Documents Needed for GST Registration Partnership Firm

Introduction

It is simple to establish and form a partnership. There aren’t any intricate commercial formalities. In India, partnership firms must register in accordance with the Partnership Act, of 1932. Additionally, it offers the paperwork needed to register a partnership firm with the Registrar of Firms. The GST registration of partnership firms is very essential

How may a GST registration of a Partnership Firm be put forth?

This is the process and documents required for the GST Registration of a partnership firm.

1. Obtain access to the GST Online Portal to register a partnership entity for GST.
2. Fill out Form Part A (email, mobile number, and PAN).
3. Your information is verified via email and OTP through the portal.
4. Upload the files required for the partnership firm’s GST registration.
5. To access and finish Part B, enter the number that was provided.
6. The application will be given the Reference Number. 
7. The GST Officer starts checking the documents.
8. The GST Officer will decide whether to accept or deny your application within 7 working days.
9. Should an explanation be required, you have to provide the required paperwork.
10. Following all justifications, a GSTN number is given to you.

Deed of Partnership

The Partnership Act, of 1932 governs partnership registration, which is the most straightforward business entity to organize. To register a partnership, you must have at least two partners.

A partnership deed is executed on judicial stamp paper, which can be obtained from the state registrar’s office in question. In addition, the partnership deed’s terms and conditions must be accepted by each partner before it is signed.

Certificate of Partnership Registration

You need a Partnership Registration Certificate in order to apply for GST registration. It is, in fact, one of the most crucial documents needed for a partnership firm to register for GST.

Therefore, be sure to register your company with terms and conditions that all partners have agreed upon to avoid any rejections.

Partners’ and Partnership Firm’s PAN Cards

All registered partners’ PAN cards as well as the firm’s are required in order to apply for GST registration of a partnership firm. Thus, apply for a PAN Card if any of the partners or the partnership firm does not already have one. An e-PAN card is delivered in around two days. A physical card, however, can take five to seven business days to arrive at the registered location.

Images of Partners

Additionally, you need to have passport-sized photos of each partner. Additionally, you should always carry digital passport-sized images with you because you could need them for several other purposes.  To preserve the image’s excellent quality, obtain a digital copy.

Provide evidence of each partner and the partnership firm.  Additionally, each partner must provide evidence of address. For instance, a valid official identity proof such as a driver’s license or voter ID card. 

You may provide the company with any of the following records as proof of address:

Rent Agreement Utility bill (electricity, water, gas, or property tax bill) if the property is rented 

NOC (the owner’s no-objection certificate)

The authorized signatory’s Aadhar card

The most significant identifying document that is currently acceptable and required to fill out any form is the Aadhar card. As a result, the individual designated as the firm’s authorized signatory must produce his Aadhar card, which must have accurate and up-to-date information. Additionally, the signatory may digitally sign the GST registration application via e-aadhar or DSC.

The appointment proof of the signatory

The most crucial thing to remember is that you need to have an official letter as proof when you designate a spouse as the authorized signature. The partner who will serve as the firm’s authorized signatory is fully disclosed in the employment letter.

It further specifies that the firm shall be bound by all business-related papers signed by the signatory. Additionally, they will be the company’s principal point of contact with the GST department.

Current Bank Account  

In order to track and manage any money connected to the business, the company needs to establish a separate current bank account. It keeps commercial fraud, disagreement, and legal problems at bay. In light of this, the following paperwork is required when applying for a new business bank account:

1. Address on the Partnership Deed PAN Card of the Partnership Firm Evidence of the Firm’s Identity Evidence of each companion
2. Certificate of Partnership Registration
3. A copy of a gas, water, electricity, or phone bill that is no more than two months old
4. On the company’s letterhead, the designated Signatory’s authorization letter

FAQs

1. Which documents are needed to register for GST?

PAN cards, evidence of business registration, identity verification, proof of address for personnel in charge, proof of business address, bank account statements, and pictures are among the documents needed for GST registration. 

2. What advantages does the registered partnership firm receive legally?

If a third party breaches a contract, the registered firm or its partners may bring legal action against them. The third party may file an action against the firm, but the partnership firm cannot file a complaint against the third party if the firm is unregistered. The unregistered business and any of its partners are likewise not entitled to a setoff in the event of a dispute with a third party.

3. How much turnover is necessary to pay GST?

The type and location of your firm determine the turnover needed for GST registration. The threshold limit is Rs. 20 lakhs for services and Rs. 40 lakhs for items for the majority of firms. The cap, however, is Rs. 10 lakhs for both products and services for states falling under special categories.

In this article, Lawgical Adda will cover everything you need to know about the documents needed for GST registration for a partnership firm.