GST Registration In Assam

GST is an indirect tax reform in India. It was introduced on 1 July 2017. It replaces excise duty, service tax, and value added tax (VAT) with a unified tax system. GST is a digital version of VAT that allows you to track goods and services. VAT and GST have the same tax slabs. The GST Act of 2017 allows the Central Government to impose and collect taxes on the sale of goods or services within a single state. It covers all aspects and matters related to this taxation framework.

Introduction

The GST Registration process in Assam can be completed in Just four easy steps online through Vakilsearch. The business should provide the necessary information and documents, including PAN, proof of business registration, address proof, bank account details, and authorised signatory details. After successful submission of the application online, a GST officer will verify the provided details and issue the GSTIN (Goods and Services Tax Identification Number) if all requirements are met, enabling the business to comply with GST regulations in Assam.

Businesses in Assam can benefit significantly from GST registration and compliance. With GST implementation, there's a reduction in cascading taxes and a streamlined tax structure, leading to lower prices for goods and services. This directly impacts consumers by making products more affordable and accessible. Additionally, increased GST compliance among businesses can result in enhanced transparency, improved quality of goods and services, and a boost in consumer confidence.

Did You Know:
Assam has seen over 10.5 lakh businesses register for GST. Over ₹5,000 crore in GST revenue was collected by Assam during the 2022-23 financial year. Across India, GST registration has made it simpler for businesses to conduct business.

Benefits of GST Registration in Assam

Composition Scheme for Small Businesses

Under GST, small businesses under turnover of ₹20 to ₹75 lakh can benefit as it gives an option to lower taxes by using the Composition scheme. This move has brought down the tax and compliance burden on many small businesses.

Input Tax Credit (ITC)

Registered businesses can claim input tax credit on the GST they've paid on their purchases. This helps reduce the overall tax liability, improving profitability and competitiveness.

Interstate Transactions

GST registration enables businesses in Assam to conduct seamless interstate trade without multiple taxes. It simplifies taxation on goods and services moving across state borders, promoting easier commerce.

Legal Recognition

GST registration process lends legal recognition to a business, enhancing its credibility in the market. It also allows access to various government tenders and contracts.

Threshold Exemption

Small businesses can benefit from the threshold exemption limit, allowing those with a turnover below a specified limit to be exempt from GST registration. This assists in reducing compliance burdens for smaller enterprises.

Compliance and Penalties

GST registration ensures compliance with tax laws. Non-registration or non-compliance can lead to penalties. Being registered ensures adherence to tax regulations, avoiding legal issues.

Latest Updates:
The Assam GST Department, through Circular No. 01/2023 dated 07 July 2023, has introduced a new requirement for GST registration. According to this mandate, businesses seeking GST registration in Assam must provide a valid rent agreement or lease deed that has been duly registered with the Sub-Registrar or a competent authority. This documentation prerequisite is now essential for the registration process under GST in the state of Assam.

Eligibility Criteria for GST Registration in Assam

• Service providers in Assam must register for GST if their annual service turnover exceeds ₹20 lakh
• Entities dealing with the supply of goods in Assam require GST registration if their turnover crosses ₹40 lakh annually
• Inter-state taxable supply
• Casual taxable persons
• Non-resident taxable persons.

Who Is Required to Register for GST in Assam?

• Individuals engaged in occasional or seasonal business activities requiring GST registration
• Individuals not residing in India but involved in short-term business transactions requiring GST registration
• Businesses engaged in the supply of goods or services across different states in India
• Individuals or entities representing a registered taxpayer in their business transactions
• Businesses operating online platforms facilitating the buying and selling of goods or services
• Entities responsible for deducting or collecting Tax Deducted at Source (TDS) or Tax Collected at Source (TCS)
• Individuals or businesses selling goods through online marketplaces like Amazon and Flipkart
• Individuals involved in the cross-border trade of goods and services
• Individuals or businesses liable to pay taxes on behalf of the supplier
• Entities previously registered under earlier tax regimes transitioning to GST.

