GST Registration Services, In the month of July 2017, the Indian government took a giant leap when it launched GST or goods and service tax in India. GST is a multistage tax i.e. it is imposed on each and every stage of production. It is a destination-based tax, as it is collected from point of consumption and not the point of origin.
GST has replaced all the indirect taxes in India. It is levied on each and every product except for petroleum products, alcohol, and electricity. This system of taxation was introduced in many countries before India and is very successful in them.
The motive behind the introduction of GST was to bring one unified taxation for the whole country, which it has accomplished. Indirect taxation is the main source of revenue for any country. Hence, when GST was introduced in India, it was doubted that the revenue would fall. But it is not the case, revenue collection is at an all-time high in India.
Moreover, unlike VAT the process for GST registration is quite simple. GST registration requires a GST number and several other things.
GST Registration Process & Eligibility.
If an organization or a firm has an aggregate turnover or revenue of more than Rs. 20 lakhs, where aggregate turnover means all the supplies that are taxable are to be calculated on all India basis. Whereas, in the special category states, the turnover limit is more than Rs. 10 lakhs.
2. Inter-State supply
If the goods are supplied from one state to another, the supplier would become liable for getting GST registration. It does not matter whether turnover criteria are satisfied or not.
3. E-commerce platform
Any firm or organization who is selling or providing goods and services through E-commerce is liable to get GST registration. Sellers, like Amazon, Flipkart must obtain GST registration to commence their activities. Here, also the turnover rate does not matter.
4. Small sole proprietors or seasonal sellers
Persons who are commencing their business through a sole proprietorship or seasonal sellers are also required to obtain GST registration. Here, once again the rate of turnover does not matter for GST registration.
5. Voluntary registration
Any person can obtain GST registration irrespective of turnover or any of the other criteria. The voluntary GST registration can be surrendered at any time.
The types of GST registration are the following:
1. Normal Taxpayer
Most of the businesses in India come under this type of GST registration. This type of registration does not have an expiry date.
2. Composition Taxpayer
Those who come under the GST composition scheme, need to get GST registration under this head. Taxpayers under this head pay a flat GST rate.
3. Casual Taxpayer
Those who are sole proprietors or seasonal sellers come under this head. They require to deposit an advance equal to the amount of GST liability expected during the period for which the GST registration would be active. This type of GST registration is provided only for a period of 3 months.
4. Non-resident Taxpayer
This registration is required by the supplier who is located outside India but is supplying goods or services to the residents of India. Under, this head the taxpayer must provide the advance for the period for which the GST registration would be active. The registration is provided for a time period of 3 months.
The following documents are required for GST registration:
1. Photo of the concerned person
2. Proof of commencement of business
3. Photo of authorized signatory
4. Certificate of Incorporation
6. Letter of Authorisation
7. Copy of resolution passed by B.O.D
8. Electricity Bill
9. Legal ownership document
10. Proof of details of Bank Accounts
GST Registration procedure:
Step 1: Go to the GST portal
Open the GST portal and click on “New Registration”
Step 2: Complete OTP validation and generate a TRN
Select the type of taxpayer and choose the State for which the GST registration is required. Enter the name of your business organization and the PAN number of your entity. Enter your email id and mobile number.
Step 3: OTP Verification and TRN Generation
On the completion of the above steps, enter the OTP received on the mobile number and enter the OTP received on the email address.
Step 4: TRN Generated
The TRN will be generated which will now be used for submitting the GST registration application.
Step 5: Login with TRN
Now, that we have the TRN (temporary reference number), use this to go to GST registration.
Step 6: Enter your business information
Enter the complete details required in the respective fields. Here, you will name of your entity, district, trade of your business, etc.
Step 7: Enter personal information
Enter your personal details as per the required fields. The information to be provided includes name, date of birth, PAN & Aadhar, photo, etc.
Step 8: Submit information of Authorised signatory
An Authorised signatory is a person nominated by promoters of the company for filing GST returns of the company. The concerned person can also be an Authorised Signatory.
Step 9: Principal place of Business
The details of the principal place of business must be provided by the applicant. The principal place of business is the place where the business’s books of accounts and records are kept. It is the place where the head of the firm or at least the top management is located.
Step 10: Additional Place of Business
In case, you have more than one place of business, enter those details.
Step 11: Details of Goods and Services
The taxpayer must provide the details of the top 5 goods and services supplied and offered by the client respectively. It is an additive list, and the business does not need to be limited to this list only.
Step 12: Details of Bank
In this column, enter the number of bank accounts the applicant has and enter the information about each of them.
Step 13: Verification of Application
Verify the details of the application and select the verification box. Finally, digitally sign the application using DSC. In case of, partnerships and company it is mandatory to digitally sign the application.
Step 14: ARN Generated
After, these steps have been completed applicant will receive an ARN (Application Reference Number). Using, this ARN, the applicant can track the status of the GST registration application.
GST registration is simple, but not hassle-free. We at GSB offer you facilities for all your taxation worries so that you can focus on your business and need not worry about anything. We offer taxation services, registration services, audit compliance, and other services to run your business smoothly. GSB (Global Solution Business) has dedicated staff so that you need not worry about anything other than running your business. We also offer other services such as web designing, SEO, E-commerce designing, Digital Marketing, and Advanced Digital Marketing services so that you can also take your business online.