Everyone who makes taxable intra-state supplies of goods or services with a yearly aggregate turnover of more than Rs 20 lakh (Rs 40 or Rs 10 lakh, depending on the provider and state/UT) or inter-state supplies (without any threshold limits) must register for GST (without any threshold limitations).
The GST registration number, abbreviated as the GSTIN, is a 15-digit number issued by the tax authorities to track a registered person’s tax payments and compliances. Multiple pieces of documents will be necessary depending on the organization’s structure or the kind of GST registration received.
Documents required for Sole Proprietorship / Individual
- PAN (Personal Identification Number),
- Business Registration Proof
- Aadhaar Card,
- Photo of the passport size.
- Proof of Registered Office Address:-
- Copy of self-owned property’s energy bill, phone bills, water bill, municipal khata copy, and property tax receipt
- Leased property – A rent agreement and a letter of no objection (NOC) from the holder of the rented property.
- A copy of a check, the front page of your passbook, or a bank statement with information on your bank account.
A sole proprietorship is a type of business in which the company is run by a single person. In general, there is no need to register. This corporate structure is appropriate for anyone looking to start a business with as little money as possible.
The proprietor/owner has complete control over the company. This type of company can be used by a single person who wants to start a business from home or on a small scale.
The capital will be made by the owner of the sole proprietorship firm. He bears full responsibility for the industry’s profits and losses. He is in charge of the supervision and control of the company. He has the authority to hire employees to run the business, but he retains complete control.
You can open a variety of small businesses as a sole proprietorship, including grocery stores, parlors, boutiques, and retail stores. A sole proprietorship can be formed by even the smallest merchants or manufacturers.
Whether the registration granted to any person is permanent?
Yes, the registration certificate is permanent once granted until it is surrendered, canceled, suspended, or revoked.
Is registration compulsory for the job worker?
Yes, once granted, the registration certificate is long-lasting until surrendered, forced to cancel, suspended, or revoked.
What are the charges for GST registration?
The govt provides Registration at no cost. It is entirely free.
How much time does it take for GST registration?
If all paperwork is provided correctly, it takes 1-2 days or a few hours.
What are the benefits of GST registration?
The following benefits will accrue to the firm if it registers under the Goods and Services Tax regime:
- Recognized by the law as a provider of goods or services.
- As per guidelines for taxes paid on input commodities or services that may be used to pay GST paid by the company for the delivery of goods or services, or both.
- Legally permitted to collect taxes from users and credit taxes paid on products or services delivered to customers or donors.
- Consumers will be eligible for a variety of additional perks and privileges as a consequence of the GST Act.