Documents Required for GST Registration in Assam

The following documents are required for GST registration of Sole Proprietor / Individual in Assam

• PAN and Aadhar card of the owner
• Photograph of the owner (JPEG format, max size: 100 KB)
• Bank account details
• Address and ID proof

The following documents are required for GST registration of LLP and Partnership Firms in Assam

• PAN card of all partners (including managing partner and authorised signatory)
• Copy of partnership deed
• Photograph of all partners and authorised signatories (JPEG format, max size: 100 KB)
• Address proof of partners (Passport, driving license, Voters identity card, Aadhar card, etc.)
• Aadhar card of authorised signatory
• Proof of appointment of authorised signatory
• Registration certificate / Board resolution of LLP (for LLP only)
• Bank account details
• Address proof of principal place of business.

The following documents are required for GST registration of HUF (Hindu Undivided Family) in Assam

• PAN card of HUF
• PAN card and Aadhar card of Karta
• Photograph of the owner (JPEG format, max size: 100 KB)
• Bank account details
• Address proof of principal place of business

The following documents are required for GST registration of Company (Public and Private) (Indian and foreign) in Assam

• PAN card of Company
• Certificate of incorporation from Ministry of Corporate Affairs
• Memorandum of Association / Articles of Association
• PAN card and Aadhar card of authorised signatory (must be Indian, even for foreign companies/branch registration)
• PAN card and address proof of all directors
• Photograph of all directors and authorised signatory (JPEG format, max size: 100 KB)
• Board resolution appointing authorised signatory / Any other proof of appointment of authorised signatory (JPEG / PDF format, max size: 100 KB)
• Bank account details
• Address proof of principal place of business.

Note: The documents required may vary based on the type of Business registered for GST. For more information get on call with our experts. They will help you with the tailor made information.

Process of Registering GST in Assam

Vakilsearch offers an easy online GST registration process in Assam through an user-friendly website. Here are 4 easy steps we do:

Step 1: Get in touch with our experts

Book a slot with our GST experts and resolve all your queries.

Step 2: Provide Business Information

Provide the required documents and fill in essential business details such as business name, state, PAN card details for initiating the registration process.

Step 3: GST filing

Our team will file for GST registration on the online portal on your behalf. You will receive an OTP on filling the forms.

Step 4: Get your Application Reference Number (ARN) and GST certification done

Our team will provide you with the ARN after successful verification. Subsequently after the GST registration is done the certificate will be provided.

Note: All the documents should be submitted within a time frame and accurate as per the government guidelines to avoid delay. The GST certificate will be delivered directly by the Indian government. Vakilsearch will initiate and guide you through the process.

GST Registration Fees in Assam

Generally, the GST registration fee differs from one state to another, but certain categories like casual taxable persons or non-resident taxable persons might incur registration fees. You can always get in touch with our experts for more information.

Timely registration is crucial to avoid penalties outlined in the Goods and Services Tax Act, 2017 for non-compliance with registration requirements. For the most current information, it's advisable to refer to the official GST portal or recent notifications.

GST Renewal in Assam

The GST registration process in Assam for renewal involves visiting the official GST portal and navigating to the 'Services' tab, where the 'Application for Renewal of Registration' option is available. Click on the renewal application, provide the necessary details, and submit the required documents, including any updated information or changes in business particulars.

After completing the form and uploading relevant documents, verify the information provided and proceed to submit the renewal application. The status of the renewal can be tracked on the GST portal, and upon successful processing, a renewed GST certificate will be issued for continued compliance with GST regulations in Assam.

Why Choose Vakilsearch for GST Registration in Assam?

Choosing Vakilsearch for GST registration in Assam ensures a seamless and hassle-free process. With a team of experienced legal professionals well-versed in the intricacies of GST laws and regulations, Vakilsearch offers comprehensive support and guidance throughout the registration journey.

Our streamlined approach simplifies the complex process, providing expert assistance in document preparation, application filing, and compliance adherence. You gain access to tailored solutions, reliable advice, and dedicated support, ensuring prompt and accurate registration, setting the groundwork for your business's compliance and growth in Assam's dynamic business landscape.