Frequently Asked Questions 1. Who needs to register for GST? Businesses with an annual turnover exceeding ₹40 lakh (₹10 lakh for special category states) must register for GST. Additionally, GST registration is mandatory for: Interstate suppliers (selling goods/services outside their state) E-commerce operators. Businesses under the reverse charge mechanism. Non-resident taxable persons and input service distributors. 2. What are the benefits of GST registration? Legally recognized as a supplier of goods or services. Eligible to collect GST and claim Input Tax Credit (ITC). Enables seamless interstate trade without restrictions. Enhances business credibility and tax compliance. Claim refunds of ITC on exports of goods and services. 3. How can I determine if my business needs GST registration? Check your turnover: If it exceeds ₹40 lakh for goods or ₹20 lakh for services (₹10 lakh for special category states), registration is mandatory. Some businesses must register regardless of turnover, such as: Interstate suppliers. E-commerce businesses. Those under the reverse charge mechanism. Need clarity? Consult BC Shetty & Co. for personalized guidance. 4. What documents are required for GST registration? The documents required depend on your business type: PAN Card - Required for all businesses and individuals. Proof of Business Registration - Partnership deed, incorporation certificate, or other relevant proof. Bank Account Details - A canceled cheque or bank statement. Business Address Proof - Utility bill, rent agreement, or property tax receipt. Digital Signature (DSC) - Mandatory for companies and LLPs. Letter of Authorization/Board Resolution - Required for companies or partnerships. Signboard Photograph - A photo of the business premises with a visible signboard displaying the business name. Aadhaar Authentication (Optional but Recommended) - If completed, it speeds up approval. Passport size photo of Director/Partner/Proprietor 5. How long does it take to get GST registration? The GST registration process typically takes 15 days, provided all documents are correct. If additional verification is needed, the process may take longer. 6. How do I check the status of my GST registration application? Here's how you can check your application status: Navigate to the GST Portal. Go to Service > Registration > Track Application Status. Choose the SRN option. Enter your SRN and fill in the captcha. You will be able to view your GST application status. 7. What should I do if my GST registration application is rejected? If your application is rejected, review the reason provided by the GST department. Rectify the errors or submit additional documents as required. You can reapply or seek professional assistance from BC Shetty & Co. to ensure a smooth process. 8. What is GSTIN? [Goods and Services Tax Identification Number] The purpose of a tax audit is to ensure that taxpayers maintain proper books of accounts and comply with the Income Tax Act provisions. 9. Penalty For Not Obtaining GST Registration The tax audit report needs to be filed electronically using the Income Tax Department's online portal. 10. What is the GSTN (Goods and Service Tax Network)? The due date for filing the tax audit report as per Section 44AB is September 30th of the relevant assessment year. 11. GST Service Guidance Provided By BC Shetty & Co If taxpayers fail to get their accounts audited or submit the tax audit report by the due date, they may be liable to pay the penalty. The penalty equals 0.5% of the taxpayer's turnover or gross receipts.