CAONWEB
In any tax system registration is the most important and fundamental requirement for identification of taxpayers ensuring tax compliance in the economy. Registration of any business entity under the GST regime means obtaining a unique registration number for the purpose of collecting tax on behalf of the government. And, also to avail Input tax credit for the taxes on his inward supplies. If you don’t apply for GST number, then you can neither collect tax from your customers nor claim any input tax credit of tax paid by you. Therefore, it is very important to apply for register number or to register for GST. You can take help of professionals to register for GST through our online platform of CAONWEB. Here, you can find the best professionals providing services in very reasonable GST registration fees. In this article, we are discussing some common questions regarding the GST registration procedure: 1. Who are the persons liable to register for GST? · Taxpayers whose turnover exceeds the threshold limit i.e. Rs.40 lakhs in a financial year (this limit is Rs.20 lakhs for special category states) · Existing taxpayers who were registered under the earlier law has to apply for GST number · Following taxpayers are required to apply for GST number compulsorily irrespective of the threshold limit: a)persons who are making any inter-State taxable supply; b) casual taxable persons; c) persons who are paying tax under reverse charge; d) non-resident taxable persons; e) persons who are deducting tax under section 37; f) persons who are supplying goods and/or services on behalf of other registered taxable persons whether as an agent or otherwise; g) input service distributor; h) persons who are supplying goods and/or services other than branded services, through electronic commerce operator; i) every electronic commerce operator; j) an aggregator supplying services under his brand name or under his trade name; and k) other person or class of persons as may be notified by the Central Government or a State Government on the recommendations of the GST Council from time to time. · Any person can also apply for GST number voluntarily if he/she wants irrespective of any criteria. 2. What are the benefits of GST Registration? · You will be legally recognized as a supplier of goods or services. · You can utilize taxes paid on the purchase of goods or services for payment of GST on the supply of goods or services. · You will be legally authorized to collect tax from the purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients. 3. What is the GST Registration Procedure? · Step1- Submit PAN, mobile number and email address in form GST REG-01 Part-A · Step2- A temporary the reference number is generated on successful verification of PAN, mobile number and email address · Step3- Submit your application in form GST REG-01 Part-B along with required documents · Step4- Acknowledgment issued in form GST REG-02 · Step5- If details are complete and satisfactory GST registration certificate issued to you in form GST REG-06 4. What are the documents required to register for GST? · For proprietorship a) PAN card of the owner b) Aadhar card of the owner c) Photograph of the owner d) The electricity bill for the premises · For a partnership or private limited company a) PAN card of the company/partnership b) PAN card of the director/partner c) Aadhar card of the director/partner d) Photograph of the director/partner e) The electricity bill for the premises f) Partnership Deed/ Certificate of Incorporation g) Letter of Authorization 5. Can a person without GST registration claim ITC and collect tax? No. A person without GST registration can neither collect GST from his customers nor claim any input tax credit of GST paid by him. For any other details and queries, you can visit our website of CAONWEB. Professionals registered with CAONWEB are providing best online GST services like GST registration and GST return filing in very reasonable GST registration fees and GST returns filing fees.
2 Comments
12/15/2022 03:39:14 am
Thanks for sharing such a informative blog! Piles of receipts keeping you awake at night? ANNA snaps and sorts them on the go, saving you the time and hassle.
Reply
1/18/2023 11:54:21 pm
Thanks for sharing this wonderful information! So long, spreadsheets. Thanks to AI tech, ANNA scans your receipt, stores the details and assigns an expense category, without you having to type a thing.
Reply
Leave a Reply. |