If you own a business, it is extremely important that you get its GST registration done as soon as possible. Because of the availability of the internet across the country, it has become extremely convenient for new businesses to get their GST registration done. If you have no idea as to how online GST registration works, then the following guide will help you know every essential detail to register for GST in India. So without any further ado, let’s get started.
What is GST and How does it Affect Your Work?
GST stands for Goods and Services Tax. It was brought to implementation on 7 July 2017 in India under the leadership of Narendra Modi. The aim of this tax was to eliminate all the small taxes which were being charged on the people at malls, restaurants, theatres, etc. The bill was met with a lot of criticism because a lot of people were not able to understand what it was about. However, the perception of this bill and the tax changed in time, and people have become more accepting of it. Nowadays, it has become crucial to pay GST if you are using a service or if your business is earning more than a certain limit.
Who is Eligible for GST Registration?
As it has been mentioned, GST registration is necessary for a lot of reasons for those who are running a business. But it is not limited to only those people. There are a lot of sections who are eligible to file for GST. These sections are:
- If the turnover of the services that you provide is more than 20 lacs a year, then you are eligible for GST registration.
- If your business deals with people from different states, then you must file for GST registration.
- If you own an e-commerce website and provide services over there, then you are eligible for GST registration.
- You can also apply for GST registration if you are undertaking any taxable services such as dining at a restaurant, purchasing an electronic accessory, staying at a hotel, etc.
- You can also voluntarily register yourself for GST if you want to do it. However, the crucial detail here is that you cannot surrender the registration before the completion of one year.
So if you belong to any of the categories that are mentioned above, you are eligible for GST registration.
List of Documents Needed for GST Registration
To ensure that your experience of getting yourself registered for GST is smooth and free of errors, you must have the following documents with you:
- You need to have proof that your business was constituted. For example, you can take the incorporation certificate when you go to file the GST registration.
- You must have at least 5 passport-sized photographs of yourself while filing for GST registration.
- It is important that you have a letter of authorization from a legitimate entity.
- In case you do not have a letter of authorization, you can also take along a copy of the resolution which is approved by the Board of Directors of your company.
- Apart from that, you also need to have a photograph of the authorized signatory.
- You also need to have an address proof of your business. You can use the electricity bill (not older than a month), any legal document with the address mentioned on it or a property tax receipt.
Lastly, you need to have proof of your business’ bank account. This could be the front page of the passbook, a canceled cheque, or a bank account statement.
1. Visit the Online GST Portal
First, you need to visit the GST portal www.gst.gov.in. Then click on Services. Click on Registration after that. Post that, you need to click on New Registration.
2. Generation of TRN Number Preceded by OTP Verification
This is followed by filling in your essential details on the form that will appear on the screen. These details include:
• The type of taxpayer that you are.
• PAN Card details.
• Name of the state to which you belong.
• Primary email address of the authorized signatory.
Once all the details have been filled in, you need to click on the Proceed button. After this, the OTP is generated which is valid for 10 minutes.
3. TRN is Generated
Upon verifying the OTP, you will obtain a TRN number. The TRN is used to complete the GST registration process from here onwards.
4. Login With Your TRN
TRN stands for Temporary Reference Number. You need to enter this TRN and fill in the captcha code on the GST portal.
5. Fill in Your Business Details
After this, you need to fill in all the details about your business that will be asked by the portal. You must have adequate documents with you to support the information filled by you. And you need to make sure that you do not fill anything wrong in this field.
6. Fill in the Details of Your Promoter
After that, you need to fill in the details of your promoter. A promoter is essentially a person who is either a partner or has the authority to make a decision in your company.
7. Submit the Details About Authorized Signatory
The details about the authorized signatory will be asked, and you need to submit them. You must check that everything that you are submitting is true to the best of your knowledge.
8. Give the Details of Your Business Location
In this section, you need to submit the details of your business location. It also constitutes other important details such as the nature of possession of the premise.
9. Inform if You Have Any Additional Place of Business
If you have any additional place of business, then you need to submit the details about it as well.
10. Inform About Your Goods and Services
If you are providing goods in your business, then you need to provide the HSN code. If you are providing services, then you need to provide the SAC code in this section.
11. Fill in Your Bank Account Details
In this section, you need to enter the bank account details of either yourself or the business owned by you. If you possess multiple accounts, then you need to submit the details of at least five of those accounts.
12. Wait for the Application to Be Verified
Now all you have to do is to submit all the details after verifying them. You need to sign the application digitally by using DSC or EVC.
13. Generation of ARN
After following all the steps mentioned above with due diligence, your Application Reference Number will be generated. This number is sent to your email address and your mobile phone as well. You can use this number to track the situation of the GST registration application filed by you.
Now that you know how to register for GST, it is important that you get it done from one of the most efficient and best online GST registration and consultation firms. If you fail to register your company for GST, you will be jeopardizing your business. And we believe that you would never want to risk your business simply because you were unaware, uninterested, or just scared of the paperwork. You need to understand that the law is here to make things easier for you, avoiding it is going to trouble you only. So be wise, and do register for GST.
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