gst main.docx - UNIT 1 REGISTRATION AND FILING 1 REGISTRATION OF ASSESSES UNDER GST ACT In any tax system registration is the most fundamental

gst main.docx - UNIT 1 REGISTRATION AND FILING 1...

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UNIT 1 REGISTRATION AND FILING 1 REGISTRATION OF ASSESSES UNDER GST ACT In any tax system, registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input Tax Credit for the taxes on his inward supplies. Without registration, a person can neither collect tax from his customers nor claim any input Tax Credit of tax paid by him Need and advantages of registration Registration will confer the following advantages to a taxpayer: • He is legally recognized as supplier of goods or services. • He is legally authorized to collect taxes from his customers and pass on the credit of the taxes paid on the goods or services supplied to the purchasers/recipients. • He can claim Input Tax Credit of taxes paid and can utilizethe same for payment of taxes due on supply of goods or services. • Seamless flow of Input Tax Credit from suppliers to recipients at national level. Liability to register GST being a tax on the event of “supply”, every supplier needs to get registered. However, small businesses having all India aggregate turnover below Rupees 20 lakh (10 lakh if business is in Assam, Arunachal Pradesh, J&K, Himachal Pradesh, Uttarakhand, Manipur, Mizoram, Sikkim, Meghalaya, Nagaland or Tripura) need not register. The small businesses, having turnover below the threshold limit can, however, voluntarily opt to register. The aggregate turnover includes supplies made by him on behalf of his principals, but excludes the value of job-worked goods if he is a job worker. But persons who are engaged exclusively in the business of supplying goods or services or both that are not liable to tax or wholly exempt from tax or an agriculturist, to the extent of supply of produce out of cultivation of land are not liable to register under GST. DOCUMENTS REQUIRED FOR REGISTRATION Introduction The list of documents required for each of the form of business is different. Hence, we will discuss documents required for GST registration for each of the form of business. 1. Documents required for Private Limited Company (Pvt Ltd)/Public Company (limited company)/One person company (OPC): - Company documents PAN card of the company
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Registration Certificate of the company Memorandum of Association (MOA) /Articles of Association (AOA) Copy of Bank Statement Declaration to comply with the provisions Copy of Board resolution - Director related documents PAN and ID proof of directors - Registered Office documents Copy of electricity bill/landline bill, water Bill No objection certificate of the owner Rent agreement (in case premises are rented) . Documents required for Limited Liability Partnerships (LLP): - LLP documents PAN card of the LLP Registration Certificate of the LLP LLP Partnership agreement
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  • Spring '18
  • sai sekhar
  • Taxation in the United States, Registration

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