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  • Jul 29

GST Registration is mandatory for every business or corporation involved in buying and selling of goods or services. Those with an annual turnover of more than 20 lakh rupees for supply of services and 40 lakh rupees in case of supply of goods is the threshold limit. If a business is carried on without registering under GST, then it will be an offence under GST law. A casual taxable person/Non-Resident Taxable Person, e-commerce aggregator, agents of supplier and input service distributor etc. are required to register under GST.

GST registration usually takes between 6-8 working days. Taxring expert can help you obtain GST registration faster in 3 easy steps.

(a) Submit Business Details in Registration (b) Upload your documents (c) Make taxring GST registration fees.

Documents Required for GST Registration Online

Sole Proprietorship Firm

  • PAN of the Applicant
  • Aadhaar Card
  • Proof of business registration (if any)
  • Identity and Address proof of  Proprietor with Photographs                                                         
  • Address proof of the place of business (Rent Agreement & Electricity Bill/Property Tax Receipt/Sale Deed
  • Bank Account statement/Cancelled cheque

Partnership Firm/LLP/Company

  • PAN of the Firm/LLP/Company
  • Aadhaar Card of Partners/Directors
  • Proof of business registration or Incorporation certificate
  • Identity and Address proof of Promoters/Director with Photographs
  • Address proof of the place of business (Rent Agreement & Electricity Bill/Property Tax Receipt/Sale Deed
  • Bank Account statement/Cancelled cheque
  • Digital Signature
  • Letter of Authorization/Board Resolution for Authorized Signatory
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Frequently Ask Questions (FAQ's)

