While many companies have signed up for or migrated to GST, many still have not registered. Obtaining a particular GST number (GSTIN) from the relevant tax authority is a requirement for registering any business organization under the GST Law to collect taxes on the government’s behalf and be eligible for input tax credits (ITCs) for taxes paid on inward supply.
In this article, let’s talk about the process of GST Registration for a Private Limited Company.
A private limited company: what is it?
An organization that is privately held, for small enterprises is a private limited company or corporation. A Private Limited Company‘s members are only held accountable for the number of shares each owns. There is no public market for Private Limited Company shares. Local businesses that don’t operate internationally, such as shops or restaurants, are frequent examples of private limited companies. You can understand more about Private Limited Company by comparing it with other forms of business incorporations. Understand in detail at:
- Difference Between OPC and Private Limited Company
- Difference between LLP and Private Limited Company
What Are the Benefits of GST Registration for Private Limited Company?
GST stands for Goods and Service tax. It is the present indirect taxation system in India. As per the GST Regulations, every eligible business must get GSTIN to collect taxes and submit it to the government through applying for a GST Registration application. You can understand all about GST in brief through our guide:
Below is a list of the benefits of GST registration:
Taxation Services Made Simple
With the introduction of GST, the Indian market was integrated, and a variety of indirect taxes were consolidated under one roof.
Costs of goods and services have decreased.
The cascading impact of several VATs and taxes has been eliminated by implementing GST, which has decreased the cost of products and services.
Avoids Long Taxation Services using this assistance
Small enterprises can avoid time-consuming tax services with the aid of GST registration. Because businesses that offer services or sell commodities and have annual revenues under ₹20 lakhs(in specific states) and ₹40 lakhs, are exempt from paying the GST, these businesses are not required to do GST Return Filing or have registration under GST. However, to claim the benefits of GST, these businesses can obtain GST registration on voluntary basis.
Minimizes corruption and sales without receipts.
To combat corruption and sales without receipts, the GST was implemented. The entire system is online and therefore corruption is reduced. Additionally, it aids in lowering the burden of numerous indirect taxes on small businesses.
Taxation Procedures Are Consistent
The centralization of registration made possible by GST Registration puts taxing procedures into greater homogeneity. An online approach enables firms to submit their tax returns easily.
The reduction of tax evasion
Tax evasion has been significantly reduced after the implementation of GST.
Understand more about the GST Benefits through our following guides:
- What are the benefits of gst registration under law
- Benefits of GST on Business and Consumers
- Know about Advantages and Disadvantages of GST
Required paperwork for a private limited company to register for GST:
To register for GST, individuals or organizations must provide the following documents.
- The business’s PAN card
- Registration Certificate or Incorporation Certificate of the Company and Memorandum and Articles of Association (AOA)
- All Directors’ PAN cards, basic details, and Aadhar cards
- Bank information: a copy of a canceled check or a bank statement
- Proof of appointment of authorized signatory-letter of authorization Address proof of principal place of business and additional home of business-own office -a copy of electricity bill, landline bill, water bill, municipal account, copy, property tax receipt, and rent agreement and no objection certificate (NOC) from the owner
For detailed requirements of documents or understanding of how to prepare documents for GST Registration for Private Limited Company, you can contact our GST Experts at: 8881-069-069.
A private limited company’s steps for registering for GST
To receive the input tax credit advantages, Companies, Firms, or Individuals must register themselves under the Goods and Services Tax (GST) through the GST Registration application procedure.
On the Goods and Services Tax website, www.gst.gov.in, registration for GST can be completed online, and a Temporary Reference Number (TRN) is generated for the application.
- Register with the GST Online Portal.
- Fill out the application form
- The portal verifies your information by OTP or email.
- Upload the relevant documents online
- A reference number for your application will be provided.
- Wait for the approval or in case of rejection reply and reapply again. One must supply any further evidence or explanations that may be needed.
- Once everything has been clarified, you will receive a GSTN number and GST Registration Certificate.
As you can see. The GST Registration for Private Limited Company can be a complex procedure and there are high chances of making errors. A simple mistake of uploading the wrong document or even a typo error can cause you rejection. Furthermore, this will result in wastage of your valuable time and energy. So, let our GST Experts handle your GST Registration application procedure. We have experienced GST experts who complete hundreds of GST Registration applications of clients just like you
You can obtain your Private Limited Company’s GST Number from any location in India because GST registration is an online process. For more information, you can contact our GST experts at: [email protected].
Also, require any other guidance with respect to Company Formation, please feel free to contact our business advisors at 8881-069-069.
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