Company Registration Under Gst
Company Registration under GST: A Comprehensive Guide
Introduction:
The Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services in India. It has replaced multiple taxes such as central excise duty, service tax, value-added tax (VAT), and others. Every entity involved in the supply of goods or services is required to comply with GST laws. This includes the registration of the company under GST. In this article, we will provide a comprehensive guide on company registration under GST.
Understanding GST Registration:
GST registration is the process of obtaining a unique identification number known as the Goods and Services Tax Identification Number (GSTIN). It is a 15-digit number assigned to every registered taxpayer. This number is used to identify taxpayers across the country and track their compliance with GST laws.
Eligibility for GST Registration:
Every business entity involved in the supply of goods or services and meets the prescribed turnover threshold is required to obtain GST registration. The current threshold limit for GST registration is an annual turnover of ?40 lakhs for most states in India, except for some special category states where the threshold is ?20 lakhs. However, certain entities such as e-commerce operators, export-import businesses, and others are required to register regardless of their turnover.
Registration Process:
The registration process for GST is entirely online and can be completed on the Goods and Services Tax Network (GSTN) portal. Here is a step-by-step guide on the registration process:
Step 1: Visit the GSTN portal: Start by visiting the official website of the Goods and Services Tax Network (GSTN) www.gst.gov.in.
Step 2: Click on the Services tab: On the GSTN portal, click on the Services tab and select the Registration option from the drop-down menu.
Step 3: Choose the New Registration option: You will be redirected to another page where you have to choose the New Registration option.
Step 4: Fill the Registration Form: The registration form is divided into multiple parts. You need to provide details such as your legal name, PAN (Permanent Account Number), email address, and mobile number.
Step 5: Verify Mobile Number and Email Address: After submitting the registration form, you will receive an OTP (One-Time Password) on your mobile and email address. Enter the OTP in the respective fields to verify your contact details.
Step 6: Complete the Registration Form: Once your mobile number and email address are verified, you need to complete the registration form by providing additional details such as business address, nature of business, bank account details, and others.
Step 7: Submit Additional Documents: Depending on the type of entity and business activities, you may be required to submit additional documents such as PAN card, Aadhaar card, bank statements, registration certificates, and others. These documents are uploaded digitally during the registration process.
Step 8: Submit the Application: After completing the registration form and uploading necessary documents, review the application for any errors or discrepancies. Once satisfied, submit the application.
Step 9: Application Acknowledgement: After successful submission of the application, you will receive an application reference number and an acknowledgement on your registered mobile number and email address. This reference number can be used to track the status of your application.
Verification and Approval:
Once the application is submitted, it undergoes a verification process by the Goods and Services Tax Network (GSTN). During the verification process, the GSTN may request additional information or documents to validate the details provided in the application. Once the verification is complete, the GSTN will issue a GSTIN if all the requirements are met. The entire registration process usually takes around 7-15 working days.
Benefits of GST Registration:
Registering your company under GST offers several benefits, including:
1. Legally Compliant: Registering under GST ensures that your business operates legally and avoids penalties for non-compliance.
2. Input Tax Credit: GST registration enables businesses to claim input tax credit on the taxes paid on inputs. This reduces the overall tax liability.
3. Seamless Interstate Transactions: GST registration is mandatory for businesses involved in interstate transactions. It allows for seamless movement of goods and services across state borders.
4. Business Expansion: GST registration is often required when expanding the business, collaborating with other companies, or participating in government tenders.
5. Competitive Advantage: GST registration provides a competitive advantage as it signals credibility and compliance to potential customers and clients.
Conclusion:
Company registration under GST is a crucial step for all businesses involved in the supply of goods or services. With a comprehensive understanding of the registration process and its benefits, businesses can ensure compliance with GST laws and avail numerous advantages offered by GST registration. By following the step-by-step guide provided in this article, businesses can easily complete the registration process and obtain their GSTIN.,
Company Registration Under Gst
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Company Registration Under Gst
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Company Registration Under Gst
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