Without registration, a person can neither collect tax from his customers nor can ask for any input tax credit or tax paid by him. Registration will grant the following benefits to a taxpayer: He is legally recognized as a supplier of goods or services and authorization of collection of tax from customers. He can ask for an input tax credit of taxes paid and can make use of the same for payment of taxes due on the supply of goods or services. It also helps in the Seamless flow of Input Tax Credit from suppliers to recipients at the national level.
Documents required for GST:
– Adhaar Card/ Voter ID.
Business registration or incorporation certificate proofs
– Address and identification proof
– Canceled cheque and Passbook or bank account statement
– Digital signature.
– Letter of Authorization
Regular GST refers to, the tax rate of supply of goods or supply of services is specified you can’t impose an extra tax – If a Taxable goods GST rate is 12% so it will be extra at the rate of 12% not more than that.
The Composition Scheme is a straightforward scheme under GST for taxpayers. Small taxpayers can get away with long procedures of GST formalities and pay GST at a fixed rate of turnover. This scheme can be derived by any taxpayer whose turnover is less than Rs. 1.5 crore*.
A casual taxable person has to approach for registration at least five days before the beginning of a business. There is no special mode of application to register as a casual taxable person. The normal FORM GST REG-01 which is used by other taxable persons can be used for taking registration by a casual taxable persons also.