What do you understand by the term GST?
GST stands for the Goods and Services Tax that simply means
that it is the biggest indirect tax reform of India. On the supply of the goods
and services, GST is a single tax. Therefore, GST is considered as the
destination-based tax. The main motive of applying for GST is to bring together
the state economies and help to improve overall economic growth of the
nation.
How is GST
applicable?
If you are running any kind of business except agriculture
(in addition to the primary business) and your aggregate turnover is above 20
lakhs (Rs. 10 lakhs in case of north eastern states) in a financial year then
you are a taxable person under GST law.
Do you know what GSTIN is?
The term GSTIN is refers to the Goods and Services Tax
Identification Number. It is a unique number that each and every taxpayer will
receive once they have registered on the common GST portal. This number is
based on the taxpayer’s PAN.
Benefits of GST
Registration Online
Below mentioned are some of the categories
based on the benefits of online GST registration
Normal registered
businesses:
● Take input tax credit
● Interstate sales
Without restrictions
Composition
dealers:
● Limited compliance
● Large working capital
● Less tax liability
Entrepreneur
opt-in for GST registration
● Claim input tax credit
● Interstate sales
Without restrictions
● Able to register on
the e-commerce websites
● Competitive advantage
compared to other firms
In the present scenario of GST regime, every company or
firm that supplies goods and services and has an annual turnover that exceeds
Rs. 20 Lakh in all the Indian states other than the north eastern states. Then,
you will have to register with the Goods and Service Tax Network.
Once a taxpayer has registered under the GST regime, then
they will receive a unique GSTIN that is known as Goods and Service Tax
Identification Number .It is the central government that issues each registered
taxpayer a 15 digit unique number once online GST registration is complete.
There are several advantages that are included in the GST registration like you
will have the legal and appropriate identity as a supplier. On the other hand
you can also avail input tax credit and collect the GST from the recipients of
the goods and services.
Process
of Online GST registration in India
Below mentioned are some of the steps that will help you
with online GST registration. Follow these steps and make your registration
process much easier with us.
Documents
Required for Online GST Registration
Here is the list of documents that you will need at the
time of the Online GST registration.
● PAN card of the
applicant
● Incorporation
certificate or partnership deed
● Voter IDs, PAN cards
or Aadhar cards of the promoter or partners
● Applicant should
provide the address proof of the business along with an electricity bill,
rent/lease agreement or Consent Letter (These documents should be issued by the
government).
● Statement of
bank account of the company, firm or individual
GST Registration
Process Online
With the help of the online GST registration portal you can
apply for GST. Have a look at the below-mentioned points on how to apply for
GST registration online.
● Visit GST portal
● Click on
“Registration” under the “services” tab and then click on the “new
registration”.
Follow these
Steps:
PART A
I am a - “Taxpayer” (Select Taxpayer from the drop-down
list)
Then fill the form GST REG-01 for completing the new
registration and then enter details such as the legal name of the business,
state, email address, mobile number, and PAN card.
Check the information provided before entering the OTP (one
time password) that is sent to your mobile number and email ID and then click
on Proceed for further process.
When you have completed the process A, move to the Part B
of the process. You will receive a temporary reference number (TRN) after the
verification process. Note down the TRN number.
PART B
● Login with the TRN and
enter the CAPTCHA code. After the login, complete the OTP verification with the
help of the OTP that is sent to your email id and registered mobile number.
After completion of OTP process you will be redirected to the GST registration
page.
● On GST registration
page, submit the information related to the business such as the name of your
company, PAN, state name in which you want to register your business and the
commencement date of your business. If you have any existing registrations then
mention about it.
● Complete the procedure
by submitting details of the promoters (Upto 10 promoters) or the partners of
your business. However, if you are running a proprietorship firm then you will
have to submit the details of the proprietor. In this case, you need to provide
the personal details like designation, direct identification number, PAN and
Aadhar Number.
● Submit the details of
the person that you have authorized to file the GST returns.
● Add place of business
and the address, official contact details as well as details related to
possession of premises.
● In this step you need
to upload all the required documents that are based on the type of business or
company you are registering for.
● Click on save and
continue tab. After submission of the application you need to sign it
digitally.
● Click on the tab
Submit to save your details.
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