Who should register for GST?
Any business owner whose business exceeds the turnover of around 40 lakhs is liable to get himself registered under the GST and pay it. The criteria are different for North-Eastern States, J&K, Himachal Pradesh, and Uttarakhand. In these states, the businesses earning an annual turnover above 10 lakhs are liable to be registered under goods and service tax.
If a business is being run in 2 different states, then the taxpayer is required to obtain goods and service tax registration for both states.
goods and service tax registration for certain businesses is mandatory irrespective of the amount of turnover that they generate. Here’s a list for the same:
- Casual taxable person/input service distributor
- Non-resident taxable person
- Inter-state goods supplier
- TDS/TCS deductor
- Any service provider
- Taxpayers as per the reverse charge mechanism
- Online data access or retrieval service provider.
Penalty for not registering under GST
goods and service tax needs to be paid by every business that falls under the eligibility criteria. With the announcement of goods and service tax, the government also announced a certain penalty for those not registering under GST.
Penalty 100% of the tax due or Rs. 10,000 – whichever is higher needs to be paid in case if the business falls under the GST category but is not registered.
Documents require for GST registration
Certain documents are required while registering yourself under goods and service tax. A list of documents is as follows:
- Applicant’s photograph,
- Applicant’s signature,
- PAN-card of the applicant,
- Aadhar Card of the applicant,
- Address proof of the principal place of business,
- Bank details,
- Business registration proof.