Goods and Services Tax (GST) has been introduced with effect from 1st July 2017. With the introduction of GST, the various indirect taxes like Excise duty, VAT, etc. has been subsumed and only a single tax across the country has been followed. Hence, the GST has been called as “One Nation, One Tax”. It is the biggest Indirect Tax reform since Independence.

Threshold Limit for Registration

The threshold limit for the registration has been decided on the basis of the turnover of the business and the profession. For the business, it has been decided as Rs. 40 Lakhs for the supply of goods and Rs. 20 Lakhs as supply of services. For North Eastern States, it has been decided as Rs. 20 Lakhs for supply of goods and Rs. 10 Lakhs as supply of services.

Structure of GST

The GST number is 15 digit number starting with the first 2 digit of State number, followed by 10 digits of PAN, followed by 13th digit which is the number of registration in the state, followed by 14th digit which is alphabet Z in all the cases, followed by 15th digit which is generated automatically.

Benefits of GST

Documents required for Registration

In case of Individuals

  • Trade Name

  • Photograph of the Individual

  • PAN of the Individual

  • AADHAR card of the Individual

  • Address proof of the Registered business premises

  • NOC in case the premises is rented

  • Cancelled cheque of the Bank account

Documents required for Registration

In case of Firms, LLP or Company

  • PAN of the Firm/ LLP/ Company

  • Photograph of the Authorized Signatory

  • Board resolution / Authorisation of letter authorising the person to sign

  • Details like PAN and AADHAR of the authorised person

  • Address proof of the Registered business premises

  • NOC in case the premises is rented