What Are the Benefits of GST Registration in Delhi?

• GST will implement a significant increase to the ‘Make in India’ initiative of the government by offering goods or services provided in India in international and national businesses. Further, all imported or shipped goods will be debited with integrated tax (IGST), which will be more or less comparable to State and Central GST. This brings equity in taxation on social and imported goods.
• Under the GST control, exports will be zero-rated in result, unlike the existing system where a record of some taxes is not approved due to the fragmented creation of indirect taxes within the centre and the states. All taxes returned on the goods or services consigned or on the input services followed in the number of such export products shall be delivered. The practice of exporting only the value of goods and not taxes would be completed. This will boost Indian exports, by increasing the stability of payments. Exporters will be promoted by the grant of a temporary or provisional refund of 90% of their applications within seven days of the control of acceptance of their application, through following in easing of trade regarding cash flows.
• GST is expected to bring buoyancy to government taxation or revenue by expanding the tax base and improving taxpayer agreements. GST is expected to improve India’s ranking in the Ease of Doing Business Index and is supposed to boost the GDP (Gross Domestic Product) by 1.5% to 2%.
• GST will reduce the cascading of taxes by executing a complete input tax credit method over the entire supply chain. The seamless availability of input tax credit behind goods or services, at each step of supply, will enable streamlining of business or company operations.
• Uniform GST rates will reduce the basis for deception by decreasing rate arbitrage among the neighbouring states, intra-state, and inter-state transactions.
• Common techniques for registration of taxpayers, the return of taxes, common tax base, uniform formats of tax return, and a common system of delivery of goods or services along with timelines for each activity will provide greater support to the taxation system.
• All methods, be it of applying for registration, payment of taxes, filing of returns, filing of return claims, etc., would be made online through GSTN. The input tax credit will be verified online.

Checklist Requirements for GST Registration

• New GST registration is for all the suppliers who maintain their business or company across India.
• GST registration must be for all the organisations or companies, small start-ups, businesses, and entrepreneurs who make a profit over the selected turnover limit in India.
• They should enrol under the GST Act to encourage single tax return rules.
• Prescribed records or documents and data on all required fields of the registration application.
• Place or location of the business.
• An authorised signatory who is the resident or citizen of India with original details, including PAN card details.
• Additionally, one director/proprietor/karta/trustee/ member with a corresponding PAN card.
• Indian Financial System Code (IFSC) number of the same branch

Who Should Register for GST?

• A person whose business or company turnover in a financial year exceeds Rs 20 lakhs.
• If your turnover covers the supply of only those goods or services which are excluded under GST.
• To examine this threshold, your turnover should incorporate the aggregate amount of all chargeable supplies, exempt supplies, the trading of goods and services and inter-state supplies of a person holding the same Permanent Account Number.
• Where a company which is registered has been shifted to someone, the transferee shall obtain registration with effect from the date of variation.
• Anyone who performs the inter-state supply of goods and services.
• Non-resident taxable persons
• Casual taxable persons
• People who are paying tax under reverse charge mechanism
• Agents of a supplier
• Input service distributor
• E-commerce executives or aggregators
• The person providing an online report and database access or retrieval assistance from a place outside India to a person in India, other than a certified taxable person

Important Features to Consider While Registering GST for Individuals

Here are some important points while registering for GST for an individual

Aggregate turnover measures

Initially, the GST Act states that any business or person with an annual turnover of over Rs 20 lakhs must have GST registration. This threshold was held at Rs 10 lakhs for the specific category requirements. But, from 1 April 2019 onwards, this purpose was enhanced to Rs 40 lakhs for the sale and purchase of goods. No modifications were executed to the purposes for service providers. The states were provided options to either opt for new limits or to proceed with the preceding ones. Therefore, while applying for GST for specific consultants, take note of the aggregate turnover measures.

Even if you do not relate based on the above-mentioned gross turnover measures, you should have GST registration if you fall into any of the following groups

Casual taxable person

If you do not hold a fixed position to do business but occasionally provide goods and services, you will fall into this section. For instance, if you choose to market fireworks temporarily during Diwali, you will be a casual taxable person. In this instance, you need to have GST for individuals, irrespective of your gross income.

Non-resident taxable person

If you hardly supply goods or services to recipients with no fixed market place or residence in India, you will come into this division. In this instance, you need to have a unique GST registration, irrespective of your gross or aggregate income.

Agents, financiers, dealers

A person will fall into this level if they get a taxable supply of goods or services on behalf of another business or person.

Documents Required for GST Registration in Delhi:

Proprietorship

• Aadhaar card
• PAN card
• Colour photo
• Company address proof (NOC/electricity bill/rent agreement, etc.)
• Cancelled cheque or current bank account statement

Partnership Firm

• PAN card of partners
• PAN card of partnership firm
• Colour photo of partners
• Aadhaar card of partners
• Business address proof (NOC/electricity bill/rent agreement, etc.)
• Cancelled cheque or current bank account statement

LLP

• PAN card of partners
• PAN card of LLP
• Colour photo of partners
• Aadhaar card of partners
• Business address proof (electricity bill/rent agreement/NOC etc.)
• Certificate of incorporation
• Current bank account statement
• LLP agreement.

Company

• Company PAN card
• Aadhaar card of directors
• PAN card of directors
• Business address proof (NOC/electricity bill/rent agreement, etc.)
• Current bank account statement/cancelled cheque
• Colour photo of directors
• MOA, AOA
• Certificate of incorporation