GST (goods and services tax) registration of a private limited company

GST (goods and services tax) registration of a private limited company

As many businesses have been enrolling and migrating to GST (goods and services tax), many are yet to do the same. Registration of any business entity under the GST regime/law implies acquiring a sui generis GST number from the concerned tax authority to accumulate tax on behalf of the government and get the input tax credit for the taxes on the inward supplies.

Once you decide to register a new company in India, a lot of other compliance follows. This also includes a GST registration for a private company. Continue reading this blog as it discusses the same.

Documents that are necessary for obtaining GST registration for a private limited company as given below;

The following list of documents should be filed by persons or entities applying for GST (goods and services tax) registration.

– PAN Card of the company you want to apply for.

– Company’s registration certificate.

– AoA (articles of association) and MoA (memorandum of association).

– All directors’ PAN card, photograph, and Aadhar card.

– Bank details, a copy of bank statement and cancelled cheque.

– Proof of appointment of authorized signatory (letter of authorization).

– Principal place of business’s address proof along with the additional place of business.

– If premises are personally owned, then copy of electricity bill/ water bill/ landline bill/ property tax receipt/ municipal khata copy. In the case of rented premises, you must provide a rent agreement and NOC (no objection certificate) from the owner.

The step-by-step process of GST registration for a private limited company.

Any firm or company or a person buying or selling goods or offering services will have to register themselves under the GST (goods and services tax) to obtain the benefits of an input tax credit.

Registration of GST (goods and services tax) can be initiated online by visiting the website of goods and services tax wherein (TRN) temporary reference number for the application will be generated.

Steps

Step 1 – log in to the GST online portal as mentioned above with your credentials.

Step 2 – fill-up the form part A with required details such as mobile number, PAN card number, and E-mail address.

Step 3 – the portal would verify the details mentioned with the help of E-mail or OTP (one-time-password).

Step 4 – now, you will be required to upload the necessary documents on the portal.

Step 5 – access and fill in part B of the form with the received number’s help.

Step 6 – now, you will get the application reference number.

Step 7 – the GST designated officer will verify all the documents you have provided.

Step 8 – the GST officer would either reject or accept your application within seven working days from the application date.

Step 9 – in case if the need arises for any further proofs or clarification, then one is required to provide the same.

Step 10 – once all the verification has been done, the GSTN number would be allocated.

More Information

As it has been mentioned above, it becomes crucial for a private limited company to apply for GST registration. GST (goods and services tax) registration is an entirely online process that you can initiate from your home’s comfort and get a GST number for your private limited company without the need to visit the office physically.

GST (goods and services tax) has already subsumed all the taxes like service tax, sales tax, excise duty, and so forth. GST registration for a private limited company is fundamentally needed if your annual sales are more than Rs. 20 lacs. Even if your sales are less than Rs, twenty lacs, it is advisable to get the GST (goods and services tax) registration done for your private limited company because without the GST registration of a private limited company, and you will not be able to get any tax refunds on purchase. Suppose you purchase some goods worth Rs. 1 lac in a year, and the tax rate is 28%, now you will lose the tax refund of Rs. 28000 without the GST (goods and services tax) registration. And secondly, you will not be able to sell your goods or products or services outside your state without the GST (goods and services tax) registration. That’s why it is so crucial to get the GST (goods and services tax) registration done for a private limited company.

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