Out under new GST law, any person or firm delivering goods and services must enroll under GST. So if you’re operating an annual turnover that reaches Rs.20 lakh, then you’ll need to file with GSTN. You can obtain a specific GSTIN (Goods and Service Tax Identification Number) after you have enrolled in this scheme. After you have finished enrollment, the Central Government provides a region-wise, 15-digit number to you. GST registration has several benefits, such as the fact that even as a seller, you will get a separate identity. You may also take full advantage of the input tax credit, and receive GST from goods and services users.
Documents needed for Online GST Registration:
- PAN Card details
- Partnership bond or form of association
- Verified identities of partners in the business
- Present company evidenced by documentation given by the government in the form of an electricity bill, contract or lease arrangement or for an SEZ
- Bank account statement
GST Registration Process:
You can sign up online via a government site for GST, or you could register on a GST Seva Kendra.
- Head on to the GST website
- Tap on ‘Register’ in the ‘ Services ‘category and then tap on ‘New registration.’
- PART-A: Pick ‘ taxpayer ‘ from the drop-down menu of ‘ I Am A.’
- Next, fill out your new registration form GST REG-01 and submit information including your company’s legal name, location, email address, mobile number, and PAN Card
- By inserting the one-time password sent out to your mobile number and email address, confirm your details, and press on ‘ Proceed.’
- You should provide a Temporary Reference Number (TRN) upon authentication until you complete the process and transfer to Part B
- PART-B: Login to your TRN to begin with Part B, and submit the CAPTCHA code. Perform the OTP authentication using the OTPs sent out to your email address and mobile number recorded. You would then be guided to the GST website for online GST registration
- Now, upload company information, including your company name, PAN, the name of the state you are signing up in, and the launch date of your business. Should you have any existing registrations, please indicate
- Next, provide the information of the individual you approved to file GST returns
- Attach the primary place of employment, insert the URL, authorized contact information and the form of premises custody
- Attach information of any additional investment sites, descriptions of the products and services to be delivered and the business’s bank account information
- Attach the required documents according to the type of company you are registering
- Tap on Save and Proceed. You will have to sign it online after you apply the document
- To save your information, tap on ‘ Submit.’
- Once you have submitted your request, you should obtain an Application Reference Number (ARN) via email or SMS. Your GST Registration Process will be completed.
Effects of GST:
Several companies were adversely affected after GST was launched because of the lack of familiarity with the new taxation system. Nonetheless, companies have started to realize the complexities over time and are developing measures to make the most out of it.
- GST is an opportunity for those who want to set up a business. Since it is a single tax structure for all Indian states, you would not need to pay different taxes in various countries and will be excluded from several duties on your company
- There have been a variety of indirect taxes imposed on different goods and services until the GST was introduced, namely Value Added Tax (VAT), Service Tax, Central Excise Tax, and so on. Currently, these have all been substituted by federal GST and regional GST
- India has become a single economy with the introduction of GST, which is becoming an enticing idea for foreign investment
- The new GST thresholds for many other goods are higher than the previous VAT rates, which results in increased prices for those products
- GST is classified into two groups, which are governed by provincial and central governments
- Those industries paid an excise duty premium until GST and no revenue changes. Some industries now suffer reductions as GST is introduced
Although the full implications of GST are still to be recognized, most of its impact are visible in our everyday lives. GST has ushered in a paradigm shift in the financial system from paying the bills at a restaurant to online shopping.