Hey folks, Today in this blog, We are going to tell you that what documents do you require filing GST Registration using Virtual Office? Well, before moving ahead if you don’t know what is GST then let me tell you in brief about the GST Registration.
GST registration began in India come from 1st July 2017. It was introduced by our finance minister ARUN JAITLY. After this, all persons are the taxable person under GST and began filing GST return on monthly basis from the month of September 2017.
The goods and services tax is an indirect tax which is applied to the cost of goods and services. The GST is added on the price of the product in the business and the all customer pay sales price with GST of the product. It means the GST is collected by seller or business and forward to the government. We can say that GST provides the revenue for the government.
You can also see this video to get proper information about GST.
How do GST systems work?
It is a single tax rate which is applied throughout the country. GST merges the many central taxes like service tax, sales tax, excise duty tax, etc. with the state-level tax like luxury tax, entry tax, entertainment tax, etc. and collects as a single tax.
The country has implemented the GST in different five tax rates. They are:
The books, foods, newspapers, hotel services, and homespun cotton cloth under Rs. 1000 have zero (0%) percent tax rates.
- 0.25 percent rate applied on a rough industrial diamond.
- 5 percent rate applied on packaged food items and footwear under Rs. 500; and apparel below Rs. 1000.
- 12 percent tax rate applied to apparel over Rs. 1000, sugar, cutlery, frozen meats, etc.
- 18 percent tax rate applied to luxury items like cosmetics, swimming pool, footwear costing more than Rs. 500, etc.
- 28 percent taxing goods rate applies to cars, motorcycles, ceramic tiles, Indian cigarettes, etc.
Who need to register for GST?
Every business takes the GST number. But it is compulsory or mandatory for some businesses. Like that business whose business annual turnover is more than Rs. 20,00,000 or 20 lakh (exceeding Rs. 10 lakh for NE and Hill stations). It is also mandatory for any e-commerce business
Documents required for GST registration
- PAN card of the business or assigning authority. Before applying for GST registration, PAN must be used for the legal entity.
- Address proof of the assigning authority like aadhar card, driving license, voter card, passport copy or any other identity proof document
- Proof of business registration documents like incorporation certificate. It is not mandatory for proprietorship.
- Address proof of the business like electricity bill, property tax receipt, Municipal Khata etc.
- Bank account proof, it means scanned copy of passbook first page.
- Class 2 digital signature of the business owner is also required.
Virtual office is a professional address which shows the presence of the business on that location on paper legally and legitimately. It provides a business owner with many services or facilities like providing courier/postal service, courier forwarding facility, receptionist, meeting room booking etc. at prime locations.
The virtual office addresses are no longer only used for for mailing address or business registration purposes only, but now it is also widely used for applying for GST registration.
Recently, I visited Hyderabad and I was looking for the virtual office address to get the GST registration and then I found Instaspaces on Google. After checking their reviews and everything, I contacted them and then I come to know about all these and I am sharing all this information with you. After coming in contact with Instapaces, I came to know that Having a business address at the premium location is not expensive. Anyone can afford that just by paying for the virtual office address and you get the Business address of a premium location even working from your home only.
Documents required filing GST Registration using virtual office
In the virtual office hiring with GST registration, above all documents are compulsory. The required documents for GST registration in virtual office are as follows:
- PAN card of the business or assigning authority
- Business registration proof or certificate of incorporation (COI). No business address proof required in case of new sole proprietorship firm or partnership firm.
- Identity proof or address proof of assigning authority.
- Bank proof
Nowadays, e-commerce companies (like Amazon, Flipkart, Snapdeal, PayTM, Myntra, Delihvery etc) require their sellers to provide GST number of each state where the sellers wants to keep his products in the repective ecommerce company warehouses. And under Fulfilment by Amazon/ Flipkart plans, the seller necessarily has to have a GST number of that state to sell on these platforms. Therefore sellers or retailers hire virtual office address for GST registration purpose in each of those states, where they don’t have physical office space, but want to sell through these ecommerce companies.
These companies find cost effective and full proof solution with virtual office and also get all compliances met as per GST Department requirements like signage and record of GST filings of that company (upon verification) since these virtual offices are provided at professional business centres and coworking spaces.
Benefits of taking GST number through a virtual office
- Without any restrictions, allows you to make inter-state sales
- Allows to easily register on e-commerce websites or platforms or under their fulfillment plans.
- Limited compliance
- Improve the efficiency of logistics
- Saves time and money
- For normal registered businesses takes the input tax credit facility