What Is GST?
GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. GST is one indirect tax for the entire country. In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration. GST registration usually takes between 2-6 working days. GST Registration is done through TaxOSmart.
Advantages Of GST Registration
Eliminating cascading effect of taxes.
Tax rates will be comparatively lower as the tax base will widen.
Seamless flow of Input tax credit.
Prices of the goods and services will fall.
Efficient supply change management.
Promote shift from unorganised sector to organised sector.
Steps of GST Registration
Step 1
Log in to the online GST Portal (www.gst.gov.in).
Step 2
Fill Part-A of Form GST Registration form 1.
Step 3
You will receive an application reference number on your mobile and via E-mail.
Step 4:
You will then need to fill the second part of the form and upload the required documents according to the business type.
Step 5
Finally a certificate of registration is issued to you by the department.
Step 6
In case of errors and questions, you may need to visit the department.
Step 7
Produce the documents within 7 working days along with GST REG-04.
Step 8
The office may also reject your application, if he finds any errors. You will be informed in form GST REG-05 of GST registration regarding the same.
Who all need to get GST registration?
Goods and Services Tax Identification Number (GSTIN) or GST Number is a unique identifier assigned to a business or person registered under the GST Act. GSTIN is utilized by tax authorities to maintain records of GST dues and payments of those who are registered under the GST Act. Persons who are required to get a GST number are:
- Individuals registered under the Pre-GST law. (i.e., Excise, VAT, Service Tax etc.)
- Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)
- Casual taxable person / Non-Resident taxable person.
- Agents of a supplier & Input service distributor.
- Those paying tax under the reverse charge mechanism.
- Person who supplies via e-commerce aggregator.
- Every e-commerce aggregator.
- Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person
GST Registration
Ideal for Start-ups Going for Funding & Growing Business
Loading...
