When it comes to GST (Goods and
Services Tax) registration for a private limited company, it's mandatory if the
company's turnover exceeds the prescribed threshold limit set by the
government. GST is a comprehensive indirect tax levied on the supply of goods
and services across India. It has replaced various indirect taxes like VAT,
service tax, etc., and has brought them under a single umbrella.
Here are some key points regarding GST
registration for a Pvt. Ltd. company:
1. Threshold Limit: As of my last update, the threshold limit for GST
registration for normal category states in India was an annual turnover of ₹40 lakhs. However, this threshold may
vary depending on the type of business and the state in which the business
operates. For certain special category states, the threshold limit was ₹20 lakhs.
2. Voluntary Registration: Even if the turnover of a Pvt. Ltd. company is
below the threshold limit, it can opt for voluntary registration under GST.
This can sometimes be beneficial for businesses as it allows them to claim
input tax credit on purchases.
3. Mandatory Registration: A Pvt. Ltd. company must register for GST if its
turnover exceeds the prescribed threshold limit. Failure to register under GST
when required can attract penalties.
4. Registration Process: The registration process involves applying for
GST registration with providing necessary documents and information about the
business.
5. Compliance: Once registered, the company is required to
comply with various GST regulations such as filing monthly, quarterly, or
annual returns, payment of taxes, maintaining proper records, issuing tax
invoices, etc.
6. Input Tax Credit (ITC): Registered Pvt. Ltd. companies can avail input
tax credit on the GST paid on purchases, which can be offset against the GST
liability on sales.
7. Composition Scheme: Small Pvt. Ltd. companies with an annual turnover
below a certain threshold may opt for the composition scheme under GST, which
offers a simplified compliance process.
It's important for Pvt. Ltd. companies
to understand and adhere to the GST regulations to ensure compliance with the
law and avoid penalties. Consulting with a tax professional or chartered
accountant can be beneficial for proper guidance on GST matters.
|
The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government.
GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. State GST (SGST) which will be levied by State and Integrated GST (IGST) – which will be levied by Central Government on inter-State supply of goods and services.
1. Every business carrying out a taxable supply of goods or services and whose turnover exceeds the threshold limit of Rs. 20 lakhs (Rs 10 lakhs for North Eastern and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.
2. Apart from the normal taxpayer (as defined above), there are few special cases (as explained below) that have to register for GST irrespective of their turnover.
The Goods and Services Tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. In effect, GST provides revenue for the government.
GST is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. State GST (SGST) which will be levied by State and Integrated GST (IGST) – which will be levied by Central Government on inter-State supply of goods and services.
To register
a Private Limited Company for GST (Goods and Services Tax) in India, you
typically need the following documents:
1. Company
Documents:
- Certificate of Incorporation: This is the
document issued by the Registrar of Companies (RoC) when your company is
incorporated.
- Memorandum of Association (MOA) and
Articles of Association (AOA): These documents outline the objectives and rules
governing the company.
- Board Resolution: A resolution passed by
the Board of Directors authorizing the company to apply for GST registration.
2. Director/Partner
Documents:
- PAN (Permanent Account Number) card of
Directors/Partners.
- Aadhaar Card or Voter ID/Passport/Driving
License.
- Passport-sized photographs.
- Address proof of Directors/Partners: It
could be a utility bill (electricity, water, gas), bank statement, or Aadhaar
card.
3. Business
Place Documents:
- Proof of principal place of business: It
could be a rental agreement, lease agreement, or any document showing ownership
or possession of the place.
- If the place is owned, a copy of the
electricity bill or property tax receipt may be required.
4. Bank
Account Details:
- Scanned copy of the first page of the bank
passbook or a bank statement.
5. Authorized
Signatory Details:
- Details of the person authorized to sign
GST application on behalf of the company.
6. Others:
- Digital Signature Certificate (DSC) of one
of the Directors.
- Email ID and Mobile Number of the
authorized signatory.
Once you
have all these documents ready, you can proceed with the online application for
GST registration through the GST portal (www.gst.gov.in). Make sure all the
information provided is accurate and matches the documents you submit to avoid
any delays or issues in the registration process.
HI
HELLO
