GST Registration for Sole Proprietorship

A proprietorship is the most basic form of business entity for operating a business in India. Since GST registration is essential for incorporation of any business entity, you must also get gst registration for sole proprietorship. There aren’t any specific laws governing a sole proprietorship. There are minimal compliance requirements which are easier to meet. Still, it will require a GST. And this is where we at Texa Corp can help you, as we are one of the leading tax consultants.

Need For GST Registration

There are certain conditions require gst registration for sole proprietorship.

  • If the annual turnover is over 20 lakh
  • If the firm sells goods/services across states
  • If the firm is engaged in e-commerce business
  • Voluntary application for GST
  • If the firm seeks to claim input tax credit on its purchase

The annual turnoverrequirement is often updated by the government. It is important to keep track of these changes to ensure that you will always operate your business while meeting the compliance requirements. If you are doing online business that involves selling goods or services through an ecommerce platform, you must get gst registration for sole proprietorship.

Sole proprietorships are firms with a single person as owner who manages its day to day operations. Such a business entity doesn’t need to meet the legal formalities of starting a business in India. However, you may have to get specific licenses like MSME Registration and gst registration for sole proprietorship, based on your business operations.

GST Registration Process

We can help you with gst registration for sole proprietorship, taking care of all the steps:

  • Log into the Official GST Website and fill up the registration form
  • Personal pan card is used for filing the application
  • Secure the GST Identification Number

The various documents required for the registration process are as follows:

  • The PAN card, Aadhar Card and Photo of the proprietor
  • Proof of place of business (utility bills and/or rental agreement)
  • Bank account details and copy of bank statement

If your firm meets the MSME criteria, it will be required to submit your MSME registration document too. This document is not mandatory for all firms, but only for certain firms that come under the MSMED Act.It can take up to 4 business days to get the GST number.

Post-GST Registration compliance Requirements

Once you have applied for gst registration for sole proprietorship and received the GST number, it will be required to meet certain compliance requirements. If you do not continue to meet these requirements, the GST registration can get cancelled. This requiresmonthly filing of your GST return as a proprietorship firm and paying the taxes.

We at Texa Corp, can help you with all aspects of your gst registration for sole proprietorship. Our team of experienced tax consultantscan assess your business profile and guide you with the right course of action. We have vast and in-depth experience in taxation matters, including direct and indirect taxes. Our expertise can make your taxation matters hassle-free to allow you to focus on your core business activities.