How To Apply For GST Number For A Partnership Firm?

It is legal for anyone in India to form a partnership firm, either in writing or verbally. This agreement entails two or more individuals agreeing to split profits earned from a business that is run by all partners or just one of them. The partnership deed must be filed with the IRS in order to demonstrate the existence of the partnership for Income Tax purposes. PAN cards are also required along with the application. The purpose of this article is to review the steps required to apply for a PAN and partnership firm GST registration.

What is the procedure for obtaining a PAN for a partnership firm?

  • You can apply for a PAN online via the NSDL website or UTIITSL website.

  • On the NSDL website, you can download Form 49A for applying for a PAN card.

  • Applicants can pay their application fee by credit/debit card, demand draft, or through internet banking.

  • NSDL requires users to submit any supporting documentation through courier/post after their application has been approved.

  • The partnership deed must be sent to NSDL with the application if the firm is a partnership.

  • The NSDL processes the PAN application upon receiving the documents and issues the PAN.

GST Registration Procedure for Partnership Firms

In order to claim input tax credits, companies, firms, or individuals must register under the Goods and Services Tax.

A temporary reference number (TRN) for the application is generated on the website of Goods and Services Tax when you register for GST. The site is (www.gst.gov.in)

What is the process for applying for a GST number for a partnership firm?

  • Access portal of the GST Online by logging in

  • Fill out Part-A of the Form (PAN, mobile number, and email)

  • Your details are verified by OTP/E-mail when you access the Portal

  • You need to upload the necessary documents

  • Part B can be accessed and filled out by using your received number

  • The Application Reference Number will be provided to you

  • Your documents are verified by the GST Officer

  • In seven working days, the GST Officer would either accept or reject the application submitted. 

  • If you are required to give an explanation, you need to provide the required documents

  • GSTN number has been assigned to you after all clarifications

A partnership firm must submit the following documents to register for GST:

  • Photos of all our Partners

  • PAN card for all partners

  • All partners' Aadhaar Cards

  • The Partnership Firm's PAN Card

  • (Partnership deed) Proof of the constitution of the business

  • A recent bank statement / electric bill / rental contract / lease agreement showing the principal place of business (Not older than 2 months)

  • Any partner can obtain an Authority Letter

  • A unique Reference Number (ARN) will be issued when the application is filed to help track its progress.

  • After the Tax Officer has approved the application, the Certificate of Registration can be viewed online

 

Why should partnership firms be registered?

The advantages of registering a partnership firm outweigh the disadvantages. As we have seen, establishing a partnership company has many advantages.

 

  1. Getting started is simple

In most cases, setting up a Partnership firm is easier, and all that is needed is a deed of partnership.

 

  1. Process of decision-making

Because of the lack of such a concept, a partnership firm makes decisions much more quickly. Partner firms in India grant their Partners an array of powers, including the power to carry out any business on behalf of their partners.

 

3. Raising the necessary funds

When compared to a Proprietorship firm, Partnership firms can raise funds more quickly.

As compared to a proprietorship firm, banks are also more likely to sanction credit agreements when dealing with Partnerships.

 

4. Ownership of One's Own Success

The partners are the owners of the firm and are free to manage and control its activities. Partners in a Partnership firm might have different responsibilities, but they share a common goal.

When a company is owned, employees are held accountable and feel like a part of the company, which leads to greater productivity

 

Conclusion

 

The tax has many aspects that people don't pay attention to, but they should. Here's a simple guide to help you understand and implement the whole process of partnership firm registration. Through this comprehensive guide, you will learn how to implement various aspects of this tax in the accounting and finance worlds.

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    27 Aug 2019
    Tomas Mandy

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    1. author
      27 Aug 2019
      Britney Millner

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  2. author
    27 Aug 2019
    Simon Downey

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