Introduction
GST, or Goods and Service Tax, is a tax imposed on transactions such as the sale, transfer, purchase, barter, lease, or import of goods or services. Registering for GST can bring multiple benefits. In order to combine and ease the burden of taxpayers, one single tax is introduced named as “GST”. To remove the double taxation, GST came into existence by replacing many indirect taxes.
Here is a simple guide that will provide you with an overview of what GST is and why it’s important for businesses to register.
What is GST?
GST is basically an indirect tax that is applicable whenever a supply is made either of goods or services. Leaving the tax implication on the supply of alcoholic liquor for human consumption, GST applies to all.
GST is what has saved a lot of taxpayers from paying double the amount of taxes. After the introduction of GST, every taxpayer is satisfied and willing to pay one unified tax i.e. GST.
In total there are 4 types of GST applicable. The first and prime GST is the Central Goods and Services Tax (CGST). Another is State Goods and Services Tax (SGST) that is applicable on goods and services sold within the same state. Third, Integrated Goods and Services Tax (IGST) that comes into use when supply of goods and services are made in two different states. And the last is UTGST i.e. Union Territory Goods and Services Tax which is applied when goods are supplied within the union territories.
What are the Advantages of Registering for GST?
Here are some of the benefits of gst you must know:-
- Compliances become easy and less after getting registered under GST
- No requirement of any other tax to be paid
- Simplify financial processes
- Quick online registration
- Availability of higher threshold limit
What Information Do I Need to Register for GST?
Documents required by an Individual registering for GST
- PAN Card
- Aadhaar Card
- Photograph
For the proof of place of business
- Rent agreement and NOC (where premises is rented)
- Ownership proof (if the property is occupied)
- Electricity bill or property tax payment receipt
Documents required by a partnership firm
- ID Proof and Address proof of Partners
- Pan Card of partners
- Aadhaar Card
- Photograph
Proof of Partnership
- Partnership Deed
- PAN Card of Partnership Firm
Proof of Place of Business
- Rent Agreement and NOC if place of business is rent
- Ownership proof if place of business is owned by the partner along with NOC from partner
- Electricity bill or property tax payment receipt
- Authorization Letter in favour of applicant
Documents required for a company
ID Proof and Address proof of Directors
- Pan Card of directors
- Aadhaar Card
- Photograph
Proof of Company
- Certificate of Incorporation
- PAN Card of Company
Proof of Place of Business
- Rent Agreement and NOC if place of business is rent
- Ownership proof if place of business is owned by the Director along with NOC from director
- Electricity bill or property tax payment receipt
- Board Resolution in favour of applicant
How Do I Apply for GST Registration?
Applying for GST Registration is easy and not-so-complicated process. EAdvisors team is here to guide you throughout the GST registration. All your need to do is to submit the documents to us and wait for till our team connects with you.
GST Registration process with EAdvisors
- Preparation of Documents
- Drafting of Application
- ARN Generation
- Issuance of GST Certificate by Department
