Should I Register for GST?

by Goury Khan Project manager

GST-Goods and services tax is completely a broad-based tax of 10% that is implemented all the goods, services and other products. The people registered under GST will collect extra money from the customers, which in turn given to the government.

Do I need to register for GST?

There are some circumstances in which you have to definitely register for GST. The following will clearly give you the idea whether to get registered or not.

According to the rules implemented by the GST if the turnover of your business is more than the prescribed value.
If the nonprofit organization has exceeded the threshold value.
If you are business provide taxi travel for passengers in exchange for a fare.

If your business turnover is more than the threshold value, then you have to take the complete responsibility to get registered for GST. Even for the startup business exceeding the threshold value should definitely get registered for GST.

When to register?

As the business owner is completely responsible you have to get registered for GST if you are aware that the company turnover is more than the threshold value. The registration must be done within 21 days and one of the best ways is to keep checking every month. Then you will know whether your turnover has exceeded or not based on which you can take the final decision to register for GST or not.

Documents Required for GST Registration

You need to have the following documents to obtain GST registration.

If you own a private company

Memorandum of Articles
PAN of the Company
List of Directors
Certificate of Incorporation
Articles of Association
Address Proof of Directors
Board Resolution
Identity Proof of Directors

If you have a limited liability partnership

LLP Agreement
Certificate of Incorporation
PAN of the LLP
Address Proof of Partners
Identity Proof of Partners
List of Partners

If you are a proprietor

Address Proof of the Proprietor
PAN of the Proprietor

Procedure to register for GST

1. Before registering for GST you should have the following

Mobile number
Permanent account number
State or UT
Email address

2. With the above-mentioned specifications, you will need to complete the verification process. After which you will get a temporary verification number which is used for communication.

3. By using the reference number you can electronically submit an application. Or you can also get the process done via electronic verification code (EVC). For both the process you need to submit the above-mentioned documents.

The outcomes if I don't register for GST?

It is must and should for every business organization with turnover more than the threshold value should get registered for GST. If you fail to do so then you will not be included with the GST component in your prices. Which means that any invoice that you possess will need to show that the GST was not implemented on it. However, you will not have any chance to claim GST credit for any of your business purchases.