Goods & Service Tax
What is GST?
GST is the product of the biggest tax reform in India which has tremendously improved ease of doing business and increasing the taxpayer base in India by including millions of small businesses. Tax complexities would be reduced due to the abolishing and subsuming of multiple taxes into a single, simple system.
The new GST regime mandates that all entities involved in buying or selling goods or providing services or both are required to register and obtain GSTIN.
Registration is mandatory once the entity crosses a minimum threshold turnover or when an individual starts a new business that is expected to cross the prescribed turnover.
If you are selling goods & services within/outside a state and expect a turnover of more than 20 lakhs
E-Commerce or service based businesses online
If you are a dealer/trader/manufacturer and your supplier has a GST number, they will charge GST on your purchase. You will need a GST number to claim refund or input credit
PAN of the Business in case of company
PAN and Residence Proof of Partners / Directors
Constitution proof of the business in case of Firm / Company
Proof of business place (Rented or Owned)
Bank Statement / Cancelled Cheque of the business
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