Goods and Services Tax(GST) is a consolidated indirect tax policy that encompasses VAT, CST, Service Tax, Central Excise duty, Entertainment Tax, etc and is valid all over India with effect from 1st July 2017.GST is the biggest tax reform in India, tremendously improving ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India. There are various types of GST registration and some types of entities like casual taxable persons, non-resident taxable persons or persons supplying through eCommerce operators are required to mandatorily obtain GST registration irrespective of turnover limit.
Benefits of GST Registration:-
1. GST eliminates the cascading effect of the tax.
2. The number of compliances is lesser.
3. Higher threshold for registration.
4. The unorganized sector is regulated under GST.
5. Improved efficiency of logistics.
6. Simple and easy online procedure.
7. Composition scheme for small businesses.
8. Defined treatment for E-commerce operators.
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Log in to http://gst.gov.in with the help of your credentials.
Move your mouse over the services tab for a drop-down menu and select ‘Registration’.
Click on ‘Track application status’, enter your ARN and click on search.
Yes, Different offices of a taxpayer can apply for ISD registration.
No, a person without GST registration can neither collect GST from his customers nor can claim any input tax credit of GST paid by him.
Any person should take a Registration, within thirty days from the date on which he becomes liable to registration, in such manner and subject to such conditions as may be prescribed.
Mandatory to register under GST when annual turnover exceeds INR 40/20 lakh or supply goods and services inter-state or through an e-commerce platform.
Tax rates vary from 0% to 28% depends on the type of goods & nature of the services you are selling.
Procedure to the registration of GST:
● Step 1 :
Open https://reg.gst.gov.in/registration/ website for starting the registration process.
Select the “New Registration” option and fill in the following details:
a. Select your identity as “Taxpayer”.
b. Select state and district
c. Write the name of your business (As mentioned on the PAN card)
d. PAN card number of your business
e. Email address and mobile number (For the purpose of OTP)
● Step 3:
OTP will be sent on your mobile number and email address.
On the OTP verification page, fill in the OTPs received on your mobile number and
email address and click “Continue”.
On successful verification of OTP, you will receive a “Temporary Reference Number
(TRN)” on your mobile number and email address.
The screen will display a message which says that you will have to file Part B of the
application before the specified date as mentioned in the same message.
Once again go to the same website to complete the Part B of the GST registration
Select “Temporary Reference Number (TRN)” option.
Enter the TRN and the displayed captcha image.
Once again you will receive new OTP on your mobile number and email address.
Fill the OTP and select “Proceed” for OTP verification.
On the website, a dashboard will display the status of your application as “Draft” and an icon to edit will be displayed. Select the icon.
Fill in the appropriate details and upload the required documents.
Once all information is filled go to the “Verification” page.
Tick on the declaration and submit the application using either a DSC (DSC is
compulsory for Companies and LLPs) or E-signature or Electronic Verification Code which is sent to the registered mobile number.
● Step 9:
After following all the above steps your application will be submitted successfully and
you will receive an “Application Reference Number (ARN)”.
You can check the status of your application by entering the ARN on the GST Portal.
List Of Documents Required For GST Registration:
●PAN Card of the Company
●Proof of constitution like partnership deed, Memorandum of Association (MOA) /Articles of Association (AOA), certificate of incorporation.
●Details and proof of place of business like rent agreement or electricity bill
●A cancelled cheque of your bank account showing the name of account holder, MICR code, IFSC code and bank branch details
●Authorized signatory like List of partners with their identity and address proof in case of partnership firm or List of directors with their identity and address proof in case of the company.