New GST Registration & Filing | Goods And Services Tax
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Types of GST Registration
There are 4 main types of Goods and Services Tax registration
- Normal Registration: This registration is required when the turnover of a business or person exceeds a specified limit.
- Mandatory Registration: In specific scenarios, some businesses are required to obtain compulsory registration under GST, regardless of their turnover.
- Voluntary Registration: Businesses that are not obligated to apply for compulsory registration can opt for voluntary registration under GST.
- Registration under Composition Scheme: If the aggregate turnover exceeds the prescribed threshold limit but remains below an specified upper limit, businesses can choose to register under the Composition Scheme. Under this scheme, taxpayers pay GST at a fixed rate based on turnover, with simplified compliance compared to normal registration.
Here are the list of document requirement for GST registration:
- PAN card of business
- Proof of business registration or incorporation certificate
- Identity and Address proof of Promoters/Director with photographs Photographs and address proof of persons in charge
- The business’ address proof
- Bank account statements/cancelled cheque
- Aadhaar card (if applicable)
- Digital Signature
- Letter of Authorization/Board Resolution for Authorized Signature
GST Registration Limit (For Normal Registration)
People or companies are required to register under GST Act once they cross a specified turnover. The specified turnover limit of GST regulations depends on the nature of the business and the state of the business.
The Turnover limit for businesses selling Goods his higher than businesses providing services. Also, the turnover limit is lowered for some specified states.
| Nature of Business | Goods Seller | Service Provides |
|---|---|---|
| Turnover Limit in all other states | 40 Lakh per annum | 20 lakh per annum |
| Turnover Limit for specified states | 20 lakh per annum | 10 lakh per annum |