It is an indirect tax collected from the customers for sale and/or supply of goods or services in the market.
To create a single market and to remove tax barriers between states, Goods and services tax (GST) has been introduced in India.
> Life gets simpler:
17 Indirect Tax Law has been replaced and merged as one single Law for all. Compliance cost for 17 Indirect Tax Law and Different Tax burden has been abolished
> Revenue will get a boost
> A common market:
It's currently fragmented along state lines, pushing costs up 20-30%.
> Lower Individual Income Tax Rate
> Boost Savings and Investments
> Lower Cost of Administration and Doing Business
The list of documents required for each of the form of business is different. Hence, we will discuss documents required for GST registration for each of the form of business.
|Particular||Documents Required for Entity||Documents required for Director/Partner||Documents required for Registered office|
|Private Limited Company (Pvt. Ltd)/Public Company (limited company)/One person company (OPC):||
|Limited Liability Partnership (LLP)||
||Same as above of all the Designated Partners||Same as above|
||Same as above of all the Partners||Same as above|
|Sole proprietorship / Individual||
||Same as above of Individual||Same as above|