After 2017, there is a huge change in the indirect tax system of India. It was the year when India adopted the Goods and Services Tax Act of 2017. After this the entire indirect tax system changed overnight. There was huge opposition by the people against such a change but ultimately after a lot of efforts it got implemented in India, although India is not the first country who has adopted GST. In order to understand this concept of gst registration process, eligibility and benefits make sure you will go through this writeup till its last line.
What is GST Registration?
In order to know about the registration process of GST, eligibility and benefits, we must get familiar with the answer of this one question which has been asked every now and then by the clients, “what is GST registration and why we need to do that”. Businesses who sell goods with turnover of more than or up to Rs 40 Lakhs and provide services with turnover of more than or up to Rs 20 Lakhs, must register for GST. However, businesses in special states have relief on this turnover limit.
GST Registration process time is approximately 7-15 working days. GST is a registration through which you will be recognized as a taxpayer in India. It is important to do that because if you come under its threshold limit and ignore registering under the same then authorities can leavy heavy fines and penalties against you. Hence in order to make your business safe it’s important to register under the GST.
What is the Registration Process of GST in India?
The GST can be registered online in India. GST registration process for individual and corporation is mentioned below in detail:
- Open the GST portal
- Click on “Register Now” and Select “Services tab”
- Select “New Registration” option
- Fill all the details asked. These include state, district, name of business, PAN, contact details etc
- A Temporary Reference Number (TRN) will be shown on the screen. Note this number, as it comes in use later on.
- Now again, Open the GST portal
- Click on “Register” and “Service tab”
- Select and enter the TRN number
- Enter one time password, will be sent on the email id. and the mobile number.
- Submit all the required or we can say necessary documents such as business address proof of the business, Bank Account Details, Authorisation form, Photographs etc.
- After submission, visit the “Verification page” and submit the application form
- Now a message of the successful registration will be shown on your screen
- An Application Reference Number (ARN) will be sent to the mobile number and email id. Now you can regularly check the status of the ARN on the GST portal.
- After the above steps the department will check your application and if everything seems good to them they will issue the registration certificate.
Who is Eligible to Register for GST?
The following individuals and businesses must register for GST:
- All individuals who have already registered under the tax services before the GST law was enforced.
- Non-Resident Taxable Person
- Casual Taxable Person
- All those who pay tax under the reverse charge mechanism
- Businesses deal in goods and have turnover of more than or up to 40 lakhs.
- Businesses deal in services and have turnover of more than or up to 20 lakhs.
- Those who supply goods through an e-commerce aggregator
- Business who are involved in the interstate transactions
- Individual or organization who wants to take voluntary registration without complaining under its threshold limit
What are the key Benefits of GST Registration in India?
Some of the key benefits or we can say advantages of GST registration are given below:
- Legal Recognition: Successful registration of GST means that the business is a regular tax payer. This means that the business is legally recognized.
- Avoid Fines and Penalties: Only businesses who have registered for GST, have the right to impose it. The ones who have not registered for GST, cannot charge it. However, if they do, then fines are imposed upon them. Therefore, registration of GST is beneficial and safe.
- Easy to Start a New Business: Registration of GST is beneficial as it becomes easy for new businesses to get started. As businesses don’t have to deal with different taxes of different states. GST is the one and only tax they have to register for.
- Simple Process: GST is the only tax, which is imposed. This saves the businesses from different tax registration, which would just complicate the process of taxation.
- Compliance with Law: In order to comply with the GST laws it is important to do this registration under the laws of India.
- Ease of Doing Business: When you show the GST to your consumers they trust your business more and in this way your survival in the industry becomes easy.
- Reliability and Credibility: By registering under the GST your business reliability and credibility increases in the market and this is how your business can grow more.
Conclusion
GST registration process becomes simple, if done under guidance of an expert like Startupfino. Businesses who cross the turnover limit have to mandatorily register for Goods and services Tax. After the registration a unique GST number is allotted to all the businesses. This number must be there on all invoices and bills. It proves the successful registration of Goods and Services Tax. There are many people who make fake GST numbers to collect money from customers.Heavy fines can be imposed upon these wrongdoers if caught while doing such things. GST is not just a compliance of all but also a vigilance of the government on the business activities.
FAQs
- How can Company Startupfino help with the Registration Process of GST?
Startupfino is an independent legal services provider that helps firms navigate the GST and new GST registration process.It assists businesses with the entire registration process, from filing documents to acquiring the GSTIN. The registration process of GST, takes typically 7-15 working days.
- Can you explain the GST registration process step by step?
GST registration is a process through which the taxpayers register themselves with the competent authorities. One can simply register by filing an online application form on GST Portal along with some documents. After the successful verification, registration certificate and GSTIN is obtained.
- What is the Registration Process of GST?
GST registration in India refers to the registration of firms or individuals as taxpayers with the GST department under the country’s GST regulations.
- Is there a PDF guide available for the registration process of GST?
Yes, a Manual Guide for GST Seva Kendra is available online and contains all GST-related information and registration instructions.
- Is Company Startupfino suitable for individual entrepreneurs?
Yes, startupfino assists not only individual entrepreneurs but all kinds of companies in their Goods and Services Tax registration process, such as Private Limited Companies, Public Companies, Limited Liability Partnership, Sole Proprietorship etc.
- Does Company Startupfino provide support in multiple languages?
According to startupfino, language is no barrier when it comes to providing services of any nature, hence they can guide you about the GST registration process in Hindi and English both.
- How quickly can Company Startupfino assist with setting up a company?
StartupFino may help you set up a company quickly, usually between a few days to a couple of weeks, depending on the type of organization, location, and completion of essential paperwork.
