GST Registration Procedure in India

Every person who is liable to registered under GST Act shall apply for registration. The person will register in every such state in which he is so liable. The time limit to register is within thirty days from the date on which he becomes liable. The person can get voluntarily registration thought not liable to registered. All provisions of this Act are applicable as to registered taxable person.

Here, we will talk about GST Company registration procedure in detail like time limit, persons eligible, documents required, background process, structure of registration number, GST registration form etc.

REGISTRATION FOR GST :

  • The vendor and customer GST Company registration numbers will be mandatory for availing or passing the credits, and reporting purpose.
  • Aggregate turnover requirement for GST registration is as below:
Aggregate Turnover
RegionLiability to RegisterLiability for Payment of GST
North East IndiaRs 9 LakhsRs 10 Lakhs
Rest of IndiaRs 19 LakhsRs 20 Lakhs
  • However, certain categories of persons mentioned in Schedule III of MGL are liable to be registered irrespective of this threshold.
  • An agriculturist shall not be considered as a taxable person and shall not be liable to take registration. (As per section 9 (1)).
  • Any person should take a Registration, within thirty days from the date on which he becomes liable to registration, in such manner and subject to such conditions as may be prescribed.
  • Every person who is liable to take a Registration will have to get company registered separately for each of the States where he has a business operation and is liable to pay GST in terms of Sub-section (1) of Section 19 of Model GST Law.
  • GSTN shall migrate all such assesses /dealers to the GSTN network and shall issue GSTIN number and password. They will be asked to submit all requisite documents and information required for registration in a prescribed period of time. Failure to do so will result in cancellation of GSTIN number.
  • Taxpayers would have the option to sign the submitted application using valid digital signatures (if the applicant is required to obtain DSC under any other prevalent law then he will have to submit his registration application using the same). For those who do not have a Digital signature, alternative mechanisms will be provided in the GST Rules on Company Registration.
  • If the information and the uploaded documents are found in order, the State and the Central authorities shall approve the application and communicate the approval to the common portal within three common working days. The portal will then automatically generate the Registration Certificate. In case registration is granted, applicant can download the Company Registration Certificate from the GST common portal.
  •  Structure of Registration Number is as follows:
15 digits in GST no. will denote as below
State CodePANEntity CodeLeft BlankCheck Digit
1-23-12131415

DOCUMENTS REQUIRED FOR GST REGISTRATION:

  • Provisional ID & password, in case of existing applicants (Collect from VAT department or any other concerned authority)
  • Valid E-mail ID and Mobile No. of Applicant.
  • PAN card of the Company/ LLP (PAN is not mandatory for a non-resident taxable person who may be granted registration on the basis of any other document as may be prescribed.)
  • Proof of constitution, in case of LLP or Partnership Firm partnership deed, In case of company certificate of incorporation.
  • AOA & MOA in case of company.
  • Letter of authorization or copy of resolution of Board of Directors to the effect empowering the person to apply for GST.
  • Details and proof of place of business like rent agreement or electricity bill. Photograph, proof of appointment, of Authorized signatory, promoter, partner etc.
  • Cancelled cheque of your bank account showing name of account holder, MICR code, IFSC code and bank branch details.
  • Authorized signatory like List of partners with their identity and address proof in case of partnership firm or List of directors with their identity and address proof in case of company.
  •  Opening page of passbook/statement containing the following information:
    1) Bank account number
    2) Address of branch
    3) Address of account holder
    4) Few transaction details

GST REGISTRATION PROCESS IS AS UNDER FOR NEW APPLICANTS (Source GSTN):
1) The applicant will need to submit his PAN, mobile number and email address in Part-A of Form GST REG–01 on the GSTN portal (www.gst.gov.in) or through Facilitation centre (notified by board or commissioner).

2) The PAN is verified on the GST Portal. Mobile number and E-mail address are verified with a one-time password (OTP). Once the verification is complete, applicant will receive an application reference number on the registered mobile number and via E-mail. An acknowledgement should be issued to the applicant in FORM GST REG-02 electronically.

3) Applicant needs to fill Part- B of Form GST REG-01 and specify the application reference number. Then the form can be submitted after attaching required documents.

4) If additional information is required, Form GST REG-03 will be issued. Applicant needs to respond in Form GST REG-04 with required information within 7 working days from the date of receipt of Form GST REG-03.

5) If you have provided all required information via Form GST REG-01 or Form GST REG-04, the registration certificate in Form GST REG –06 for the principal place of business as well as for every additional place of business will be issued to the applicant.

6) If the person has multiple business verticals within a state he can file a separate application for the registration in Form GST REG-01 for each business verticals.

