All About GST, GST Registration – Process & Documents
GST is one indirect tax for the entire nation, which will make India one common market for the product and services. GST is a single tax on the supply of goods and services.
GST (Goods & Services Tax) is a tax which is levied only on value addition at each point of the stage because credits of input taxes paid at the procurement of inputs will be available. Thus, the final consumer will bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
As GST became a reality on 1st of July 2017, so it is important to understand who all person needs to register under GST, how a user can register their business for GST, and what all they need for business registration under the regime for GST.
How to register existing taxpayers for GST
A business or an enterprise with service tax or any VAT registration can register themselves under the GST regime.
Formalities required for GST:
- Provisional id received from personalized authority
- PAN of the tax payer/business
- Mobile number
- Email id
- Bank account details
New GST Registration
How to register under GST if you are new taxpayer
Eligibility criteria for GST
Your business needs to have an annual turnover of around Rs. 40 lakhs or more. However, if the business is located in any of the seven Northeastern places, then your business turnover limit is Rs. 20 lakhs
Who has to register for GST?
A person who is liable to be registered shall apply for registration in every such State or Union Territory in which he is so liable, within 30 days from the date on which he becomes liable to North eastern part of India.
Anyone having multiple business verticals in any State may obtain a separate registration for each of their business vertices. A person may get himself registered voluntarily, and all provisions of this GST Act, as apply to a registered taxable person, shall apply to such person.
To register for GST, a person must need to have a Permanent Account Number (PAN) to get eligible for grant of registration. There is also Exception which is for a non-resident taxable person.
Online GST Registration Procedure:
Via an online GST portal, registration can be done which is maintained by the Central Government or State Government.
The applicant just has to apply for GST registration by simply using Form GST-1 along with the detail of the good and services for which you have to deal with.
On getting the successfully submission of the application, then the applicant would just have to print a signed copy of the application, with attaching the documents which is mentioned above and courier the same to the department of GST members.
On verification of the application, final GST certificate will be issued by the concerned authorized officer. The procedure of GST is completely through the process of online, just as that of similar to the service tax registration process.
Or you can simply get your GST registered via BIZINDIGO which provide easy, hassle-free company registration, trademark, GST registration services online. You just have to give the required documents and all the process will be done by the Bizindigo team.