Learn in detail about the GST Registration process, which businesses need to register for GST and what documents are required to complete this process.

Introduction:

The Goods and Services Tax is something that everyone has heard about, whether they are business owners, service providers, or consumers (GST). On July 1, 2017, the Goods and Services Tax (GST) was implemented in India, completely overhauling the country’s tax system. The value added by a company’s products and services is subject to a single indirect tax. The Government of India solely taxes businesses on their product or service at each level of the production and distribution processes, with the ultimate cost falling on the end user.

The first step in submitting your GST payment is registering your business on the GST site. GST registration in Kolkata can be done through an online process. All you need to do is hire a reputed tax firm to who provides best gst registration services.

This handy reference will fill you in on all the details of GST number registration for your company.

Who Can Apply For Gst Registration?

Check below the eligibility for gst registration in India-

• Businesses and persons formerly subject to the Value-Added-Tax-, Excise-, or Service-Tax regimes and registered under those systems.
• Anyone who isn’t a U.S. resident and earning income as a taxpayer.
• Those who are subject to the tax system’s reverse charge mechanism.
• Distributors and sales agents of a national supplier of input services.
• All online store owners and operators can do gst registration online.
• Individuals not based in India who provide OIDAR services.
• Companies with yearly revenue over Rs.40 Lakhs for goods and Rs.20 Lakhs for services.
• Distributors who participate in an online marketplace.

What are the documents required for GST registration?

Read on to learn about the gst registration documents required for your business.

• Applicants’ Individual Taxpayer Identification Numbers (ITINs).
• Please provide a photocopy of your Aadhaar card.
• Provide your address proof for gst registration.
• A gst registration certificate of incorporation or other proof of business registration.
• A photograph and identifying information for all promoters/directors.
• Recent bank statement or a cancelled check.
• All signatures must be accompanied by a letter of authorization or a resolution from the board.
• Digital signature

Types of GST Registration India

1. Normal taxpayers:

This describes the vast majority of enterprises in India. Companies with more than Rs 40 lakh annual sales are considered “high-income taxpayers” and must file their taxes like everyone else.

2. Casual taxable individual:

There is a requirement for e commerce gst registration that operate intermittently or seasonally. The Goods and Services Tax (GST) liability from irregular business operations requires a business deposit. Registrations are good for three months. However, renewals and extensions are available upon request from businesses.

3. Non-resident taxable individual:

This group includes foreign nationals who regularly do business with Indian citizens as agents, principals, or in some other capacity but who do not permanently dwell in India. A deposit equal to the business owner’s anticipated GST liability must be paid before the active period begins. The typical contract length is three months. A person’s Registration can be renewed or extended if necessary.

4. Composition registration:

Composition scheme registration is open to businesses with an annual turnover of up to Rs 1 crore. The plan requires enterprises to pay a standard rate of GST regardless of their actual sales volume.

Facts To Know About Gst Registration Process:

• Below are some gst registration criteria you should notice before making an application for gst registration–
• A company must register for GST if its annual revenue is expected to be more than 20 million Indian Rupees.
• The Items and Services Tax (GST) Registration is mandatory if you supply goods to more than one state.
• GST requires no upfront payment for Registration.
• There is a penalty of 10,000 INR, or 10% of the unpaid GST, for failure to file.

Online Gst Registration Process

By using the GST site, you can register for GST electronically. You can do this for no cost or hire a tax expert to do it for you for a small fee. Here is the gst registration process step by step guide.

Below are the measures to take:

Step 1:

Choose Services > Registration > New Registration from the gst registration portal main page menu.

Step 2:

Follow the prompts to the following screen, where you should click the “New Registration” button. To continue, select “Taxpayer” from the first selection, then complete the remaining fields.

Step 3:

When prompted, enter the OTP onto the subsequent screen. The Resend OTP button allows you to request a fresh OTP if you did not receive one via email or phone.

Step 4:

For the time being, please use this TRN (Temporary Reference Number) instead. It will also be sent as a short message service (SMS) text to your phone. Consider making a note of it.

Step 5:

Select the radio button labelled “Temporary Reference Number” on the GST portal’s Services page under New Registration. Paste the information from the previous step here.

Step 6:

Again, OTP verification will be required.

Step 7:

A new application is made, and the main information can be changed later.

Step 8:

You’ll need to offer supporting evidence for every claim you make, section by section.

Step 9:

Click the box next to the declaration in the gst registration verification section.

Application Reference Numbers (ARNs) are generated when an application has been filed. You can access your application status on the GST website with this number.

Why would you need several GST registrations?

In some situations, you can apply for numerous GST numbers:

• You must register for GST in each state where your business has a physical presence, such as when shipping products to multiple states.
• To streamline your bookkeeping, you can register for many GSTs even if your company is based in just one state.
• A company based in one Indian state whose operations extend to all of the country’s states can avoid registering for GST more than once.
• To what end does GST registration serve?
• In the long run, registering for GST can get advantages of gst registration under gst in several ways. Among these are:
• You may pay less in taxes to the government since you’ll be taxed simply on the value your company adds rather than having to pay taxes on your taxes.
• Customers, online marketplaces, government contracts, financial institutions, multinational corporations, and others will recognize the GSTIN as a sign of legitimacy. These businesses will only work with you if you’re registered for GST.
• There is less paperwork involved because there is only one return to complete under GST.
• GST defines the previously undefined interstate movement of products in a way that benefits e-commerce companies.

Conclusion:

Process of registration under gst is necessary for running a lawful business and building consumer trust in your brand. Since the GST registration website streamlines so many procedures, including the application and the filing of returns, registering for GST is the first step toward better tax management for your business.