7) If the details submitted are not satisfactory, the registration application is rejected using Form GST REG-05.The applicant who is required to deduct TDS or collect TCS shall submit an application in Form GST REG – 07 for registration.

8) If he is no longer liable to deduct or collect tax at source then the officer may cancel and communicate the cancel of registration.

  • GST REGISTRATION PROCESS IS AS UNDER FOR EXISTING APPLICANTS (Source GSTN):

    Existing Applicants:

The dealers registered with central or state tax authorities would be migrated to GST by default and allotted Goods and Service Tax Identification Number (GSTIN). Existing applicant’s means any entity registered with any of the following authorities:
1) Central Excise
2) Service Tax
3) VAT
4) Entry/Luxury/Entertainment TaxIndia Startup is the one stop solution for Private Limited Company RegistrationLLP Registration and Partnership firm registration in Bangalore. We will help you take your first step in becoming an entrepreneur. India startup provides legal solutions starting from company registration, accounting, preparing legal documents, business connections, trademark, advisory services, thereby providing end to end solutions in the life cycle of a business venture

Similarities of an Limited liability Partnership and a Private Limited Company

Limited Liability

Both LLP and a Private Limited Companies have limited liability. Liability of partners of an LLP is limited to the extent of the agreed capital contribution in the LLP. Similarly, Liability of shareholders of a private limited company is limited to the extent of shares held.

For example, if Sam invested Rs 100,000 to start a private limited company. Sam’s liability is the investment of Rs 100,000. In other words, the potential loss cannot be beyond Rs 100,000. Sam won’t be liable for any liability beyond this Rs 100,000.

Similarly, in an LLP, the liability of Sam will be to the amount he has invested in the LLP and nothing more. However, the LLP will be liable to the full extent of its assets

Body Corporate
LLP and Private Limited companies are body corporate and a legal entity separate from its partners and shareholders. LLP, similar to a private Limited company, is capable of entering into contracts and holding property in its own name.

Perpetual Succession

It has perpetual succession. Which means the LLP can continue its existence irrespective of changes in partners. Partners may come and go but the LLP continues to be in existence.
The same is the case for a private limited company, shareholders have the option to transfer their shares to another person and exit. However the company still continues to be in existence.

Benefits of registering a business in India?

India has a large number of start-ups mushrooming enormously day by day and has the third largest number of start-up in the world. This will impact the socio-economics of the start up eco system thereby creating larger numbers of opportunities for new start-ups.

Unfortunately, India has the second highest number of unregistered businesses. But registering your business will get a lot of benefits. Setting up a company can be a relatively easy and stress-free experience that offers greater legal protection. By registering your company, your business can begin to operate effectively and comply with Indian law.

You can limit your personal liability
Running a business involves more risk in it that means you only legally responsible for all aspects of your business, including any debts and losses. Holding limited liability protection would ensure that the entrepreneur can take risks without the fear of losing his/her personal assets or savings. One of the biggest advantage of a registered business (private limited company or limited liability partnership (LLP) or one person company) is that it provides limited liability protection to its members

Easy to Exit
In registered business entity like company or LLP, the business is considered a separate legal entity with assets and liabilities that are separate from its promoters. Hence, transferring or sharing the ownership of a registered business is easy. On the other hand, proprietorships can not be transferred as they are an extension of the proprietor.

Raise significant capital for your business
As a company, your ability to attract investors and raise money for your business will be easier. Registering your company gives you the ability to borrow and obtain debt but more importantly, sell shares and raise equity capital. As most banks and financial institutions prefer to lend to registered business entities. Hence, it is highly recommended to register a business if there are plans for raising debt or equity funds in the name of the business.

Enhance your brand image and improve the relationships with your customers and suppliers
Registering a company is important for any future dealings with third parties, Most large businesses that have a supplier selection criteria, tend to prefer to do business with a registered business entity than an unregistered business entity.With the parties entering into an agreement with the company instead of the owners.

Dreams…

These dreams are pretty strange…

Won’t let you sleep at night…

nor let you sit peacefully during the day

Almost as if your ass is on fire, but water is only at the finish line

You can either douse the fire by rolling on the ground and see your dreams fade away… or run towards the finish line , like Bolt runs his 100M dash

The only difference is, that the race of “Chasing your Dream” is not 100m long… , but is a 10km long marathon.

Strong will and guts are necessary…

In school, everyone dreams of being a doctor, engineer, pilot etc.

Only later do some realise that slogging like a donkey is not worth it The real fun lies in following your passion! Some want to be musicians, some want to travel the world as bloggers ,some want to pursue photography while some want to be an actor, but nobody wants to do a job!

 if everybody starts pursuing their passions, who’s going to do a job bro?

