Table of Contents
Is GST the business registration?
GST registration acts as valid proof as it is a legal entity registration. Input tax credit can be availed when any goods or services are being purchased. With the help of a GSTIN, a current bank account can be opened. The GSTIN helps in increasing the brand value of the business.
What is GST license?
What is GST Registration. In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration. For certain businesses, registration under GST is mandatory.
What is type of registration in GST certificate?
Form GST REG-06 is the GST registration certificate that is issued to every successful registered person/business under GST. The certification is proof that a person or entity is GST registered. It contains GSTN along with other details of the business.
WHO issues GST registration certificate?
the Goods and Services Tax department
The user will get the intimation of same in Form GST REG-05. Finally, a certificate of registration will be issued to you by the Goods and Services Tax department after verification and approval in Form GST REG-06.
Can I register my company without GST?
As per the GST Act, if your financial turnover is above Rs 40 lakhs, then you need to register under GST. No organization and business can carry on business without registering under GST guidelines. Incorrect GST Returns entries, results in rejection of the input tax credit, in addition with penalties.
In which case registration is compulsory in business?
Any supplier who supplies to another State shall have to compulsorily register under GST, irrespective of turnover. A casual taxable person is one who has a registered business in some State in India, but wants to provide supplies from some other State in which he is not having any fixed place of business.
Who are the person compulsory liable for GST registration?
As per section 22, a person is liable for registration under GST if, the aggregate turnover for the previous year exceeds Rs. 20 lakhs where the person is engaged in supply of goods or service or both, in case the person supplies only goods then the turnover limit will be Rs. 40 lakhs for the previous year.
WHO issues GST certificate?
Finally, a certificate of registration will be issued to you by the Goods and Services Tax department after verification and approval in Form GST REG-06.
What are the contents of the GST registration certificate?
GST Registration Certificate is contained in Form GST REG-06 consisting of three pages. The first page displays details with regards to the Principal Place of Business. These include: Page 2 of the Certificate contains Annexure-A that consists of the details of the additional places of business.
Is trade iicence necessary for GST registration?
Trade Iicence is not necessary for GST registration. GST registration can be done independently. Trade licence may be required in your case due to some requirement of another law. Generally trade licence is required from local municipality for starting industrial unit.
What is the time limit for GST registration?
The application for registration has to be made within 30 days from the date the person becomes liable to register, or his turnover exceeds the specified limit under Goods and Services Tax. The GST registration will be effective from the date on which such entity became liable to be registered under GST.
How many digits are there in the GST number?
GSTIN comprises 15 digits. This number is PAN based and is specific to each state. Accordingly: After registering under GST, there can be circumstances where the registered person may require to make changes in the registration details provided by him. Such changes could be on account of change in the address, contact number, business details, etc.