Any business entity that enrolls under GST has a unique identifier allocated to it: the GST number. It is a 15-digit number that is exclusive to each taxpayer who has registered for GST. One Person Company can also get GST Registration voluntarily if it wishes to obtain the benefits of GST. Moreover, it is mandatory for One Person Companies to have GST Registration if they meet the eligibility criteria as per GST Rules and Regulations. This article will discuss the important information to know about GST Registration for One Person Company in India.
What is One Person Company Registration?
A one-person company (OPC) is a business that has only one owner. Before the Companies Act of 2013 went into effect, only two people may form a corporation. If a person wished to start a business, he or she could only choose a sole proprietorship or Private Limited Company because a company could only be founded with a minimum of two directors and two members. However, the new concept in Companies Act of 2013 was introduced of One Person Company Registration.
As per the new concept of Companies Act of 2013, A business can be incorporated under Section 2(62) of the Company’s Act 2013 with just 1 Director and 1 Member as One Person Company. It is a type of corporation with less compliance obligations than a private limited company formation.
You can learn about One Person Company in detail at: All about one person company (OPC) – incorporation or contact our experts at: 8881-069-069.
Understand about the GST Registration for One Person Company in India
GST stands for Goods and Services Tax. It is an indirect taxation system which subsumes all taxes such as Sales tax, Service tax, Excise duty, etc. The GST is an online taxation system and the GST Registration process is also online.
Numerous OPC Companies moved or applied for OPC GST Registration when the GST was implemented on July 1, 2017. GST Registration means an online process to register under the GST Regime. OPC can voluntarily register for GST or if it satisfies certain eligibility criteria it has to mandatorily get registered under GST.
When does OPC need GST Registration?
- OPC mandatorily needs to get GST Registration if the aggregate turnover is more than 20 Lakh Rupees in case of services and 40 Lakh Rupees in case of goods. In special category states, the GST Registration threshold is set at 10 lakhs.
- GST Registration for One Person Company in India is mandatory if the company is supplying goods or services to another state.
- Every e-commerce seller irrespective of turnover needs to have GST Registration.
- In case of Casual Taxable person under GST as OPCa i.e. who periodically provides products or services while operating without a permanent place of business also needs to have GST Registration
Document Requirement for GST Registration for One Person Company in India
- PAN Card of OPC company
- OPC Certificate
- AOA & MOA
- PAN & Address Proof of Director
- Contact Details& Email ID of authorized person
- Bank details- a copy of canceled cheque or bank statement
- Board Resolution for Appoint Authorized Person
- Address Proof of Company
For understanding document requirement and preparation in detail, you can write to us at: [email protected]
Requirement of DSC for GST Registration
OPC Company is different from the director. Since a company is an artificial legal entity, it must designate an authorized person to handle GST Registration. A company director may sign the application for GST Registration on their behalf. The director’s digital signature certificate is necessary for the filing of the GST registration form.
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