New GST Registration Process in India
GST Registration Process in India: With a view to making taxation process simpler for small business owners in India, the central government has introduced Goods and Service Tax, GST. It replaces various indirect taxes by only one tax. Here we will discuss on how to register for GST number for the new business in India.
Any business owner in India whose aggregate turnover is above threshold limit is liable to register for GST. Certain categories of business owners have to register for GST regardless of threshold limit. GST will be in effect from 31st July. Without GST, suppliers won’t be able to collect any tax.
Benefit of registering a business under GST
Registration under GST regime offers several benefits.
- You become a legal supplier of goods or services.
- It facilitates proper accounting of taxes paid on the goods or services.
- It authorizes the business to collect tax legally from purchasers as well as pass the credit of the taxes to
- purchasers or recipients of the goods and services.
Liability of GST Registration
A business owner is liable to register for GST if the aggregate turnover of his business is Rs. 9 lakh, whereas the turnover amount is Rs. 19 lakh for rest of India.
How to Register for GST number Online
It has been made simple to register for GST online through a dedicated web portal www.gstindiaonline.com. The applicant has to register an account online at the portal. Once registered, you can log in to your account anytime. Follow the steps given below on how to register for GST Number :
Verify Preliminary Details: The applicant has to provide PAN number, phone number and email address for verification. The information is to be filled up in Part 1 of the form GST REG-01.Your PAN number will be verified by the system online and your phone number, as well as email address, will be verified through one-time password validation.
Once the verification process is complete, you will receive application reference number on your mobile as well as through email.
Submit Application: Part-B of the form REG-I will be displayed on the screen. Fill up the form and enter your application reference number. Upload required documents which include the photograph, tax paper, proof of principal place of your business (it can be one of electricity bill, rent agreement, NOC etc) and bank account details. Then submit your application.
Notification regarding your application: Your application and documents will be scrutinized and if everything is found correct, you will get GST number in three business day. You will be notified accordingly. If there is any deficiency, you will get communication regarding it. If you are to provide any information or document, you will have to fulfill it in seven business days.
Registration Certificate: once your application is approved, you will be issued a certificate of registration in FORM GST REG-06. You can download it and print it.
The introduction of GST for tax on goods and services has been welcomed from all walks of life in India and it will remove lots of anomalies regarding tax.
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