who to register gst
A Comprehensive Guide to Registering for GST in India
Introduction:
Goods and Services Tax (GST) is one of the most significant tax reforms in India. Implemented on July 1, 2017, GST has replaced multiple indirect taxes such as VAT, service tax, and excise duty. Registration for GST is mandatory for businesses meeting specific turnover criteria. In this article, we will provide a step-by-step guide to registering for GST in India, highlighting the process, benefits, and necessary requirements.
1. Understanding the Importance of GST Registration:
GST registration is essential for businesses involved in the supply of goods or services, ensuring compliance with the tax laws of India. Registration enables the business to legally collect GST from customers, claim input tax credit, and eliminate the cascading effect of taxes.
2. Eligibility for GST Registration:
To determine whether a business needs to register for GST, it must consider its annual turnover. The following provisions apply:
a) Aggregate turnover exceeding INR 40 lakhs (INR 10 lakhs for North-Eastern states) mandates GST registration.
b) Businesses involved in interstate supply, irrespective of turnover, require compulsory registration.
c) Casual taxable persons, non-resident taxable persons, and online service providers must register regardless of turnover.
3. Pre-requisites for GST Registration:
Before proceeding with the registration process, ensure that you have the following documents/information ready:
a) Proof of business constitution (Partnership deed, Memorandum of Association, etc.)
b) PAN card of the business/entity and authorized signatories.
c) Address proof (ownership/lease agreement) of the principal place of business.
d) Bank account details including IFSC code and branch details.
e) Digital Signature Certificate (DSC) for private limited companies and LLPs.
f) Photographs and proof of identity/address of promoters/partners/directors.
4. Online Registration Process:
i) Visit the official GST portal (www.gst.gov.in).
ii) Click on the ‘Services’ tab, then choose ‘Registration,’ followed by ‘New Registration.’
iii) Enter the necessary details like PAN, mobile number, and email address, followed by OTP verification.
iv) Fill in the registration form (Part-A and Part-B). Provide all required details accurately.
v) Upload the required documents as specified in the form.
vi) After completion, submit the application.
vii) A temporary reference number (TRN) will be issued for future reference.
viii) Finally, use the TRN to fill in Part-B of the application, sign digitally using DSC, or with an EVC (Electronic Verification Code).
5. Uploading Documents:
As part of the registration process, certain documents are required to be uploaded electronically. Ensure that the documents are clear, legible, and within the prescribed size limits. Common documents include:
a) Proof of business constitution.
b) Address proof of the principal place of business.
c) Bank account details.
d) Authorized signatory’s proof of identity and address.
e) Photographs of promoters/partners/directors.
6. Application Verification and ARN Generation:
After completing the application, it undergoes verification by the GST officer. The officer may seek clarification or raise queries if necessary. Once satisfied, the officer will generate an Application Reference Number (ARN). The ARN can be tracked on the GST portal.
7. GST Certificate:
Upon successful verification of the application, a GST registration certificate will be issued electronically. The certificate contains the Goods and Services Tax Identification Number (GSTIN) and other relevant details. The GSTIN is a 15-digit unique identification number for every registered taxpayer.
8. Post Registration Formalities and Compliance:
a) Businesses registered under GST must periodically file returns by the prescribed due dates.
b) Maintain records and books of account as per the GST laws.
c) Display the GST registration certificate at the principal place of business.
d) Ensure accurate invoicing, mentioning the GSTIN and other mandatory details.
Benefits of GST Registration:
a) Legally compliant business operations.
b) Availability of Input Tax Credit (ITC) for taxes paid on purchases.
c) Enhanced competitiveness by eliminating cascading taxation.
d) Smooth interstate movement of goods.
e) Access to various government tenders and benefits.
f) Opting for composition scheme to simplify tax formalities for small businesses.
Conclusion:
GST registration is a crucial step for any business aiming to operate legally and efficiently in India. It is advisable to initiate the registration process promptly to avoid any fines or penalties. By adhering to the guidelines outlined in this article, Indian businesses can ensure a smooth and hassle-free GST registration experience. Embrace the benefits of GST and contribute to the growth and development of the Indian economy.,
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This article is only published for informational purposes. Please consult your Chartered Accountant or Financial Advisor before making any important financial decisions.
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