What is GST ?

GST stands for goods and service tax. it is an indirect tax which has to be collected from customers when you sell your goods or services and required to be submitted to the government.

When is registration under GST mandatory?

It is mandatory to register under GST when If your annual turnover exceeds INR 20 Lacs* or If you’re doing inter-state sales or If you’re selling products online through e-commerce portal or If you’re into the import or export business If you want to raise tax invoice for your customers If business participating in exhibition/event outside the State as Casual Taxable Payer *In case of North Eastern States, annual turnover threshold limit is INR 10 Lakhs.

Can i take GST registration voluntarily?

Yes, you can voluntarily apply for GST Registration even if your business annual turnover does not exceed threshold limit (20/10 Lacs). GST registration not only helps you in getting your business recognized as a legal registrant but also help you avail various benefits like avail to raise GST Invoice, avail input tax credit, and much more if you take GST Registration voluntarily. To know more about various benefits of GST Registration download our GST guide from above.

When a business needs multiple GST registrations?

If business entity doing supplying goods and services from multiple States, then he/she mandatorily required to registered under GST in different States. Further, any business entity can apply for multiple GST registration even if they are operating from single State under multiple verticals to avoid accounting complexity between multiple businesses.

Is there any penalty for not registering under GST?

If any business entity mandatorily required to register under GST, however, failed to apply or intentionally ignoring the same then business is liable to pay the penalty of 100% of the tax due or INR. 10,000 whichever is higher

What are the details and documents required for GST registration?

The documents required depends upon the type of business you are running as. Following below documents required for GST Registration: – Passport Size Photograph Aadhar card or Passport or Driving License Pan card of business entity Address proof of business premises Bank Statement or Cancel cheque or Passbook ADDITIONAL DOCUMENTS FOR PRIVATE LIMITED COMPANY /LLP /OPC / PARTNERSHIP FIRM Certificate of Incorporation in case of Company, OPC or LLP Partnership Deed in case of partnership firm