What is Gst Registration?
Gst Registration process is online based and must be carried out on the government website. Every dealer whose annual turnover exceeds Rs.20 lakh (Rs.40 lakh or Rs.10 lakh, as may vary depending upon state and kind of supplies) has to Registration for GST.
Who is eligible to register under GST?
GST Registration must be completed by the following individuals and businesses:
1. Individuals who have registered under the tax services before the GST law came into effect.
2. Non-Resident Taxable Person and Casual Taxable Person
3. Individuals who pay tax under the reverse charge mechanism
4. All e-commerce aggregators
5. Input service distributors and agents of a supplier
6. Individuals who supply goods through an e-commerce aggregator.
7. Individuals providing database access and online information from outside India to people who live in India other than those who are registered taxable persons.
Documents required for GST Registration
Here are the documents required to complete GST Registration:
1. Passport Size Photo
2. PAN card
3. Aadhar card
4. Business address proof
5. Mobile Number,Email ID
6. Bank account statement (or) cancelled cheque (or) Passbook first page
7. Incorporation Certificate or the business registration proof
8. Digital Signature.
Advantages of GST Registration
The main benefits of GST registration are mentioned below:
1. Big projects can be accepted from Multinational Corporations (MNCs).
2. Goods can be sold online.
3. Goods can be sold across the country.
4. GST registration acts as valid proof as it is a legal entity registration.
5. Input tax credit can be availed when any goods or services are being purchased.
6. With the help of a GSTIN, a current bank account can be opened.
7. The GSTIN helps in increasing the brand value of the business.
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