GST Registration for Proprietorship Firm | Requirement | Process | Documents - Corpbiz
There is an online way of securing #GSTRegistration for Proprietorship Firm. But today in this video, we will unveil the exact procedure of doing the same. This video will clarify whether the sole proprietorship firms can be availed under GST and if they can what is the procedure for GST registration for proprietorship and mandatory documents required for GST registration for #ProprietorshipFirm,
As we all know that the Sole Proprietorship is managed by the single person, who is the owner of the firm. Sole Proprietorship is a kind of business structure that doesn’t seek any registration to become operational in India. However, the owner of such firms has privilege to opt for voluntary registration. But keep in mind that these firms are obligated to avail GST registration in certain conditions.
The conditions that triggers the requirement of GST registration for proprietorship firm
GST Registration for the Proprietorship Firm becomes a mandate in case where;
• The annual turnover of the firm above Rs 40 Lakhs or;
• Firm is dealing with inter-state business activities or;
• The Firm is engaged with the ecommerce business or;
• The Firm seeks to claim the ITC i.e. input tax credit on the purchase
Entities that fit to these criteria must secure GST registration without any second thought.
Now let’s proceed further and talk about the documentation part. Documents that are required for online GST registration include;
• Personal PAN card and Aadhar copy of the Proprietor
• Utility bill such as phone bill, electricity bill, or water bill of business place
• Rent Agreement in case the business is rented
• Bank Statement or Cancel Bank Cheque or copy of Proprietor’s bank passbook
• Passport Size Photograph of the Proprietor.
• Personal Bank Statement or Cancel Bank Cheque or Passbook Front page Copy of the Proprietor (Remember if you have already current bank account on the Firm Name then instead of saving bank account provide current bank account for the same)
• Passport Size Photograph of the Proprietor.
Once you arranged these documents, you can proceed for online GST registration
For online registration, you need to must visit GST official portal and fill the relevant application form. While doing so, you will be prompted to upload the documents that we have discussed shortly.
You can opt to connect with Professional Legal Service or a GST Consultant to serve this purpose. Let’s talk about post registration compliances to be addressed by the Proprietorship firm
There is some post-registration compliance for GST that you must follow without any exceptions. It is needless to mention that violating such compliances would lead to the cancelation of the registration.
A per day penalty would be imposed on the defaulter for delay filing of GST return. Even if the firm is non-operational, the owner is liable to address obligations regarding GST Return Filing
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