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How do I register my small business for GST?
To register for GST, the following documents are required:
- Company PAN Card.
- Photographs (passport size)
- Identity proofs like Aadhar Card/Passport/Driving Licence.
- Proof of address for your offices.
- Bank details via a statement/cancelled cheque or passbook.
- Certificate of association for Private Ltd Company or LLP/ OPC.
Can I register for GST by myself?
The step-by-step procedure that individuals must follow to complete GST Registration is mentioned below: Step 1: Visit the GST portal – https://www.gst.gov.in. Step 2: Click on the ‘Register Now’ link which can be found under the ‘Taxpayers’ tab. Step 3: Select ‘New Registration’.
Does a small business need to register for GST?
As a business owner, it’s your responsibility to register for GST if your turnover exceeds the $75,000 threshold or is likely to exceed it. The ATO advises that if you’ve just started a new business and expect it to earn $75 000 or more in its first year of operation, you should register for GST.
What happens if I charge GST but am not registered?
If you are not registered for GST your invoice must not say Tax Invoice and just say Invoice. You do not charge an extra 10\% on top of your services, that you collect and pay onto the government and you cannot claim the GST paid on items you buy.
What happens if I don’t register for GST?
If you don’t register for GST and are required to, you may have to pay GST on sales made since the date you were required to register. This could happen even if you didn’t include GST in the price of those sales. You may also have to pay penalties and interest.
Should I register for GST as a sole trader?
When am I required to be registered for GST purposes? As a sole trader, you are required to be registered for GST purposes if one or more of the following are true: Your annual business activity turnover is over $75,000 annually (this does not include salary or any other income earned outside of your ABN), or.