Who Needs GST Registration And Why?
The newfangled Goods and Services tax is the individual tax imposed on the citizens of India. Since it encompasses all other preceding taxes, and also as a responsible native of the country, GST registration is obligatory.
As mandated by the Government of India, all industrialists, people in business, traders should register for GST. Moreover, the process of obtaining a new GST registration is hasslefree and less burdensome because physical interaction is optional. You can directly register online, and you are good to go.
Are You Eligible To Register?
- GST registration is inescapable if the aggregate turnover of a particular entity ( person or firm) exceeds Rs. 20 lakhs. However, the way-in is as low as 10 lakh rupees in case of a select category state.
- Nevertheless, even if a person fails to meet this criterion, he is disposed to register if he is involved in intra-state supplies.
- In the company to the above, if a person is a provisional supplier of goods or services, he must obtain a registration. Even for sellers reaching out to audiences via e-commerce websites, the rule applies without alteration.
What Are The Different Types Of GST Registration?
- An ordinary taxpayer does not require to pay any deposit. He also does not have a registration expiry, so the renewal holds unserviceable.
- An occasional taxable person is a seasonal manufacturer or dealer who obtains registration for a quarter with a provision of amplification.
- A composition taxpayer, on the other hand, is the one who has no right to claim an input tax credit. He can anyhow pay a flat GST.
- Any individual running set up in India but who is not a permanent resident of the country can apply for non- resident taxable person registration.
Online GST Registration Procedure
- The first and foremost step is to generate a GST application.
- As a part of the earliest tread, You need to request a temporary reference number with a requirement of a Valid Indian Mobile number, Permanent Account Number and email.
- A TRN can be generated by logging onto https://www.gst.gov.in/ and navigating to the GST registration tab for filling in your necessary personal information. Once done, you will receive a one-time password.
- Now login again using your TRN and OTP to verify and validate your identity. You will be directed to My saved application page as soon as you complete the above steps.
- The second step is to fill in your details in the application form which contains ten sections. Discussing the substantialism of the data you provide with a GST consultant is always instrumental.
- Before you start entering into the fields, make sure you have scanned copies of GST registration documents. These documents comprise photographs of filer, bank account information, proof of first place of business along with entrepreneurs’ registration certificate and letter of acceptance and authorization.
- Next, start substituting the detail tabs, which include:
- Business particulars
- Promoters details
- Authorized Signatory information
- Goods and Services expounds
- Bank Account data
- It is compulsory to have a digital signature certificate for verifying the application. For this, one needs to have DSC software on his machine. Install DSC signer, and you are another step closer to successful registration.
- One can also authenticate using an e-signature. One can complete this process by requesting an OTP on his registered AADHAR number, or
- An Electronic verification number: It is a 10-digit alphanumeric code available on the mobile number of tax-filer.
The last step is to submit your form after re-ensuring that all the information provided is unique and error-free. After one correctly performs all the steps, the screen displays a success message in addition to an Application Reference Number. The ARN helps a user track the GST registration status.
Types Of GST Returns And Their Due Dates
All the registered taxable citizens are expected to endow a tax return after a certain period. The return process includes uploading invoice details and other necessary information online.
According to this, any regular business owner needs to pay twenty-six returns in a year- one annually and two every month.
- GSTR-1: Due on every 10th of the month
- GSTR-2: Due on every 15th of the month
- GSTR-3: Due on every 20th of the month
- GSTR-4: Due on every 18th; quarterly return
- Similarly, GSTR-5 To GSTR-8 are specific to different services. One should be aware of his business falls under which category to pay the mandatory returns.