Frequently Asked Questions
As a business owner, developing and running a business comes with a lot of challenges, Getting GST would help you in a lot of ways. Given below are the frequently asked questions about GST.
Who is eligible to apply for GST registration?
One Person Company, Proprietorships, Hindu Undivided Family, Partnership Firm, Limited Liability Partnership, Private Limited Company, Limited Company, Producer Company, co-operative societies, any association of persons, or any other undertaking can obtain GST registration in India.
Is GST registration compulsory?
It is not compulsory. But getting GST has its benefits.
How long it will take to get GST certificate?
GST certificate will be provided immediately after the process. Sometimes it might take 1 to 2 business days.
What are the benefits of GST?
Here are some of the benefits:
- Support from your state government
- One-time settlement fee for the amount unpaid
- Reimbursement of ISO Certification
- For Government tenders prefer businesses with an GST certificate.
- The Government provides credit guarantee schemes
- Concession in electricity bills
- Bar code registration subsidy
- Avail of special rebates and concessions on patents and industry set-ups
- Lowest interest rates on bank loans
- Special consideration of International Trade fairs
What are the required documents for GST?
Documents required for GST registration
- Bank account number
- The basic business activity
- Aadhar number
- PAN number
- Address of the business
- Partnership deed
- Sales and purchase bill copies
- NIC 2-digit code
- Investment details (Plant/equipment details)
- Turnover details (as per the new GST definition)
- Copies of licenses and bills of purchased machinery
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