5 Things About GST You May Not Be Aware Of
Starting a new business? If so, then you may already be thinking about registering for the GST and looking through the registration process. But there are a few things about GST that people who are checking it out for the first time may not notice. And below, we look at five such interesting things of about GST.
Multi-State Business Operations
In case you run your business in multiple states and you already have a PAN number, you cannot operate the business with only a single GST registration. Instead, you will have to register for each operation separately since you will be liable to pay the taxes to each state. The rule is covered in Section 19 of the GST Law. And if you need help with registering for the GST, visit the website at https://www.quickcompany.in/gst-registration
Once your application is scrutinized by the respective authorities, and it is determined that your application is valid, you will be awarded a GST registration. And once received, it is considered to be permanent, which means that you don’t have to renew it. The only ways you will lose the GST is if it is surrendered, suspended, canceled or revoked. For example, if it has been proven that the GST registration was obtained by misstatement, suppression of facts, or fraud, then the registration will be canceled with immediate effect.
Remember that when you apply for GST, your application need not be accepted immediately. Instead, the concerned officer can reject it for various reasons if he thinks that your business is ineligible for GST. However, he cannot reject it outright. Instead, the officer will have to send you a show cause and give you an opportunity to present your case before he decides to reject the application.
Multi-Vertical Business Operations
Suppose that you operate in a single state only, but have multiple business verticals, then you can get the GST registration for every single vertical separately. This too is covered in Section 19 of the GST Law. As such, if you run a real estate business and a theatre in the state of Maharashtra, then you can do a GST registration for each of these businesses separately. However, this is not mandatory. So, if you don’t want to go through the complexity of handling multiple GST registrations and tax filings for your various verticals in a single state, then you can stick with using a single GST registration for all of them.
PAN Requirement And Exception
For registering with GST, every person must have a Permanent Account Number which is issued under the Income Tax Act 1961. However, there is an exception – this is only applicable to resident Indians. As such, if you are a non-resident taxable person, you don’t need to submit PAN for getting GST registration for your business.
When doing company registration at quickcompany, make sure that you check with the service whether your business needs to take GST registration immediately or whether it is wise to register for the GST at a later date.