GST is the new tax law which replaced all the indirect tax applied on the goods and services in India. GST registration is also needed for the proprietorship firms. So in this article we cover all your doubts regarding the gst registration for sole proprietorship firm.
What is Sole Proprietorship Firm?
Sole proprietorship firm is all that businesses where a single person runs the business and personally liable for all the liabilities occurs in their enterprises. This is the general business form running in India and it is normally not considered as a legal entity.
When a Sole proprietorship Firm Requires GST Registration?
There are certain conditions where a sole proprietorship firm needs an GST registration.
If your business turnover exceeds Rs 40 lakhs for business and 20 lakhs for services.
If you are dealing in more than one state or country.
If you engaged in any online business.
If you are paying before any kinds of service tax like VAT, excise duty, etc.
How to Apply GST Registration for Sole Proprietorship Firm?
Process to apply for GST registration for a proprietorship firm is very easy and simple. Just follow the below mentioned procedure for hassle-free registration: