A Step by Step Guidance: How to apply for PAN and GST for a Partnership Firm?
Introduction
It is essential to understand how to apply for PAN and GST for a Partnership Firm. The process for obtaining both PAN and GST registration is straightforward. Businesses involved in buying or selling goods or providing services must register under the Goods and Services Tax (GST) to avail of the input tax credit. Registering for PAN and GST for a Partnership Firm ensures compliance with tax regulations and enables smooth business operations.
What is a partnership firm?
A partnership firm is one type of business where two or more people come together to share the responsibilities, profits, and losses of the business. In general, A partnership firm is a type in which two or more partners share profit and liabilities equally. In other partnership structures, partners do not share profit or loss equally. There may be a pre-decided percentage of sharing.
How to apply PAN and GST for a Partnership Firm?
There are several procedures to make an application of PAN and GST for Partnership Firms. Below, we have mentioned step by step guidance to apply for PAN card and GST registration.
PAN Application for a Partnership Firm
Before applying for PAN, you must have a registered partnership deed that outlines the operations and structure of the firm. To apply PAN, First, you have to fill form 49A.
- Visit NSDL or UTIITSL portal.
- Select Form 49A.
- Fill out the necessary details like the name of the Firm, Details of partners, business address, and date of formation.
- Attach the required documents.
- Pay the Application Fees online
- Submit the form and note the acknowledgement number for tracking purposes.
- PAN is usually allotted within 7-15 days, and the physical PAN card is sent to the firm’s registered address.
Required documents for PAN application.
- Certified copy of partnership deed
- Proof of Firm’s Address (Any Utility bill or bank statement)
- Identity and address proof of partner (Aadhar card, Voter ID, Passport)
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GST Registration for a Partnership Firm
GST registration is important for a partnership firm as it enables firms to charge GST on their sells and claim ITC on purchases. It also helps to comply with GST laws and avoid penalties. Here is a step by step process of GST registration:
- Visit GST portal.
- Click on New Registration
- Select Taxpayer as the type of applicant.
- Select State and District of Business.
- Enter the number of the PAN card and the Legal name of the Firm as per PAN.
- Provide Mobile number or Email ID for OTP verification.
- Fill GST REG – 01 application.
- Provide business and partner details.
- Select the type of GST registration.
- Submit the application with required documents.
- After submission, you will receive an Application Reference Number via SMS or Email.
- Once approved, the firm will get GST Identification Number and GST certificate within 7-10 Days.
Required Documents for GST Registration
- PAN card of Partnership firm.
- Partnership deed.
- Proof of the registered place of the business. (Any utility bill or NOC of owner)
- Identity and address proof of partners. (Aadhar card, Voter ID, or Passport)
- Bank account details.
- Digital signature of authorized partner.
Conclusion
Applying for PAN and GST for a Partnership Firm is a simple yet important step to ensure legal compliance and smooth business operations. PAN is necessary for tax-related matters, while GST registration allows firms to collect and claim tax benefits. By following the step-by-step process and submitting the required documents, partnership firms can easily complete their PAN and GST registration. Once registered, they can operate legally, avail of tax benefits, and avoid penalties.
Suggested Read :
Documents for Partnership Firm
LLP agreement vs Partnership Deed
Dissolution of Partnership Firm
Types of Partners in Partnership Firm
FAQ
1. Which one is the important document that is needed for both PAN and GST registration for a partnership firm?
An individual must have to submit partnership deed to apply for PAN and GST for a Partnership firm.
2. What is the minimum capital for a partnership firm?
There is no minimum capital required to form a partnership firm in India.
3. Which is the best type of partnership?
There is no specific Best type of partnership; It totally depends on business goals and need.
4. How many owners are required in a partnership?
Minimum two members are required to form a partnership firm.
5. What is the GST turnover limit for Partnership Firms?
Companies must register for GST and pay taxes if their annual turnover exceeds Rs. 40 lakhs for goods or Rs. 20 lakhs for services.
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