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Overview



G.S.T. is known as the Goods and Services Tax. It is an indirect tax which has replaced many indirect taxes in India such as the excise duty , VAT. services tax, etc..Under the G.S.T. regime, the taxis levied at every point of state. In the case and intra-state saled, central G.S.T. and state G.S.T. are charged. Every business or corporation that are involved in the buying and selling and good of services has to register to G.S.T. It is mandatory for companies whose turnover is more than Rs. 20 lakhs ( for the supply of services) and rs 40 lakhs (for the supply of goods yearly to register for a G.S.T.).





Registration of G.S.T. is mandatory for people:-





Document required for G.S.T. Registration:



  • PAN
  • Mobile number
  • E-mail ID
  • Place of business
  • DSC or Aadhar card

Proprietorship:

  • Photo of the promoter
  • Photo of the authorized signatory
  • Latter of Authorisation
  • Copy of the resolution passed by BoD/managing committee and Acceptance letter.
  • Electricity Bill
  • Legal ownership document
  • Municipal khata copy
  • Rent / Lease agreement
  • Rent Receipt with NoC

Private limited company:

  • Certificate of incorporation
  • Photo of the promoter
  • Photo of signatory
  • Letter of Authorisation
  • Managing committee and acceptance letter
  • Electricity Bill
  • Legal ownership document
  • Municipal khata copy
  • Property Tax Receipt

Limited liability partnership:

  • Certificate of incorporation
  • Photo of te promoter
  • Letter of the authorization
  • Copy of resolution passed by BoD
  • Electricity Bill
  • Legal ownership Document
  • Municipal khata copy
  • Property Tax Receipt.

Partnership:

  • Partnership Deed
  • Any proof substantiating constitution
  • Photo of the authorized signatory
  • Letter of authorization
  • Copy of resolution passed by the BoD/managing committee and acceptance latter
  • Electricity Bill
  • Legal ownership document
  • Municipal khata copy
  • Property Tax Receipt


Advantages of G.S.T.




1. Removing the cascading effect of Tax

2. Higher threshold for G.S.T. registration

3. Composition scheme for small business

4. Simpler online facilities for G.S.T. compliance

5. Relatively lesser compliances under G.S.T.

6. Defined treatment for e-commerce activities

7. Increase efficiency of logistic

8. Regulating the unauthorized sector