GST Experts in Kolkata, WB: GST Registration For Partnership Firms
Partnership Firms in Kolkata
A partnership is an agreement between two or more individuals to share profits of a business carried on by all or any one of them acting for all and governed under the Indian Partnership Act.
The GST Experts in West Bengal explained that Registered Partnership Firms could claim settlements and press legal charges. While an unregistered Partnership Firm is an unregulated body which cannot avail of any benefits under the Income Tax Law.
Importance of GST Registrations
Goods and Service Tax (GST) is an indirect tax levied by the Indian Government. The GST model has saved business owners from the cascading effect of VAT.
The GST Experts in Kolkata agreed that GST has benefited Partnership Firms with a simplified tax structure and provides a higher threshold for registration. Some goods and services can be exempted from tax or charged at 5% or less.
If your Partnership Firm is service-oriented with a turnover above 20 lakhs per year or business-oriented with a turnover crossing 40 lakhs a year, then GST Registration is mandatory. Registration is also necessary in case of previous registration under excise rules, service tax laws and VAT.
You need to apply for GST Registrations if you're offering goods and services outside and/or across India or selling online.
Register Your Partnership Firm For GST
The process of GST application, from registration to filing returns, is simple. It is offered online on the Good And Service Tax Registration Portal.
Before starting the application, you must prepare the following documents and details:
Aadhar Card, Passport-Size Photo, Pan Card, Mobile Number and Email Id of each partner.
Business Activities and Name.
Proof of business like property documents, electricity bill, consent letter, etc.
Pan Card and Deed of Partnership Firm
Primary signatory approval letter
Seven simple steps involved in registering for GST:
Log in with your credentials and the official GST registration site address
Fill out Part A of the form with PAN, email id, etc.
Verify your details by the OTP sent by phone and email
Finish entering all the details and uploading the documents
You will receive an Application Reference Number
After the completion, a GST officer will come for verification
You will receive your allotted GSTIN number after seven days
In case your application is rejected, you can contact HelpMyBiz to help you with your queries. You can also depend on them to do the GST registration for you.
Conclusion
GST Registration is mandatory for the Partnership firms whose turnover exceeds the limit of 20 lacs.
HelpMyBiz has a team of GST experts in Kolkata who can understand your situation and confirm if you need a GST Registration. They can help you understand the GST-related terms and conditions.
The online process is easy, but it can be made more accessible.
You can rely on them to go through the entire process and ensure that your application is not rejected. Upon successful completion, you will get the GST certificate with the GST number delivered to your email.
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