The Goods and Services Tax emerged as a single-point solution to all concerns associated with indirect taxes in the country. It replaced the different types of taxes like service tax, excise duty, VAT, purchase tax, etc., with a single taxation system.
GST is applicable across the country on different types of goods and services sold for consumption within national boundaries. This article gives you a complete look at how you can complete the GST registration of your enterprise.
The Eligibility Criteria for GST Registration
- Any enterprise with a revenue turnover of over Rs. Forty lakhs is required to register for GST.
- The turnover limit is different for north-eastern and hilly states and is fixed at Rs 10 lakhs.
The Documents Required for GST Registration
Before moving forward with the GST registration process, business owners must keep a few documents handy to sail through the process with ease. Here is a breakdown of the documents that you will need:
- If you are the sole proprietor, you will need your PAN card, Aadhaar card, photograph, address proof, and bank account details
- For partnerships, the required documents would include the PAN card of all partners, copy of the partnership deed, address proof of all the partners, photographs of all the partners, bank account details, authorized signatory’s Aadhaar card, proof of appointment, and the address proof of the place of business
- Public and private limited companies will need the company’s PAN card, the certificate of company’s incorporation, AOA and MOA of the organization, address and ID proof of all authorized signatories, passport size photograph of all authorized personnel, address proof of the office, bank account details, and a copy of the board resolution.
Benefits of GST Registration
- Tax integration: One of the foremost benefits of GST registration is that it brings all the different indirect taxes under one single category.
- Alleviates corruption and promotes compliance: GST was developed to eliminate issues like sales without receipts and corruption. Furthermore, it allows small enterprises to comply with all indirect taxes
- Seamless process: With the digital world coming to the forefront, the GST registration process has become an exceedingly simple task. New ventures can leverage online GST registration as a significant advantage that saves time and money.
- Improved Regulation: Before the advent of GST, some industries in India were unregulated and unorganized. With GST, there have been provisions that include online payments and compliances. Business owners can only avail of the input credit after the supplier accepts the amount.
GST Registration: An Easy Guide
The registration process is completely online. All you need to do is visit the online portal and complete the process as explained below:
- Step 1: First and foremost, you will need to open the portal and select services, registration, and finally, ‘new registration’
- Step 2: Next, you can commence Part-A of the registration by opting yourself as a ‘taxpayer’ and selecting the state and district from the drop-down menu
- Step 3: Input the registered name of your business along with the business PAN details
- Step 4: Next, you must enter your email address and mobile number. Be careful, as the number you enter here will be the one that receives all the OTPs
- Step 5: You will get the OTPs on your email and mobile number as you proceed. You can enter the one-time password or click on RESEND OTP
- Step 6: You’ll receive the 15-digit temporary reference number (TRN). You will need this to get through Part B of the registration in the next 15 days.
- Step 7: Visit the portal again and click on ‘new registration.’
- Step 8: Select Temporary Reference Number and input the TRN and the captcha code to proceed
- Step 9: Enter the one-time password that you receive on your registered phone number and email address
- Step 10: You will see the status of your application as ‘drafts’. Click on the edit icon.
- Step 11: The Part B of the registration would require you to submit all the required documents and required information in 10 different sections
- Step 12: Once you complete Part-B, you will be notified of a successful application, and an Application Reference Number (ARN) is sent to your registered email address and mobile number
- Step 13: The GST will apply to your business once all data is verified
If you want to know more about GST and GST registration process, you can visit Investment Simplified for this and other investment-related concerns.
The Right Step
As a business owner, growing in a competitive market like India involves the construction of effective strategies and timely executions. You don’t want to be stuck with issues with regulatory compliance or restrict your business from availing of the several government schemes. GST registration is a process that certainly pushes your operations in the right direction.
With the focus on a zero GST rating for the healthcare sector and numerous other reforms, it is safe to conclude that GST is one of the most advanced and beneficial taxation systems in the current world.