How do I get a Gstin number?
A step-by-step guide for obtaining your GSTIN
Taxpayers should note that GST registration charges are free. Therefore, you need not pay anything for registration under GST. However, defaulting tax payments or making short payments will incur a GST penalty. The penalty under GST stands at 10% of the tax amount only if the amount is a minimum of Rs.
What are the 3 types of GST registration?
GST Registration Types
The government has made it mandatory for businesses with an annual turnover exceeding Rs. 20 lakh to have a GSTIN. If you are a registered dealer, you need to file GST returns and pay if GST liability exists.
Is GST compulsory?
GST registration is not mandatory perse, its applicability is dependent upon certain conditions. (ii) Mandatory registration irrespective of Turnover.28-May-2021
The GSTIN is not mandatory when you set up your Current Account with any bank. However, when you register under the GST scheme, you do require a functional Current Account. Therefore the business owner does not have to pay GST on Current Bank Account set up or functioning.
What is the cost of GST?
Cost and Time for GST Registration
This Act came into effect from 1st July 2017. Now that you have got an overview of GST, we will discuss GST registration for the individual people. As per the GST Act, any individual who carries out a business activity anywhere in India, needs to have GST individual registration.
Can I register for GST myself?
To obtain this, you need a valid mobile number (an India number), email address and PAN (Permanent Account Number) for the business. Go to official GST portal - https://www.gst.gov.in/ and under the services tab, choose Services > Registration > New Registration.
Yes, all small businesses register for GST, as it is mandatory for them to do so under the GST Act. You must definitely consider getting a GST for small business if you are a goods manufacturer with an annual turnover of over Rs. 40 Lakhs.
What is turnover in GST?
“aggregate turnover” means the aggregate value of all taxable supplies (excluding the value of inward supplies on which tax is payable by a person on reverse charge basis), exempt supplies, exports of goods or services or both and inter-State supplies of persons having the same Permanent Account Number, to be computed
A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. This limit is set at Rs 10 lakhs for North Eastern and hilly states flagged as special category states.
Is GST required below 20 lakhs?
In a move that will benefit persons in the unorganised sector, the GST Council on Wednesday decided to waive mandatory registration for small entities selling their products online. The exemption will be for those having an annual turnover of up to Rs 20 lakh and those not making any inter-state taxable supply.29-Jun-2022
The GST Identification Number (GSTIN) is a unique registration code that businesses receive after completing their registration. It appears on all invoices submitted and received by registered taxpayers and organisations. Even sole proprietors and partnership businesses can apply for and obtain a GSTIN.11-Aug-2022
What are the benefits of GST?
GST has reduced taxes on certain goods by 2% and others by 7.5%, such as smartphones and cars. GST brings uniformity in the taxation process and allows centralised registration. This gives a chance to small businesses to file their tax returns every quarter via an easy online mechanism.
All businesses from the public to private limited companies should register for their GST. Registering for GST is compulsory for all companies that sell their goods or render services via e-commerce platforms such as Amazon, Flipkart, Ola, etc. In addition to that, one should be aware of the GST compliance number.
What are the documents required for GST?
What are the main documents required for GST registration? The main documents for GST registration include a PAN card, proof of business registration, identity, photographs and address proof of persons in charge, the business' address proof, and bank account statements.
Documents Required for GST Registration for Proprietorship PAN card, bank account statements, passport-size photographs, AADHAR card, and proof of address are all required papers.
Can I use savings account for GST?
You can use your personal savings account for a new GST registration for a proprietorship in India. But it is advisable to open a new Current A/C for the business as there are many restrictions related to transactions in a savings A/C.
between 2-6 working days
Can I take GST number on my name?
No, it is not possible to find GST number by name for all tax payers. You can find details by name of below tax payers: List of tax payers shared by state governments.
How do I get a Gstin number?