And then, isn’t there something called as Talent! But without talent, how will you pursue your passion?! I knew early on that I have missed this bus of art and talent
And… there are many more like me in this world .

But that doesn’t mean, we don’t have the right to dream! You know what… We make materialistic things our dreams… and our job a medium to fulfill these dreams Just like my dream…

Man can cry ???

It’s just my friend’s story i don’t know where is he. has he survived or not

maybe i loose him or i was lost to finding him …

wipe those tears off. You’re a man.

So no matter how hard you’ve taken a hit…No tears

And so I hid. I hid my pain like dad would want me to…

I did not want him to see my wounds, that I’m weak

I was being a man.

That moment changed it all, that showing what you really feel
doesn’t make you less of a man

Raising a strong boy also meant telling him it was ok.

It was ok for boys to cry

Men can cry.

Even soldiers can cry.

Because our pain reveals the best in us.


“The parson was gone lost people doesn’t react on it now it will “

But it’s just story . . .

Main factors to consider while starting a new business

Building a new business can be a fun and exciting time in your life. Before that, you should know about the main factors that should be considered while starting a new business which might help you in eliminating some risks and obstacles that you may face during the journey:

Great innovative idea

Two things can ensure success, the first is to have a new product or an invention which is not there in the market. This can be quite a challenge, its takes lots of faith in the product that you are building to bring it to the market. It could take years to develop a product and when the product is made available for sale, consumers might not accept it. If it you right the right cord, this will be massive.

The other thing is another is improving on the existing products or service which is already available in the market. Improvements has to be continuous in terms the service or the product you offer.

Funding

Funding is an important aspect of your business success. Some businesses need very less capital whereas other might need lots of investment to invent or bring the product to the market. Identifying the source of capital and the cost of capital is very important. Everyone knows that debt is cheaper than equity. Before diluting your stake and raising investment from an angel investor or a venture capital investor try to find sources of debt funding at competitive interest rates.

Do not raise investment if not required. If funds are required don’t raise investment more than what’s requirement.

Analysing your competitors

Analysing your competitor’s strategy helps you to take appropriate decisions about your company and will also help you in developing a much more effective strategy for your business.

Compliance

Always comply with the law. Your shadow and taxes will follow you until you die. So don’t try to avoid it. A little knowledge about the applicable taxes for your business can go a long way saving money and time.

Always be positive

Attitude is everything. It is one of the most significant things that will encourage you to pass all the challenges and difficulties. There are a lot of hurdles you might face in this process and the only thing that can save you will be your positive attitude

Why Start-ups fail and how can you avoid it?

Starting a new business to be an innovation and rich in enthusiasm but are failed when it comes to arranging of capital. Also, we believe that if companies fund runout, the company goes bankrupt and its game over.

But that’s untrue at all; the fact is that start-ups don’t truly go bankrupt until their Founders go bankrupt.

So how can your business avoid failure? Thus, to avoid the financial missteps, the start-up leaders should follow these ways to eliminate financial problems:

When you provide a service with superior quality than what’s available in the market and a price your customers can afford, your business will find its way to success.

Cash Management is very important, the start up must not try to bite more than it can chew. They must have excess cash available which will help carry through operations during tough times.

Access to funds in important. You must have access to credit such as banks, friends who are willing to invest in the company. You always try to do the best you can for the business and when you grab a big order, you must have the resources to execute the big project. If need comes funds should be made available in the quickest time possible.

You may be providing superior product or service but you still need bring it to your customer’s notice. Marketing your service is important. Your business might be too small to afford its own marketing team, you can hire good marketing companies to do the job for you.

A wise man once said “Network is more important than Networth”. Networking with right people and having the right contacts can take you a long way.

A few common trends spotted were:

  • A whole lot of flannel—which is amazing for the fall season.
  • Yellow—which looks like an upcoming trend for the year.
  • Black—as usual because, well black is simply amazing (also totally my favourite colour).
  • Mom jeans—still trickling into 2020 from 2019, this anti-fit, straight cut jeans look fab on all body-types.
  • Waist belts or Corset belts—cause, gots’ to highlight em waistlines.
  • Pops of colour— cause let’s face it, everyone love’s a lil bit of colour to light up their lives.
  • Lilac— since our Bosslady wears it so well, and also a very recognised trend of 2019.
  • Fanny Packs—Nobody wants to carry a tedious, big, bag to a party, a fanny pack just packs in all your essentials for the night.

Our favourite content creators were so well-accessorized—major cred for their attention to detail.

For more information on all the attendees at the party and for all latest news about your favourite content creators,Follow@thehashtagboy

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