The Indian tax system evolved as a result of the Goods and Services Tax laws which are commonly known as GST laws, introduced in the year 2017. Getting a registration for the GST is essential for companies doing business in India to comply with the law and profit from the system. However, finding out the steps for GST registration application may seem challenging. This blog post aims to make problems easier! We’ll guide you through the GST register applications step-by-step, outlining the importance of every step, and assist you with the whole procedure.
GST Registration: What Exactly is it?
Getting a unique identification number (GSTIN) from the taxing agency is the process of registering for GST. The number provided serves as your company’s primary point to go to for all things GST-related. Every person or company involved in the sale of products or services with yearly revenue over the particular threshold limit must choose to file a GST registration process.
According to the Indian Goods and Services Tax, or GST, Act, which officially came into force on July 1, 2017. Companies must register to ensure compliance with GST rules and regulations. Here some steps for proper GST registration have been given in detail for the perusal of those who want to obtain the same.
When is GST Registration Required for Businesses?
There are several very potent arguments in favor of firms registering under GST:
- You have to apply for GST if your company’s annual turnover reaches the threshold, which is typically Rs. 40 a lakh, however, it may vary depending on the location and classification.
- Companies that have been registered can claim the Input Tax Credit (ITC) for the Goods and Services Tax (GST) payable on purchases that are used as inputs to produce taxed output.
- A GST registration is proof of legality and tax law adherence. This raises the credibility of your company and could be needed to bid on certain deals or purchases.
- You may collect GST from your clients and provide receipts that are GST-compliant when you have a GST license.
- GST simplifies filing tax returns by combining several indirect taxes into one. The overall cost for compliance is decreased because licensed companies just need to submit GST returns.
How to Register for GST in India?
To complete the GST registration process, consumers must fill out a digital application at the GST location, enter all required information about their firm, including bank account information, the advertiser, partnership, and director of operations, and submit any essential paperwork. The registered person receives a distinctive GSTIN after the application has been reviewed and authorized by the taxing authority. Here some of the key steps for GST registration application has been mentioned:
Collect the Essential Paperwork
Make sure you’ve got all the required documentation before beginning your online form. In general, these comprise of:
- Your company’s PAN (Permanent Account Number)
- The candidate’s Aadhaar card (director or owner)
- Evidence of company registration, such as a company certificate
- Name and address evidence of directors and marketers through pictures
- Talk to evidence of the business location
- A banking statement or voided check with the name and IFSC number of the savings account holder’s Digital Signature Certificate (DSC) (required for some firms)
Use of the GST Portal
Visit the https://www.gst.gov.in/ official GST gateway and start the GST Registration procedure by using the official website. After choosing “Registration” from the option menu, tap on “Services”. After that you need to select “New Signup” to get things started.
GST REG-01 Form’s Part A
- Choose “Taxpayer” from the “Who I am a” option.
- Enter your area and region using the corresponding select menus.
- Type in your PAN and company name.
- Give a working telephone number along with an email address. (If available, PAN-linked data may be applied.)
- To create a Temporary Reference Number (TRN), click “Proceed”.
Document Verification (Part B)
This is an important step for GST registration process where documents should be verified and confirm
- Return to “Services” and choose “Temporary Reference Number (TRN).”
- Put in the code for the captcha and your TRN. Select “Continue.”
- OTPs will be sent to the specified email address and cellphone number (or PAN-linked information).
- Insert these OTPs to verify your details.
Upload the Documents and Submit the Application
You will have access to the detailed GST registration form after confirmation. The application asks for facts about the bank’s account, legal signatories, type of availability, and company structure. Do every step accurately and with attention. Provide the portal-specified scanned versions of the necessary documents. Before electronically signing the form using an EVC (electronic verification code) or DSC (if applicable), carefully read it.
Form Completion and Application
Send in the filled-out request. A note of receipt including references for further reporting will be sent to you. Your application will be processed and any required checks will be carried out by the GST office. Once they are satisfied with the information provided by the applicant in the application they will issue the registration certification for the GST.
Conclusion
Complete guide to GST registration has been discussed in the current blog by adhering to these instructions while maintaining the legal entity of your documentation. Recall that accuracy and thoroughness are important. Help tools and FAQs are available on the GST website in case you run across any problems. A tax specialist can also be approached for assistance. They will make your work easy and simplified with their experience and expertise.
FAQs
- What are the 3 types of GST registration?
In India, there are three different kinds of GST registration process: regular, composition, and non-resident.
- What documents are required for GST registration?
PAN cards, Aadhaar cards, proof of a company’s formation or establishment, ID, as well as address verification of promoters, associates, and managers, bank account information, and evidence of the primary location of the company are among the documents generally needed for the registration of GST.
- Who is eligible for GST?
Any company that supplies products or services and has yearly earnings over the minimum threshold (which differs by state) is qualified to register for GST.
- How many days will it take to get the GST number?
According to the details of the application and how quickly the tax department can review it, the length of time required to receive the GST number could differ, but it generally ranges from seven to fourteen days of work.
- Who Cannot apply for GST registration?
Farmers who distribute products that come from their land, people, or businesses engaged in no economic activity, as well as certain recognized classifications of individuals, are not qualified for the GST registration procedure.
- How does Startupfino help in getting GST registration?
Startupfino supports the GST registration procedure by offering support at every step, making sure that all the required paperwork is in order, and, if essential, establishing contact with the taxing authority.
- How to connect with Startupfino to do GST registration?
Anyone can get in touch with Startupfino for help with the GST registration process by visiting their web page, completing their inquiry form, or contacting them by telephone or email using the phone numbers provided on their website.
