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The GST number is a unique identifier that is given to every business that signs up for GST. It is a unique 15-digit number for each taxpayer who has signed up for GST. One Person Company can also sign up for GST on its own if it wants to take advantage of its benefits. Also, according to the GST Rules and Regulations, One Person Companies are required to have GST Registration if they meet the requirements for being able to do so. This article will tell you what you need to know about GST Registration for One Person Company in India.
What is One Person Company Registration?
A business with only one owner is called a one-person company (OPC). Before the Companies Act of 2013 took effect, a company could only be made by two people. If someone wanted to start a business, they could only choose between a sole proprietorship or a Private Limited Company, because a company could only be started with at least two directors and two members. But in the Companies Act of 2013, a new idea called “One Person Company Registration” was added.
Under Section 2(62) of the Company’s Act of 2013, a business can be formed with just one director and one member. This is called a “One Person Company.” It is a type of corporation that has fewer rules to follow than a private limited company.
Understand about the GST Registration for One Person Company in India
Goods and Services Tax is what GST stands for. It is a system of indirect taxation that includes all taxes, like Sales tax, Service tax, Excise duty, and so on. The GST is a tax system that is done online, and so is the process of registering for GST.
When the GST went into effect on July 1, 2017, a lot of OPC companies moved or tried to get OPC GST Registration. GST Registration is a way to sign up for the GST Regime. It is done online. OPC can choose to sign up for GST on its own, but if it meets certain requirements, it has to sign up for GST by law.
When does OPC need GST Registration?
If OPC sells more than 20 Lakh Rupees worth of goods or services or more than 40 Lakh Rupees worth of goods or services, it has to sign up for GST. The GST Registration threshold is set at 10 lakhs in states that are in a special category.
One person needs to sign up for GST. If a company sells goods or services to another state, it must have a company in India.
No matter how much money an e-commerce seller makes, they all need GST Registration.
Casual Taxable Person under GST as OPCa, i.e., who occasionally sells goods or provides services but doesn’t have a permanent place of business, also needs to have GST Registration.
Document Requirement for GST Registration for One Person Company in India
- PAN Card of OPC company
- OPC Certificate
- AOA & MOA
- PAN & Address Proof of Director
- Contact Details& Email ID of authorized person
- Bank details- a copy of canceled cheque or bank statement
- Board Resolution for Appoint Authorized Person
- Address Proof of Company
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Tag : GST Filing, GST Registration, TDS Filing