GST - GOODS AND SERVICE TAX

The list of documents required for registration of GST for various business are as follows:

Proprietorship

• PAN Card and address proof of proprietor

LLP

• PAN Card of LLP

• LLP Agreement

• Partners’ names and address proof

Private Limited Company

• Certificate of Incorporation

• PAN Card of Company

• Articles of Association, AOA

• Memorandum of Association, MOA

• Resolution signed by board members

• Identity and address proof of directors

• Digital Signature

The following can be shown as proof of address of a director:-

• Passport

• Voter Identity Card

• Aadhar Card

• Ration Card

• Telephone or Electricity Bill

• Driving License

• Bank Account Statement

Add what works as identity proof, One can use a PAN Card, Aadhar Card as identity proof. For address proof, any of the director’s can show their voters ID, passport, telephone bill, electricity bill and telephone bill.

One of our GST representatives will collect all the required documents and process the GST application through the iCFO platform.

Application Filing

Once all the documents are collected, the application will be processed and filed. Then immediately the ARN number will be issued.

GST Registration Certificate

The GST registration certificate and GSTIN will be issued upon verification of GST application and other mandatory documents by the GST officer. Be aware that no hard copies of the certificate will be issued and the GST registration certificate can be downloaded from the GST Portal.

Penalties For Failure To GST Registration

As per the Section 122 of the CGST act, in India, there is a direct penalty for all those taxable persons who fail to register for GST.

Voluntary Registration Under GST (for Companies With A Turnover Below Rs.20 Lakhs)

Any small business with turnover less than 20 lakh can voluntarily register for GST even though it is not compulsory by law. Voluntary GST registration has its own advantages and some of them are:

• Take input credit: In GST, there is a flow of input credit right from manufacturers of the goods till the consumers, across the country. Input credit means a taxpayer while paying tax on output can deduct the tax that has already been paid on inputs and pay only the remaining amount. Voluntarily registered businesses can increase their margins and profits through this.

• Do inter-state selling with no restrictions: SMEs can increase the scope of their businesses and find prospective customers and explore online platforms

• Register on e-commerce websites: SMEs can widen their market by registering through e-commerce sites.

• Have a competitive advantage compared to other businesses.

A GST Return Filing is a return document that contains details of the income of the taxpayer. It has to be filed with the GST administrative authority. The document is used tax authorities to calculate the tax liability of a GST taxpayer. A GST Return Filing form has to include the following details.

• Output GST (On sales)

• Sales

• Input tax credit (GST paid on purchases)

• Purchases

For filing a GST Return, you need to have GST compliant sales and purchase invoices attached.