Goods and Services Tax or GST is an indirect tax that was rolled out on July 1, 2017. It is levied on the supply of goods and services across the country. It has brought about a uniformity in the indirect tax structure by replacing all the indirect taxes that existed in the pre-GST regime such as VAT, service tax, Excise duty, etc. Simply put, GST has incorporated the concept of "One nation One Tax."
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Some important facts…
Some important facts…
Entities supplying goods or services with an annual aggregate turnover of more than 20 lakhs INR in most States are required to register for GST mandatorily. In north-eastern states, the aggregate turnover has been reduced to 10 lakhs INR.
GST registration is mandatory in case of supply of goods or services from one state to another (inter-state). For example, if a business in Delhi supplies goods to a business in Haryana, then GST registration is required.
Every e-commerce operator and the person who supplies via e-commerce operator is supposed to get registered under GST.
Entities having service tax or VAT or central excise registration must be registered under GST mandatorily.
This category includes the person who occasionally undertakes supply of goods or services having no fixed place of business.
If a person fails to pay tax, he has to pay a penalty of 10% of tax due or subject to a minimum of 10,000 INR. Apart from that, if the person is not registered under GST, then a penalty of 100% of the tax amount due has to be paid.
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Aadhaar card
Address proof of the place of business
Bank account statement/cancelled cheque
Identity and Address proof of Promoters/Director with photographs
Digital Signature
Proof of business registration or incorporation certificate
Letter of Authorization/Board Resolution for Authorized Signature
PAN Card of the Business or Applicant