What are the GST registration Requirements ?

GST or Goods and Services Tax is the new tax regime being observed in India. Under this new tax regime, each commercial enterprise or character that offers items and offerings desires to register itself with GST. At first, it used to be deliberate to put into effect GST on April 1st, 2010. A design and shape for GST have been requested from the Empowered Committee of State Finance Ministers (EC), which had developed the State VAT design.

So, if you too supply items and offerings and have an annual turnover of greater than Rs. 20 lakhs, you must register for GST in India.After you register for GST, you will obtain a GST registration quantity – GSTIN (Goods and Services Tax Identification Number). It is a 15-digit range that is issued by way of the Central Government, state-wise. Get more details about Gst Registration in jharkhand

GST Registration should be finished by means of the following men and women and businesses:Prior to the implementation of the GST law, those who had registered under the tax offerings.
Non-Resident Taxpayer and Temporary Taxpayer
Participants in the reverse cost method for tax payments
All online store aggregators
Businesses with a revenue of more than Rs. 40 lakh. In the case of Uttarakhand, Himachal Pradesh, Jammu & Kashmir, and North-Eastern states, the turnover of the commercial enterprise must exceed Rs.10 lakh
Input carrier distributors and dealers of a supplier
Individuals who furnish items via an e-commerce aggregator
Individuals imparting database get right of entry to and on line data from outdoor India to human beings who stay in India different than these who are registered taxable persons.

Key Facts about GST Registration :

Some of the necessary factors that you need to understand about GST registration are referred to below:

GST registration system requires no fees.

In case agencies do now not entire the registration process, 10% of the quantity that is due or Rs.10,000 will be levied. In the case of tax evasion, one hundred percent of the quantity that is due will be levied as a penalty.
Businesses having annual turnover of Rs.20 lakh and extra need to have GST registration.
Businesses jogging in two unique states have to have distinct GST registration number.

GST Registration Documents List :-

The following are the archives you will require whilst filling the GST application:

-PAN card
-Voter ID or Aadhar card from the promoter or partner
-Company incorporation certificates or partnership deed
-Address proof of the organization – hire or hire agreement, electrical energy bills, etc.
-Digital Signature
-Bank account declaration of the enterprise or individual

Advantages of GST Registration :-

The principal advantages of GST registration are stated below:

Big tasks can be universal from Multinational Corporations (MNCs).
Can promote items online.
Can promote merchandise and offerings throughout PAN India.
GST registration suggests your commercial enterprise is trustworthy.
Input tax credit score can be availed when any items or offerings are being purchased.
Can open contemporary financial institution account the use of GSTIN.
The GSTIN helps in manufacturer engagement.