A: GST Registration of a business with the tax authorities implies obtaining a unique, 15-digit Goods and Service Tax Identification Number (GSTIN) from the GST authorities so that all the operations of and the data relating to the business can be collected and correlated. In any tax system this is the most fundamental requirement for identification of the business for tax purposes or for having any compliance verification program.
A: Registration under Goods and Service Tax (GST) regime will confer following advantages to the business: • Legally recognized as supplier of goods or services. • Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods or services or both by the business. • Legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients. • Getting eligible to avail various other benefits and privileges rendered under the GST laws.
A: To apply for a new registration, you must have - PAN card/details of your business - Valid and accessible e-mail ID and Mobile Number - Documentary proof of constitution of your business - Documentary proof of promoters/partners - Documentary proof of principal place of business - Details of additional places of business, if applicable - Details of Authorised Signatories including photographs and proof of appointment - Details of Primary Authorised Signatory - Business bank account details along with bank statement or first page of bank passbook - Valid Class II or Class III DSC of authorised signatory in case of companies and LLPs; valid Class II or Class III DSC or Aadhaar (for E-Sign option) in case of other entities. Note: Your mobile number should be updated with the Aadhaar authorities otherwise you cannot use E-Sign option because OTP will be sent to the number in the Aadhaar database.
A: Yes. In terms of the proviso to Sub-Section (2) of Section 25, a person having multiple place of businesses in a State or UT may obtain a separate registration for each such place of business, subject to such conditions as prescribed in the registration rules.
A: You need the following documents to register your Company. 1. Directors & Shareholders Documents. 2. Passport size photograph. 3. PAN Card copy (mandatory) . 4. Address Proof (Any one of the below) . 5. Passport 6. Aadhar Card 7. Driving License 8. Voter ID 9. Residential Proof (Any one of the below) 1. Bank Statement 2. Electricity Bill 10. Telephone Bill 4. Mobile Bill 6. Registered Office Address Proof Documents 11. Office Property Ownership/Rental documents 12. Address Proof of Registered Office Premises Once you have these documents you are ready to roll your sleeves and get ready to be incorporated.
A: An accountant is a professional who is adept in performing accounting work, be it recording business transactions, issuing financial statements, issuing an invoice to the customer, and the list goes on. An accountant works under the supervision of a CPA (Certified Public Accountant), auditor, or any other management accountant.
A: An accountant has many duties and responsibilities. Let’s take a look: An accountant is responsible for financial accounting and reporting He takes care of the auditing process He helps in preparing tax documents He provides management services and consulting An accountant is responsible for financial analysis He plays a major role in cash management
A: There are different types of accounting. Let’s take a look: Financial accounting-In this type of accounting, accountants create reports based on the business transactions that take place over a time period in the organization. Financial accounting works for both the public and private sectors. Administrative accounting-This type of accounting focuses on the administrative aspects of the company. It is used for forecasting and planning the actions and resources that can be used to fulfil the company’s objectives. Tax accounting-Tax accounting is related to registering and preparing reports related to the payment of taxes and filing tax returns to the public treasury. Cost accounting-It helps in carrying out a detailed analysis of the unit costs of production, sales, and the production process. Management accounting-It refers to the process of preparing reports related to business operations so that the company can make business decisions quickly. Management accounting helps the company in achieving its business goals.
A: It refers to the capital that is used in day-to-day trading. It is calculated by subtracting current liabilities from current assets. Working capital helps in calculating the resources that a company can count on to carry out its operations for the short term.
A: There are some ways that can help you in maintaining accounting accuracy. Let’s take a look: You need to identify revenue streams to maintain accounting accuracy. You need to keep a track of invoices and receipts Preparing tax returns is a good way to avoid penalties Preparing financial statements is another way to maintain accounting accuracy. You should always keep an eye on the deductible expenses.
A: There are some common mistakes that people make in accounting. Let’s take a look: Mixing a personal account with the professional account of the company is the most common mistake that people make in accounting. Lack of communication between the accountant and the company is another common mistake made by people. Not having a backup, misallocating resources are some of the mistakes that should be avoided in accounting. Performing manual accounting should be avoided Some people don’t keep the accounting books up to date which is a mistake that should be avoided. Some people forget to save the receipts which leads to errors in accounting. So, such practices should be avoided.
A: An inactive account refers to the account that has been closed and cannot be used in the future. A dormant account refers to the account that is currently not operational but can be used in the future.
A: Offset accounting refers to the process of cancelling an accounting entry with the equal and opposite entry. It reduces the net amount of another account in order to create a net balance.
A: Executive accounting is meant for service-based businesses. It is related to finance, advertising, and public relations industries.
A: If you want to manage your books in an efficient manner, then you can use either cash-basis or accrual accounting. Cash basis accounting is a simpler accounting system as compared to accrual accounting. With cash basis accounting, you will have to record transactions only when you physically make or receive any payment. On the other hand, for accrual accounting, you will have to record every transaction that takes place, even when you don’t receive or pay money physically. You need to record two entries for each transaction in a double-entry accounting system. You should opt for accrual accounting if you provide credit to customers. No matter you can choose the method that suits you, but the government specifies some businesses to opt for accrual accounting. If you make more than $5 million in annual gross sales or $1 million in gross receipts for inventory sales, then you should opt for accrual accounting. In case your business structure is a C corporation, then you will have to use accrual accounting.
A: Accounting is related to assets, liabilities, and capital. The accounting equation is: Assets = Liabilities + Owners Equity
A: The proprietor needs to obtain the Registration Certificate under the Shops and Establishment Act of the state in which the business is located. The sole proprietorship should also register for GST if the business turnover exceeds Rs. 20 lakh.
A: Your financial records are crucial for tracking deductions, projecting cash flow and more. According to the IRS, there are two financial statements you should keep a record of: Balance sheet, which consists of your business’s income and expenses. Income statement, which consists of assets, liabilities and equities in business. Additionally, you’ll want to keep track of your sources of income, deductibles, basis in the property and any information you might need when filing taxes.
A: No, Sole Proprietorship Registration is not mandatory. It is optional on whether a person intends to register his sole proprietorship or not. Although, banks insist on getting sole proprietorship registered if you intent to open a bank account in the name of your business, but as per law – it is not mandatory.
A: The sole proprietorship is not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts. A sole proprietorship can operate under the name of its owner or it can do business under a fictitious name, such as Nancy's Nail Salon.
A: PAN card, photo and Aadhar Card of the proprietor. Proof of business place (electricity bill/ rent agreement) Bank statement copy (first page for verifying bank account number, address and IFSC code) e-mail id / mobile / trade name / HSN code. Etc.
A: ID proof. Address. Aadhaar Card. PAN Card. KYC documents. The rental agreement for registered office proof. Sale deed or utility bill for the self-owned property. e-mail / mobile.no / trade name / HSN code .
A: Any individual, business, or entity involved with providing goods or services with an annual turnover exceeding the specified threshold limit must register for GST.
A: Advantages include expert guidance in meeting GST compliance obligations, prompt filing of returns and reduced likelihood of mistakes as well as assistance in maximizing input tax credits.'
A: GST service providers can assist with most compliance tasks; however, your involvement may depend on which provider and services you select.