GST Registration in Bangalore
GST registration in Bangalore is done when the turnover exceeds Rs. 40 lakh (Rs. 10 lakh for NE and the hill states). We serve in places like Peenya, Yeshwanthpur, Sadhashivanagar, Kengeri and Bommasandra. It is registered as a normal taxable person and for many of the businesses the GST registration is mandatory. If the organization carries out the business without GST registration, then it will be treated as an offence by the government and penalised heavily. If the business is operating in more than one state then, taxpayer should get separate GST registration in each state.
GST registration in Bangalore is an inevitable procedure which is termed as unified tax. It is a destination based tax regime. It is legally recognised as a supplier of goods and services and all products undergoes multi stages along the supply chain. GST will be levied on all the stages. Suppose, if the product is produced in Chennai and when it is consumed in Uttar Pradesh, then entire revenue will go to Uttar Pradesh. GST has three components. They are CGST (Centre GST), SGST (State GST) and IGST (Integrated GST). Input tax credit allows in reducing the tax that is already paid on the input and the remaining amount can be paid at the time of paying the tax. An important aspect of the GST is GST return. The GST return contains the details of the income tax which is to be filed with the tax authorities as per law. Hence, such filing is done only when the user has the GST registration.
Documents required for GST Filing
- Owner’s PAN card
- Owner’s Aadhar card
- Bank account details
- Address proof
- Owner’s photo
- Company PAN card
- Incorporation certificate
- MOA/AOA/Bank details
- Address proof of all the directors
- Signatory’s Aadhar card and PAN card
For partnership and LLP
- PAN card copies of the partners involved
- Partnership deed
- Address proof of the partners involved
- Bank details
- Partnership deed
- LLP proof for the registration
Benefits of GST registration
- The cascading effects of the taxes are reduced by GST implementation
- There is higher threshold for the registration
- The number of compliances is lesser.
- Unorganised sectors are brought and regulated under the GST.
- The efficiency of logistics is improved.