The GST is a value-added tax applied on most products and services sold for domestic consumption. Consumers pay the GST, but businesses selling the products and services must remit it to the government. GST is, in effect, a source of revenue for the government.
GST is a national-level consumption-based tax applied to sell, manufacture, and consume goods and services. State GST (SGST) is levied by the state, and Integrated GST (IGST) is levied by the central government on the inter-state sale of goods and services. Do you want to get a GST Registration for your LLP? Keep reading this article.
What is an LLP?
A limited liability partnership (LLP) is a company structure that allows partners to benefit from economies of scale by collaborating while simultaneously limiting their liability for the actions of other partners. Know the laws of your country before you form an LLP. Consult the experts at My Legal Clinic who have first-hand experience and can assist you with forming an LLP.
Eligibility Criteria for GST Registration
If your company meets any of the following conditions, you are instantly eligible for GST registration, which is now required.
- If your company generates a yearly turnover of more than Rs. 20 lakhs in services or Rs. 40 lakhs in goods.
- If your company is involved in the interstate distribution of goods.
- Selling on behalf of taxable advocates if you're an agent or broker.
- If you're an online retailer.
GST Registration Process for LLP
GST registration can be done online at www.gst.gov.in, where a Temporary Reference Number (TRN) is generated for the application.
Go to the online portal for GST Registration and log in.
- Part-A of the form must be completed (PAN, Mobile No., and E-mail)
- By using an OTP/email, the Portal verifies your information.
- Please upload the necessary documentation.
- Using the number you were given, go to Part B and fill it out.
- The Application Reference Number will be sent to you.
- The GST Officer will verify your documents.
- Within seven working days, the GST Officer will either reject or accept your application.
- If any additional proofs or clarifications are requested, these must be provided.
After all of the questions have been answered, you will be assigned a GSTN number.
Documents Required for GST Registration
- PAN Card of LLP
- Certificate of Incorporation of LLP
- PAN Card of each designated partner
- Aadhaar Card of each designated partner
- Passport Size Photograph of each designated partner
- Electricity bill / Property tax receipt/ Legal Ownership Document of Principal Place of Business
- Rent Agreement
- Authorization Letter for Authorised Signatory
- Nature of Activity
- Email Address of each designated partner
- Mobile Number of each designated partner (Note - Designated Partner who is authorized signatory, his/her mobile number must be linked with Aadhar card).
GST Registration Scheme for LLP
The GST Registration Regular Scheme applies to anyone with an annual turnover of more than 1.5 crore rupees. Even if the turnover exceeds 1.5 crores, the standard strategy can be adopted. This taxpayer fills out Form GSTR-3B or Form GSTR-1 monthly.
Advantages of GST
- The incorporation of the GST has resulted in the consolidation of several indirect taxes under a single roof, decreasing the tax cascading impact and gradually diminishing the number of GST compliances that must be considered. For example, the VAT and service tax each have their own compliances and returns, but with the advent of the GST tax, everybody simply must pay one tax. This makes the tax process a little easier.
- The GST bill has streamlined all processes linked to some payments, online compliances, and other claim processes. Furthermore, this promotes the development of the unorganized sector, putting all of them within the GST (goods and services tax) regulations. The Composition Scheme of the GST has also been extended to all small enterprises.
- By implementing GST across the country, just one tax system is followed; this facilitates a uniform process, tax rates, and rules across India. As a result, the GST process is simplified.
- It eliminates the cascading tax effect. The GST bill serves to eliminate the taxes that are generally charged for the net value-added element of the tax regime, which, in turn, decreases the cost of goods.
Why Should You Hire an Expert for GST Registration for LLP?
Hiring a GST expert for your company will assist you in avoiding any legal obligations that no business owner wants to face.
My Legal Clinic is the best choice in the country for those who want to register their limited liability partnership (LLP) for GST. Instead of going through the inconvenience, consult with My Legal Clinic for a simple solution.
My Legal Clinic assures you of expertise and efficiency by strictly adhering to all rules and regulations. Please get in touch with My Legal Clinic right away to have a hassle-free GST registration.