Individuals and businesses who supply goods or services in India must apply for GST. Registration under GST becomes compulsory when the total value of the supply of such goods and services exceeds INR 20 lakh. If an entity operates in a special category state, this limit is INR 10 lakh. The tax filing process has become very simple today. Because the Ministry of Finance has simplified the registration process for GST. You must apply online for GST with GSTN (Goods and Services Tax Network). After registering, you will receive a unique GSTIN. It is an identification number that the Central Government allots. It is a 15-digit number and is issued state-wise. Applying for GST has its benefits. You get a legal identity as a supplier. And you can also avail of the input tax credit.
Documents Required for GST Registration
When registering for GST, you will need the following documents:
- Your PAN Card
- Certification of an incorporation or partnership deed
- PAN cards, voter ID cards, and Aadhar cards of promoters or partners
- Address proof of place of business. It includes electricity bills, legal ownership documents, property tax receipts, etc.
- Bank account statements
- Passport-size photograph of the applicant
- Photograph of an authorized signatory
- Letter of authorization as proof of appointment
- Proof of the details of a bank account. It includes the first page of the passbook, bank statement, and cancelled cheque.
You can check the status of your registration. Simply enter the ARN on the GST portal.
Process to Apply for GST Online
You can easily apply for GST online. Either visit the government portal or GST Seva Kendra for this. If you want to register for GST online, follow these simple steps.
Start by visiting the GST portal at https://www.gst.gov.in/. Then, under the services tab, click on ‘registration’. You will be able to see an option for ‘new registration’.
- Next, you will see a drop-down menu that reads ‘I am a.’ Here, select ‘Taxpayer.’
- Next, you can fill out a GST REG -1 form for new registration. Here, you can enter your vital details. It includes the business’s legal name, email, contact number, PAN card, and more.
- You will receive a one-time password. It authenticates the transaction for verification of your information. It will be sent to your mobile number and email ID. From here, you can click on ‘Proceed’.
- Once verification is complete, you will obtain a TRN (Temporary Reference Number). Make sure that you note down this number. You can move to Part B of the process to apply for GST online.
- You will now move to Part B of the process to apply for GST. To begin with, log in with your TRN. You will also be prompted to enter a Captcha code. You will have to complete the OTP verification process. An OTP will be sent to your registered mobile number and email ID. After doing so, you will be redirected to a GST registration page.
- You will be required to enter your valid business information at this step. It includes the name of the company, PAN, state, date of commencing business and more. If you have an existing registration, mention it at this point.
- Next, you must submit the details of at least 10 promoters or partners. You can also submit details of the proprietor. For this, you can furnish personal information, a designation, a PAN, an Aadhar, and more.
- At the next step, you will have to submit the details of the person you authorized to file GST returns.
- Enter details such as the place of business, address, contact details, nature of the business, and more.
- Next, add details of additional places of business. Also, you can enter details about the goods and services that you supply. You may also be asked for company bank details.
- Based on the type of business you are registering, upload the requisite documents.
- Press on ‘Save’ and continue. Once you apply, you will need to sign the form digitally.
- After filling in all the details, press the ‘Submit’ button. This will save all your current progress.
- Once you apply, you will receive an ARN (Application Reference Number). You will receive it via SMS and email.
So this is how you can apply for GST. Now, let us check the eligibility criteria to apply for GST online.
Eligibility Criteria for GST Registration
If you are headed to apply GST, then check the eligibility criteria:
- Only those service providers who provide a service worth more than INR 20 lakh in a year need to obtain GST registration. This limit is INR 10 lakh in states in the special category. Also, any business that sells goods on its own for more than INR 40 lakh must sign up for GST.
- A business should apply for GST online if they supply goods outside their state.
- If you are supplying goods or services through an online platform, then you must apply for GST. You must register regardless of your turnover.
- If you provide goods or services seasonally through a temporary shop, you must apply for GST. Irrespective of your turnover, you must meet the requirement.
- You may also obtain GST registration voluntarily. You may also surrender the registration in such a case.
So, these are a few simple steps to apply for GST registration online. Every business must comply with the statutory requirements of law and tax. If you want more details about GST registration and the applicability of the tax to your business, head to Piramal Finance. Here, you can get informative advice on how best to obtain GST registration. It is an excellent destination to get clarity about all things related to finance, taxes, and investment. For more information on financial matters or about personal loans, credit cards, and financial management, check out more blogs on Piramal Finance’s website!