. It is essential for ensuring compliance with the Goods and Services Tax (GST) laws and enables businesses to legally collect GST from their customers. By obtaining a unique GST Identification Number (GSTIN), businesses can streamline their tax obligations and avoid penalties. At BSA Consultant India, we offer comprehensive GST registration services to guide you through the process smoothly and efficiently.
- Our representative gets in touch with you to understand the nature of your business to guide you through the applicable registration process.
- There is a requirement to mandatorily submit the GST Application form and other information and documents required.
- All the submitted details are required to be authenticated via email and OTP verification.
- Acknowledgement Number with GST No. is issued in due course of time, followed by the issuance of the GST Certificate within 7-10 days of the date of application.
Details Required
- PAN Card of the company, firm, or proprietor
- PAN Cards of all directors or partners of the company or firm
- Address and identity proof for all directors or partners
- Bank account details
- Photographs and Authorized Signatory of the proprietor
- Copy of the incorporation document for legal entities
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Proof of appointment of the Authorized Signatory
- PAN Card, address, and identity proof of the Authorized Signatory