GST Registration

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GST Registration

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LIST OF DOCUMENTS REQUIRED FOR GST REGISTRATION:

Proprietor /Company/LLP Documents

  • PAN card of the proprietor/company/LLP
  • Certificate of incorporation, If having


Proprietor/Director/Partner Documents

  • PAN card of proprietor/directors/partners
  • Aadhar card proprietor/directors/partners
  • Mobile and email of proprietor/directors/partners


Proof of Property

  • Latest utility bill I.e. electricity
  • Rent agreement in the name of the business
  • Canceled cheque or bank statement in the name of proprietor /company/LLP.


Note:
For validation of application aadhar card OTP is required to submit GST application

DELIVERABLE UNDER GST REGISTRATION:

  1. GST registration certificate

PROCESS OF GST REGISTRATION:

  1. Step-1 Collection of documents.
  2. Step-2 Online filing of GST application.
  3. Step-3 Aadhar card link OTP verification to submit GST application.
  4. Step-5 Approval From GST department within 7 working days

SERVICE DELIVERY TIME:

  1. Apply within 2 working days post submission of documents and GST department will take 7 days to approve.

What is Goods and services tax (GST)?

Goods and services tax is indirect taxation that is applicable on certain products which are used for consumption. It was introduced on 1st July 2017.

Who can be taxed under GST?

Any individual who carries economic activity in India such as trade and who is registered under the GST Act is liable to pay tax under GST. An individual means any person, company, LLP, HUF, any government company, or any company registered under foreign law, co-operative society, etc.

What are the Advantages of GST Registration?

  • GST reduced the burden of multiple taxes by implementing one indirect taxation.
  • It also extended the threshold limit for small businesses up to ?20 lakhs, before GST, the service tax payable was exempted up to  ?10 lakhs for small trades and VAT was only applicable whose turnover was more than ?5 lakhs.
  • It introduced a composition scheme, which is beneficial for small businesses as they are exempted from paying tax from ?20 lakhs to ?75 lakhs.
  • The taxation process is made simple for the business which saves time for the company.
  • The compliance and GST Return filing process is made simple. There are  11 returns out of which 4 of them are basic returns.
  • This reduced the complications for e-firms like Amazon, Flipkart, etc., which had lengthy procedures for transportation of goods, as GST is applicable across India which has now been eased.
  • It helped to reduce transaction cost from one state to another, which improves competition in trade and commerce.
  • As central and state taxes are submerged as one, set-off in input goods reduces the cost of local products and services which encourages our Indian business.

Disadvantages of GST Registration

  • It increases the cost of the purchase of software, as the companies must either upgrade their existing software or buy a new one which is very costly.
  • Non-compliance with GST will lead to face penalties 
  • Businesses should hire a trained GST compliance filer or trade the existing employees which will be additional costs to the small scale business.
  • Even though small-scale businesses can choose a composition scheme for reducing their tax burden, they won’t be eligible to claim any input tax credit. 

What are the Documents Required for GST Registration in India?

  • In order to pay tax under GST, the companies have to register themselves under the GST act and should submit the PAN number of the company.
  • Identity proof, address proof along photographs must be submitted by the members of the company.

Who should submit the proof according to the type of company for GST Registration?

  • Proprietary Concern – Proprietor
  • Partnership Firm or LLP - Managing, Authorized, Designated Partner (Personal details of all partners along with photographs of ten managing partners should be submitted)
  • Hindu Undivided Family – Karta
  • Company – Managing Director, Directors, and the Authorized Person
  • Trust – Managing Trustee, Trustees, and Authorized Person
  • Association of Persons or Body of Individuals –Members of Managing Committee (personal details of all members are to be submitted, but photos of only ten members including that of Chairman are to be submitted)
  • Local Authority – CEO or his equivalent
  • Statutory Body – CEO or his equivalent.
  • The members of the company should submit proof of the business irrespective of the type of company example:- partnership deed for partnership firm, incorporation certificate for LLP, etc. 
  1. The address proof of company must be submitted for registration purposes,
  • Any documents related to ownership of the place such as electricity bill, Taxation bill, etc which should be latest.

                                         OR

  • If the place is rented then NOC that is, no objection certificate must be provided.
  • The bank account must be opened in the name of the company and any transaction proof related to the bank must be submitted.
  • For Registration of Goods And Service Tax, one should have the digital signature of class 2, who all are should obtain Digital Signature is mention in above point (2).
  • Contact numbers and email addresses of all the members of the company.

These are the primary and common documents required for GST registration, along with it you will require some other documents on the basis of,

  1. Individuals who trade and provide services should submit the list of goods and services to the government as it helps to verify on which goods the taxes can be implemented.
  2. Authorized signatories should submit proof such as an authorization letter or board resolution copy as it will be used as proof for an appointment.
  3. Limited Liability Partnerships or other companies whose has authorized signee for digital signature must be submitted as they are treated as proof.
  4. An incorporation certificate is given by the ministry of corporate affairs (MCA) 
  5. The company or any other official body should submit it as proof for the registration process.
  6. Non-residents of India who carry businesses occasionally like a supply of goods and services are taxable and they should submit visa and passport details, if the company is registered outside India then they should submit a unique identification number along with others.
  7. An online business that is not registered in India should provide a clearance certificate and trade license and they are subject to tax.
  8. If retired government officials want to start as GST practitioners they should submit pension certificates.
  9. A Memorandum of association of company which is a charter of any business should be submitted for registration purposes.

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