Most products and services that are sold for domestic consumption are subject to the value-added tax, or GST. Even though customers ultimately pay the bill, the companies that offer these goods and services are in charge of gathering and sending the GST to the government.
The registration process for the Goods and Services Tax (GST) has been simplified and is now fully completed online.In the case that your company’s total turnover is less than Rs 20 lakh, GST registration might not be necessary. However, registration becomes required if revenue surpasses this amount.
GST registration online
Accessible via gst.gov.in, the official government website. The next step is the assignment of the GST number; if all the paperwork is in place, the approval process usually takes 7 to 10 days. If there are problems, processing could take up to 15–20 days. The cost of registration varies; for individuals, it can range from Rs 2,500 to Rs 5,000, and for private limited corporations, it can reach Rs 10,000.
Documents needed to register for GST
You will require the following documents in order to register for GST:
- The owner(s)’s passport-sized photo
- Aadhar card, passport, or driver’s license as identification
- Company PAN card
- Declaration of partnership, if relevant
- LLPs, OPCs, and Private Limited Companies’ certificates of association
- Bank account information (passbook, bank statement, or cancelled check
Important info about GST:
With the introduction of the GST, multiple previous tax systems have been merged into one. Businesses having yearly revenue greater than Rs 20 lakh (or Rs 40 lakh in some situations) must register for GST. Not registering for GST makes it illegal to operate a business and can incur hefty fines. In addition to helping to prevent legal issues, registration guarantees adherence to tax rules.
Registering a trademark is also essential for new businesses in order to safeguard their brand. That way, no one else may use names that are too similar. In addition to a filing fee of Rs 1,500 and a non-proprietor fee of Rs 9,000, the government charges Rs 4,500 for trademark registration.