Who Are Eligible For GST Registration
Every taxable person or business entity having annual turnover above a certain threshold is required to register for GST. However, this threshold varies by country. In India, a person or company must register for GST if their annual turnover exceeds Rs 40 lakh. However, a business can also choose to register for GST voluntarily even if it does not meet the turnover requirement. This will allow them to avail of the input tax credit and establish their credibility as a registered business.
To apply for GST registration, a taxpayer must visit the official Good and Services Tax portal and select the 'Register' option under the 'Services' tab. Next, the 'Taxpayer' field must be selected and the application Form GST REG-01 must be filled out. The taxpayer must provide the required information and documents in order to complete the form. Once the information and documents have been provided, the taxpayer will receive an OTP on their email address and mobile phone number. Once the OTP has been verified, the ARN (Applicant Reference Number) will be generated and the application can be proceeded with.
In addition to individuals, HUFs, companies, LLPs, AOP/ BOI, government entities, body corporate incorporated under the laws of a foreign country, trusts and artificial juridical persons are all eligible for GST registration. It is important to note that a person who wants to obtain GST registration must have a PAN, as GST numbers are PAN-based. In addition, a person who wants to obtain GST registration for more than one 'business vertical' must apply separately for each state in which they are liable to register.
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