GST Registration: ABOUT GST Registration
India’s biggest indirect tax reform since 1947 looks it has finally -the Goods and Service Tax. The Constitution (122 Amendment) Bill,2014 seeks to amend the Constitution to introduce the goods and service tax (GST). The GST subsumes various central indirect taxes including the Central excise Duty, Countervailing duty, Service Tax, etc. It also subsumes state value added tax, octroi tax, luxury tax, etc.
The GST is being introduced not only to get rid of the current jumble of indirect taxes that are suffer from infirmity, mainly exemptions and multiple rates, but also to improve tax complains.
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Documents required for GST Registration
Documents for the GST registration is depending on the type of the legal structure of the business. there are mainly 5 type of the legal structure like private limited company | one person company | LLP | partnership | proprietorship etc.
So let’s understand about the documents required for GST Registration on the legal entity basis :-
1. Private Limited Company (Pvt Ltd Co) documents required for GST Registration –
a) Certificate of Incorporation (COI).
b) Company Pan Card Copy.
d) Copy of the company current bank account statement/cancelled cheque .
e) Declaration provided by the board of the directors or copy of the board resolution
g) All Director pan number
h) All Directors Aadhar card number or passport number (optional)
i) Copy of the electricity bill /rent agreement
j) Passport size photographs of all directors.
2. One Person Company(OPC) documents required for GST Registration –
a) Certificate of Incorporation ( COI) of OPC.
b) Company Pan Card Copy of OPC.
d) Copy of the company current bank account statement/cancelled cheque .
e) Declaration provided by the single director of OPC or copy of the board resolution of OPC.
g)Director personal pan number.
h) Directors Aadhar card number or passport number (optional)
i) Copy of the electricity bill / rent agreement .
j) Passport size photographs of director.
3. Limited Liability Partnership(LLP) documents required for GST Registration –
a) Certificate of Incorporation ( COI) of LLP.
b) Company Pan Card Copy of LLP.
d) Copy of the company current bank account statement/cancelled cheque .
e) Declaration provided by the single partner of LLP.
f) Partner’s personal pan number.
h) Partner’s Aadhar card number or passport number (optional)
i) Copy of the electricity bill or rent agreement .
j) Passport size photographs of all partners.
4. Partnership documents required for GST Registration-
a) Partnership Deed
b) Firm Pan Card Copy of Partnership.
d) Copy of the Firm current bank account statement/cancelled cheque .
e) Declaration provided by the single partner of partnership.
f) Partner’s personal pan number.
h) Partner’s Aadhar card number or passport number (optional)
i) Copy of the electricity bill or rent agreement .
j) Passport size photographs of all partners.
5. Sole Proprietorship Firm documents required for GST Registration-
a) Personal proprietor Pan Card Copy.
b) Copy of the firm current/Saving bank account statement or cancelled cheque or copy of passbook.
c) Proprietor or individual Aadhar card number or passport number (optional)
d) Copy of the electricity bill or rent agreement.
e) passport size photograph of proprietor.
LIST OF GST rates for goods
The Goods and Services Tax (GST) council headed by Union Finance Minister Arun Jaitley finalized tax rates for all services, expect lottery. Also, healthcare, education already exempted from tax.
The multiplicative of tax rates for services will add complexity to the compliance in the GST regime.
The GST council broadly approved GST rates for goods at nil rate,5%,12%,18% and 28% on certain goods.
NIL RATES
• GOODS-No tax will be imposed on items like jute, fresh meat, milk, butter milk, natural honey, fresh fruits and vegetables, etc.
• SERVICES- Hotels and lodges with tariff below Rs.1000, grandfathering services has been exempted under GST.
5% RATES
• GOODS-Packed food items, footwear below 500, cream, branded paneer, frozen vegetables, pizza bread, rusk, kerosene, coal, medicines.
• SERVICES- Transport services (Railways, air transport), small restaurants.
12% RATES
• GOODS-Apparel above Rs1000, frozen meat products, butter, cheese, ghee, Ayurvedic medicine, tooth powder, colouring books, cell phone etc
• SERVICES- Non-AC hotels, business class air tickets, fertilizer, work contracts
18% RATES
• GOODS-Footwear costing more than Rs 500, bidi, biscuits, flavoured refined sugar, pasta, cornflakes, James, instant food mixes, mineral water tissues, envelopes, tampons, note books, steel products, camera, speakers.
• SERVICES- AC hotels, telecom services, IT services
28% RATES
• GOODS-Bidis, chewing gum, molasses, chocolate not containing cocoa, waffle, pan masala, paints, deodorants, shaving creams, hair shampoo, dye, sunscreen, weighing machines, washing machines, ATM, vacuum cleaner, automobiles, motorcycles, aircraft for personal use.
• SERVICES- 5-Star hotels, race club betting, cinema.
ADVANTAGES OF GST
• The biggest impact of GST is an economically efficient solution which have to compete with the companies in the unorganized sector
• It reduces the logistic costs and consolidation of warehousing facilities.
• GST will simplify tax administration, improve compliance, eliminate economically distortions in production, trade and consumption.
• GST avoids the “cascading “of taxes, therefore cutting the production cost, and making export more competitive.
• Revenue will get a boost- States and Centre will have dual oversight. The number of tax-exempt goods will decline.