GST: What It Is It And How To Register?

GST: What It Is It And How To Register?

What Is GST?

Goods and Services (GST) is an Indirect Tax. It has substituted several other indirect taxes in India including its roots like CST, VAT, service tax, central excise duty, etc. GST is charged on the domestic selling of products and services. This tax is levied at the stage of sale, not at the stage of production, unlike former indirect taxes. The law regulating GST was enacted in Parliament on the 29th of March 2017 and enforced nationally on the 1st of July 2017.

The story of GST began in the year 2000 when a committee was formed to draft the GST legislation. 17 long years were spent in the refining of this legislation. Finally, in 2017, the Govt passed the GST bill. The Act eventually comes into effect on July 1, 2017.

The current GST law states that any person or business delivering goods and services is required to register under Goods and Service Tax. So, if you’re running a company with annual revenue that reaches Rs.20 lakh (all Indian states except north-eastern states) you are required to register with Goods and Service Tax Network (GSTN).

You will be given a personalized Goods and Service Tax Identification Number (GSTIN) after you register under this scheme. Once you have completed your registration, the Government issues you a state-wise, 15-digit number.

Registering For GST?

With this new law in place, where you are required to register under the new act, a question in everyone’s mind is “how to register for GST?”.

But before diving into the process of registration, you have to ensure you have all the documents required to register for GST. Listed below are the documents required.

  • Incorporation certificate and partnership deed
  • Pan card
  • Aadhaar card and voters ID
  • Proof of address should be provided in the form of lease/rent agreement or water/electricity bills.
  • Bank statements of the firm or the business person

Register For GST

Here are the steps that you should follow in order to register for GST

  • Visit the GST website/portal
  • Then click on registration, this can be found under the “services” tab

Part One

  • First, select the tab that reads “taxpayer” from the dropdown tab “I am”
  • You are then required to fill in the details of your business in form GST REG-01, for new registrations.
  • After the second step, you will receive a one-time password(OTP) on the mobile number you registered with, this is to verify the authenticity of the individual registering, which also helps reduce fraudulent acts.
  • After the completion of part one, you will get a temporary reference number(TRN), be sure to note it down as you will require it in the next process. After this, you will be taken to the part 2 page.

Part Two

  • Log in with your TRN in order to begin the Part B registration process, and type the CAPTCHA code. Finish the OTP check using the OTPs sent to your email address and cellphone number listed, after which you will be routed to the GST registration portal.
  • Now, provide business details such as the name of the business, PAN number, mention the state you are registering your firm in, and also the start date of the business. If you have other current registrations, it must be mentioned here.
  • Submit information of up to 10 sponsors or your business partners. In the situation of a proprietorship company, you may apply the proprietor’s information. Personal information, name, DIN (Director Identification Number), Aadhaar number, and PAN number, are also be required.
  • Now, provide details about the individual you authorized to file GST returns.
  • Add the main location of the business, address, official contact information, and the type of property ownership.
  • Include details of the specific market locations, descriptions of the products and services to be provided, and the company’s bank account information.
  • Upload the necessary documentation depending on the form of organization you register as.
  • Select “Save and Continue”, after the completion and submission of the form you are required to digitally sign it.
  • Select the ‘Submit’ button to save information.
  • Upon submission, you will obtain an Application Reference Number (ARN) to verify your enrolment by E-mail or by SMS.

Here are the steps you should follow to register your business for GST, always ensure that you have the necessary documents required to enroll. Also, you can always track your GST registration status on the GST portal.

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