What is GST Registration?
GST is a huge step in the history of tax reforms to create confidence and an atmosphere of investment, manufacturing, and growth. GST is portrayed to provide the requisite impetus to the business sector and at the same time reducing the price burden due to regressive taxes on the consumers. The most salient feature of the GST is that it would remove the multiple taxes levied on products both by the state and central government by virtue of taxes being in the concurrent list. GST seeks to replace these taxes which are primarily regressive in nature, due to which a cascading effect is created and as a result, the ordinary consumer pays around 20-30% extra. Another major problem with the previous tax regime was that there were constant disputes about whether certain items come in the category of goods or services and this would be addressed by GST as it explicitly provides a rate card to the same effect. Furthermore, subsumption of these taxes into GST would also provide an effective and efficient flow of tax credit both at the Centre and State level. GST is being implemented in such a way that the revenues of States and their Capital and Revenue Expenditure on that account are not hampered
GST has numerous benefits to the producer like an input tax credit, easy returns, reduction in costs and prices of locally manufactured goods which would, in turn, spur the aggregate demand and create a multiplier effect to boost the economy. Compliances required under GST is going to aid the government immensely with the elements of GSTIN, requisites of GST like PAN Card, the documents to be submitted for registration along with CGST and SGST a dual monitoring system would be in place to prevent tax evasion and promote fair competition.
GST registration is required primarily if your annual sales are more than Rs. 20 Lakh. GST registration typically takes between 3-7 working days.
Documents Required for GST Registration
>PAN Card of Individual Owner/ Directors/ Partners.
>Electricity Bill / Telephone Bill, Rent Agreement or Letter of Consent (NOC)
>MOA/ AOA or Partnership Deed.
>Letter of Authorisation for signatory.
>Bank statement/ Cancelled Cheque/ First page of Passbook.
>Aadhaar Card of owners/ directors/ partners along with Photographs.