GST and GST registration
GST has a full form – Goods & Service Tax and today we will know some important things about Goods & Service Tax (GST) through this article, After reading this article, you will be able to know what is GST? And how can it be registered?, What are its benefits, and why is GST registration necessary?
What is GST (Goods and Services Tax)?
GST is an indirect tax levied by the state and the central government, if you are running a business and if your turnover is more than Rs 40 lakh, then you have to get GST registration, otherwise you may have to go to jail or else You may also have to pay heavy fines, GST registration is mandatory in some states, if your turnover is more than 10 lakhs, then you should get GST registration according to your state.
Why is GST registration important?
- GST registration is required for all businesses that sell Goods (goods or goods), or provide services (such as restaurants, hotels), for which GST registration is required,
- GST registration is required for all businesses which have more than Rs 40 lakh per annum, they are responsible for registering under GST, In some states, this limit is Rs 10 lakh, which means this registration is necessary if the annual turnover in those states is more than 10 lakh,
- If you are paying tax under reverse charge mechanism, then you also have to register under GST.
- You will not be able to file GST return without registering GST, and if you are unable to do this, then you will have to pay fine or you can be punished, so GST registration is very important.
How to do GST REGISTRATION?
The process of GST registration is very easy and simple, you can apply for it through online or offline process, Here in this article we are telling you the online process which is as follows –
- First of all you have to go to the official website of GST registration,
- After visiting the website you will get an option of new user login, you have to click on it. You have to generate TRN first, TRN is a temporary reference number, Then you will get an option to generate TRN, You have to fill all the requested information in that form by pressing that button, such as state name, business name, PAN number, mobile number, email etc.
- After that you have to click on the proceed button, after that you will receive an OTP on your mobile number or email, you have to enter the OTP received, as soon as you enter the OTP, your TRN number will be created.
- After generating TRN, you can log in with TRN number, After login it, you will have to fill the other information sought in the form such as business information, place of business, business name, district, division code, etc. After filling all the necessary information, you will have to click on the save button. Then you have to fill other information like bank details etc. in the form, after that you can submit the form, for that you have to click on submit button, On clicking submit you will get an ARN number through which you can track your form.
Documents required for GST (Goods and Services Tax) registration
- Identity Proof
- PAN card
- Aadhar Card
- Address proof
- E- mail
- Mobile no linked with Aadhar Card
- Utility Bill- Electricity / Gas / Landline etc.
- Consent Letter
- NOC ( in some cases)
- Cancelled Cheque with Name Print
- Passport Size Photo
- Business proof (Incorporation certificate of business)
- Bank Details
- List of Goods & service
- Business Nature & Description
What Are The Benefits Of GST REGISTRATION?
There are many benefits of GST registration such as –
- Your business will get a legal recognition after GST registration, which will benefit you in many schemes from the government.
- You will be able to legally collect GST from your consumer, which will make it easier for you to file GST return.
- After registration, you will also get tax benefits and you can also participate in the composition scheme, which will reduce your tax liability.
After understanding what is GST, and what are its benefits… you can understand that GST registration is very necessary in today’s time, and if you do not do it, you may have to face imprisonment too, so in my opinion you will take your time. GST registration must be done,
For GST registration and other information related to GST and help, you must VISIT our contact us page.
Founder & CEO| Fox Investor & A.V.A. Taxway Associates- Corporate & Tax Law Firm
Viibhor Agarwal is a Business & Brand Consultant as well as he is a Financial Expert his area of specialization is to guide Entrepreneur, Start-up’s and SME’s to build the brand value of business financially & legally. He has 8 year extensive experience in this sector