GST registration is a mandatory process for every business person whose turnover exceeds Rs. 40 lacks to register as an average taxable person. On July 1, 2017, the GST bill had approved by the president and applied to all Indian services providers traders and business people. Hence all existing businesses registered under the central excise and GST council finalized the rules and regulations for the registration process. Moreover, the entire procedure is online and requires no manual intervention.
Goods and Services Tax (GST):
GST stands for Goods and Services Tax. In 2017, the Goods and Service Tax introduced in the Indian government. It had successfully passed in parliament on March 29, 2017. It is an indirect tax that forced on the entire country. In other words, GST levied on the supply of goods and services in India.
GST REGISTRATION PROCESS IN INDIA:
The GST registration process is an online process maintained by the central government of India. The online portal used to proceed with the registration process. To help businesses with the registration process, the government will also appoint GST Suvidha Providers. These are the following step you need to follow for the GST registration process:
Step 1: Log in to Portal
In this first step, the Applicant needs to login to the GSTN portal using his PAN, email id, and mobile number to fill the GST REG-01 form.
Step 2: Verification:
Secondly, the applicant information verified on the GST portal. Once the information is verified thoroughly, then the Applicant will receive a reference number on the registered mobile number or via Email. The will grant application electronically in form GST REG-02.
Step 3: Reference number:
In the 3rd step, the Applicant needs to fill Part-B of Form GST REG-01 and write the application reference number over there. Once the Applicant specifies the reference number of his application, then the form submitted.
Step 4: Obtain a Certificate
Finally, after verification of all information, the Applicant will get a certificate of registration from the GST portal within three working days. In any case, any problem the Applicant may have to visit the concerned department.
Document Required For Registration:
These are the following document required for the GST registration process :
PAN Card of the company
Proof of partnership deeds like MOA and AOA
Passport size photo of Applicant
Authorized signatory of a partner in case of partnership firm or List of directors in case of a company.
Proof of place like Electricity Bill, Legal ownership document
Details of Bank account
In the registration process, the Applicant needs to submit these documents for GST registration.
Pros OF GST Registration Process In India:
Registration under Good Service Tax will offer the following advantages to the business:
1) GST Eliminates the Cascading Effects of Tax:
GST is an indirect tax that introduced to bring indirect taxation under one roof. Also, it helps to remove the cascading effect of tax that was evident earlier in India.
2) Ease of Business in India:
One of the most important pros is that GST improves the ease of start-up business in India. Back in the day, starting a new company in India is very difficult. The states imposed different types of indirect tax like VAT, and each state has other procedures and fees of VAT registration.
In contrast, the introduction of GST improves the ease of starting a small business in India. Moreover, The procedure for GST registration is centralized, and also a single GST registration applies to entire India.
3) Integration of Taxes:
Goods and products are texed under the VAT regime implemented by the State Government. Moreover, each state has different VAT rates, VAT regulations that create complications for the small businessman. On the other hand, GST is a significant simplification of indirect tax at both centre and state levels. It helps to replace the complicated taxation in India
FAQ OF Registration Process:
How do I register for a GST number?
After the registration process is done, the government will provide the applicant 15 digit number, which is a unique identification for every business person.
What is the GST Registration Fee?
GST registration process is online, not manual so the government will not charge the Applicant.
Who needs for GST Registration in India?
GST registration is indispensable for a businessman whose turnover is around 40 lacks.
Do I have to register for GST?
There would be many benefits if you registered for GST. However, if your turn over does not exceed 40 lacks, then you register to OPT not to register for GST.
What happened if I don’t register for GST?
You have to face a penalty of taxes if your company turnover exceeds 40 lack. In that case, you have to registered for GST to get rid of these extra taxes.
CS.A.Maniraj.,B.Com.,ACS.,CA(Fin), Independent Director
Certified CSR Professional., Certified GST Professional