For the use of payment gateways Bill desk and CC Avenue, the state government, Indian Bank and Axis Bank have signed service legal agreements between them
GST is compulsory for companies with turnover above Rs 20 lakh (supply of services) and Rs 40 lakh (supply of goods) annually.
Getting registered under GST is equally important for those in the business of supplying inter-state goods.
All brokers/agents selling goods/services on behalf of taxable suppliers should also complete GST registration under the rule of law.
To fill the GST application form, got to the verified GST portal (https://www.gst.gov.in/). Fill the form as per directions and upload necessary documents to complete the registration.
List of documents required for GST registration include PAN and Aadhaar of applicant, proof of business registration,
identity and address proof of promoters.
Besides, the address proof of business, bank account proof, digital signature and letter of authorisation is also required to complete the registration online.
Moreover, if your business is operated from multiple states, make sure to obtain a separate GST registration for each state.
A penalty of 10% of the tax amount can be charged in case of default in payment. The penalty can be 100% of tax amount if default is found to be deliberate.
It’s often advised to get GST registration even if your company doesn’t meet the desired criteria. A GST registered company is considered a legal and credible identity in the market.
