Overview
In any tax system, registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies. Without registration, a person can neither collect tax from his customers nor claim any input tax credit of tax paid by him.
The process by which a taxpayer gets registered under Goods and Service Tax (GST) is GST registration. Once the registration process has been completed, the Goods and Service Tax Identification Number (GSTIN) is provided. The 15 digit GSTIN is provided by the Central Government and helps to determine whether a business is liable to pay GST.
Advantages
- The Taxpayer will be legally recognized as a supplier of goods or services
- They would be legally authorized to collect tax from his customers and pass on the credit of the taxes paid on the goods or services supplied to the purchasers/recipients
- They can claim input tax credit of taxes paid on his purchases/procurements and can utilize the same for payment of taxes due on supply of goods or services
- Seamless flow of Input tax credit from suppliers to recipients at the national level
Documents required for getting GST Registration
Sole Proprietorship/Individual business
- Proof of identity. Such documents include Aadhaar, PAN, Passport, Driving license, or any other government-issued identity document
- Bank account details, like Account Number, IFSC, Bank Name & Branch Address
Address proof:
- In the case of leased property, the copy of lease deed for the registered office premises along with a NOC from Landlord and electricity bill/property tax receipt/water bill copy of the registered office property
- In case of own property, copy of sale deed or electricity bill/property tax receipt/water bill copy of the registered office property
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