GST registration is the process by which businesses become subject to the 2017 GST Act. Keep reading how this process relates to LLPs who have set up shop in India.
Make sure you have all the documents required for GST registration for LLP companies to ensure a hassle-free process. Understanding the documents required for GST registration for LLP companies can save you both time and unnecessary headaches.
What Is an LLP?
An LLP is a sort of hybrid corporate business structure that involves the integration of the advantages of a limited liability company with the flexibility of a partnership. Even if the partners opt to leave, the LLP can persist. An LLP can even enter into contracts and own property in its capacity.
This is because it is a separate legal entity having to bear the full liability for its assets, which makes it possible for partners’ liability to be limited to their agreed contribution to the LLP. Furthermore, no partner is held accountable for the independent or unapproved activity of other partners, thus partners are insulated from shared liability stemming from another partner’s illegal business decisions or malfeasance.
To sum up, because of its flexibility in structure and operation, an LLP is an excellent vehicle for seeking venture capital investment.
What is GST Registration?
GST is a multi-stage tax levied at every point of sale. It has replaced several indirect taxes, including service tax, value-added tax, central sales tax, excise duty, and extra customs charge. GST was implemented as a result of the Goods and Services Act, which went into effect on July 1, 2017.
check here to more about: https://services.india.gov.in/service/detail/gst-registration-1
While not all firms are expected to participate, there are several benefits to doing so. Firms that exceed a particular yearly turnover threshold however must mandatorily register.
Initially, the GST Act required LLPs with yearly revenue of more than ₹20 lakhs to register as taxable entities. As of April 1, 2019, the limit for LLPs dealing in goods was raised to ₹40 lakhs. For LLPs providing services, however, the threshold level remains at ₹20 lakhs.
GST Registration Documents
| Purpose | Acceptable Documents |
| Proof of Constitution of Business | Copy of Certificate of Incorporation of LLP |
| Photo of Stakeholder (Promoter / Partner) | Photo of the Partner |
| Photo of the Authorised Signatory | Photo |
| Proof of Appointment of Authorised Signatory (any one) |
|
| Proof of Principal Place of business (if self-owned) (any one) |
|
| Proof of Principal Place of business (If rented) |
Any one of the following –
|
Before registering, you can calculate how much GST you owe using our GST rate calculator.
How Can Vakilsearch Assist in Making Your LLP GST-Compliant?
- The first step is to contact Vakilsearch’s GST consultants to examine your LLP’s GST requirements.
- Our GST specialists will then ensure that all of your paperwork and documentation are in order, setting the stage for a hassle-free GST enrollment experience.
- Our professional legal experts will then walk you through the GST registration online procedure and complete it on the LLP’s behalf, allowing you to obtain your LLP’s ARN and GSTIN as quickly as possible.
- The Vakilsearch team will also assist in the management of any compliance and physical verification issues that may arise throughout the registration process.
FAQ
What are the essential documents required for GST registration for LLP?
The essential documents required for GST registration for LLP include a copy of the Certificate of Incorporation of LLP, Permanent Account Number (PAN) of LLP, Consent/Resolution by Directors for obtaining GST Registration and the address proof of the principal place of business.
Is GST registration mandatory for all Limited Liability Partnerships (LLPs)?
GST registration is mandatory for LLPs whose annual turnover exceeds Rs. 40 lakhs for goods or Rs. 20 lakhs for services.
Can an LLP be added as a partner in GST registration, and what's the process?
Yes, a partner can be added to a GST registration. The process involves submitting the PAN card of all partners, including the managing partner and authorized signatory, a copy of the partnership deed and the registration certificate or board resolution of the LLP.
Is a board resolution necessary for GST registration of an LLP?
Yes, a board resolution is necessary for GST registration of an LLP
What is the time limit or deadline for LLPs to complete their GST registration?
LLPs must complete their GST registration within 30 days from the date on which they become liable to register for GST.
Are LLPs liable to pay GST tax on their transactions?
Yes, LLPs are liable to pay GST tax on their transactions if their annual turnover exceeds the threshold limit.
Is tax audit compulsory for LLPs under GST regulations?
Tax audit is not compulsory for LLPs under GST regulations unless their annual turnover of at least Rs. 40 lakhs or contributions of at least Rs. 25 lakhs.
Is an LLP considered a body corporate for the purpose of GST registration?
Yes, an LLP is considered a body corporate for the purpose of GST registration.
What are the GST registration fees for LLP companies?
The GST registration fee for LLP whose contribution is less than ₹ 1 lakh, the fee is ₹ 500.
Is it mandatory for LLPs to file Income Tax Returns (ITR), and are there any turnover limits that apply?
Yes, it is mandatory for LLPs to file Income Tax Returns (ITR). LLPs whose annual turnover exceeds Rs. 40 lakhs are required to audit their tax returns.
