What documents are required for GST registration?

How much does GST registration cost in India?

GST registration fees vary based on the entity type. Individuals encounter lower fees, typically INR 1000 to INR 5000. Proprietorship firms face fees ranging from INR 2000 to INR 10000. Partnership firms pay around INR 3000 to INR 12000, while companies incur higher fees, typically INR 3000 to INR 15000.

Is the GST registration limit 20 lakhs or 40 lakhs?

Is the GST registration limit 20 lakhs or 40 lakhs? GST registration limits in regular category states are ₹40 lakhs for goods and ₹20 lakhs for services. Special category states have a limit of ₹20 lakhs.

Who is not eligible for GST registration in India?

But persons who are engaged exclusively in the business of supplying goods or services or both that are not liable to tax or wholly exempt from tax or an agriculturist, to the extent of supply of produce out of cultivation of land are not liable to register under GST.

What is the minimum income to register for GST?

You must register for GST when your business has a GST turnover (gross income minus GST) of $75,000 or more. This is known as the 'GST threshold'. There are a few additional factors to be aware of regarding the GST threshold. For full details, please see the relevant page of the ATO website.

What is the income limit for GST?

GST/HST credit eligibility requirements

To qualify for the GST/HST credit, your adjusted net family income must be below a certain threshold, which for the 2023 tax year ranges from $54,704 to $72,244, depending on your marital status and how many children you have.

What is the penalty for not registering GST?

If a person fails to register for GST within the prescribed time limit, he/she is liable to pay a penalty. The penalty for late registration of GST is 10% of the tax due or Rs. 10,000, whichever is higher.

How to register for GST?

You can register for GST:

1. by calling the ATO on 13 28 66.
2. through a registered tax agent.

What details are required for GST?

Common Documents

• PAN Card. Any form of GST registration will require the PAN (Permanent Account Number) of the authorized signatories/applicant (Directors, Partners, Proprietors, etc.) ...
• Photograph of Owner/Authorized Signatories. ...
• Phone Number & Email ID. ...
• Proof of Place of Business. ...
• Bank Account Details.

Who needs to file for GST?

All registered business owners and dealers under the GST system are required to file GST returns based on the nature of their business and transactions. These filings apply to: Regular businesses. Businesses registered under the Composition Scheme.

Do you have to pay GST if you earn under $60,000?

You must register for GST as soon as you think you'll earn more than $60,000 in 12 months – whether you're a sole trader, a contractor, in partnership or a company. You may be charged penalties if you don't register when you need to. If you don't think you'll earn that much, it's up to you whether or not to register.

How do I qualify for GST?

You are eligible for the GST/HST credit if you meet all of the following conditions:

1. You are a resident of Canada for tax purposes during both periods: In the month before the CRA makes a payment. At the start of the month when a payment is made. ...
2. You are at least 19 years old. If you are turning 19 during the year.

Do I have to pay GST if I earn under $75000?

Do you have to pay GST if you earn under $75000? If a sole trader's annual turnover is below the $75,000 threshold, then they are not required to register for GST. You are not required to charge GST on the goods or services sold. However, you can still choose to register for GST if you wish.

Is GST applicable for NRI?

Non-Resident Indians (NRIs) have received a major tax relief from the Government of India, in the form of exempting them from paying Goods and Services Tax (GST). This exemption was announced as part of the Union Budget 2021.

What happens if someone is not registered for GST?

You need to register within 21 days of your GST turnover exceeding the relevant threshold. If you don't register for GST and are required to, you may have to pay GST on sales made since the date you were required to register. This could happen even if you didn't include GST in the price of those sales.

What is the minimum turnover to register for GST?

In conclusion, the minimum GST registration limit for mandatory GST registration in India is Rs. 40 lakh for most businesses, with a lower threshold limit for GST registration of Rs. 10 lakh applicable in special category states.

How much turnover is allowed without GST?

Businesses with an annual turnover of less than ₹40 lakhs in most states (and ₹20 lakhs in special-category states) can sell products without GST. Furthermore, certain services, such as those associated with religious events, sports organisations, tour guides, and libraries, are excluded from GST registration.

Who is exempted from GST?

Example: Healthcare services, educational services, and public utility services (e.g., water supply) are exempt from GST. This exemption is unconditional, meaning the supply is fully exempt from GST without any terms or conditions attached.

How much amount is GST free?

GST exemption from registration

40 lakhs for goods, Rs. 20 lakhs for services, an Rs. 10 lakhs for specific categories in special category states. A person who is making NIL-rated and exempt supply of goods and services, such as fresh milk, honey, cheese, agricultural services, etc.

Is GST registration compulsory?

Registration under GST is a legal requirement for businesses. The CGST Act 2017 specifies minimum turnover criteria for registration (Rs 40 lakhs for goods and Rs 20 lakhs for services). Still, certain specific businesses are required to register under the GST, irrespective of their annual turnover.