Since the advent of GST, those business organizations who have a turnover of more than Rs.40 lakh are required to register as a normal taxable individual. There are some business organizations for whom GST registration is mandatory. Such businesses organizations will be committing an offence and will be penalized if they continue to carry out their business without GST registration in Karnataka.
WHO NEEDS TO REGISTER FOR GST ?
- Individual who are already registered under the GST law which includes excise, VAT, service tax among others.
- Business organization with a turnover of more than Rs.40 lakh with an exception of North eastern states, Jammu and Kashmir, Himachal Pradesh and Uttarakhand for whom the threshold value is Rs.40 lakh.
- Agents of any supplier or service distributor.
- Individuals paying tax under the reverse charge system
- Every e-commerce aggregator
ADVANTAGE OF REGISTERING UNDER GST
Registration under the GST regime confers several advantages to a business organization-
- They are legally recognized as supplier of goods and various services.
- Accounting of taxes which are paid on the input goods which are then utilized for the payment of GST.
- The companies are then legally authorized to collect taxes from the purchaser as well as pass the credit of all taxes paid to the recipients.
REGISTRATION PROCESS OF GST
The registration is carried out by an online portal which is maintained by the central government of India.
- The applicants need to submit their PAN, mobile number and email address on the GSTN portal in part-A of form REG-01
- The portal verifies the PAN and sends one-time password on the mobile number and email-address for their verification.
- Once the verification is complete, the applicant receives application reference number on the registered mobile number as well as the email address.
- Thereafter an acknowledgement is issue in form REG-02 electronically.
- Next the applicant needs to fill up the Part- B of Form GST REG-01 by specifying out the application reference number. Once this is complete, the form can be submitted along with the necessary documents.
NECESSARY DOCUMENTS FOR GST REGISTRATION
- PAN card of the organization
- Details and proof of the place where the business takes place such as the rent agreement on electrically bill.
- A cancelled cheque of the linked bank account which shows the name of account holder, MICR code, IFSC code and bank details.
Any business organization who wants to get themselves registered under GST can opt for associates, as we have the top GST consultants in Bangalore who provide the best of advice.