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Published on:
February 20, 2023
By
Paramita

GST Registration: 7 Points you must know about enrollment procedure

GST (Goods and Services Tax) is an indirect tax levied on the consumption of goods and services in India. It replaced several indirect taxes that existed previously such as VAT, service tax, etc. Businesses with an annual turnover of more than Rs. 40 lakhs (Rs. 20 lakhs for businesses in special category states) are required to register for GST.

In this article, we will discuss the GST registration process and the 7 points you must know about enrollment procedure.

1. Who can apply for GST Registration?Any individual or entity who is involved in the supply of goods or services with an annual turnover of more than Rs. 40 lakhs (Rs. 20 lakhs for businesses in special category states) is required to register for GST. Also, businesses that make inter-state supplies, casual taxable persons, and non-resident taxable persons are required to register for GST.

2. Documents Required for GST RegistrationThe following documents are required for GST registration:a. PAN card of the businessb. Proof of business registration such as Incorporation Certificate or Partnership Deedc. Address proof of the place of business such as Rental Agreement or Property Tax Receiptd. Bank statement or canceled cheque of the businesse. Authorized signatory's proof of identity and address

3. GST Registration ProcessThe following steps are involved in the GST registration process:a. Visit the GST portal (www.gst.gov.in) and click on the 'New Registration' tabb. Fill in the basic details such as name, PAN, email address, and mobile numberc. Verify your mobile number and email address using the OTPs sent to themd. Fill in the business details such as the legal name of the business, business PAN, and statee. Fill in the details of the authorized signatory such as name, PAN, and mobile numberf. Upload the required documentsg. Submit the application using DSC (Digital Signature Certificate) or EVC (Electronic Verification Code)

4. GST Registration FeesGST registration is free of cost. However, if an applicant uses the services of a GST Practitioner or a Tax Return Preparer for the GST registration process, they may have to pay a fee to them.

5. GST Registration CertificateOnce the GST registration application is approved, the applicant will receive a GST Registration Certificate in Form GST REG-06. The certificate will contain the GSTIN (Goods and Services Tax Identification Number) assigned to the applicant.

6. GST ReturnsOnce registered, businesses are required to file GST returns on a regular basis. GST returns provide details of the income earned, taxes collected, and taxes paid. Businesses with an annual turnover of up to Rs. 5 crores can file quarterly returns while businesses with an annual turnover of more than Rs. 5 crores are required to file monthly returns.

7. Cancellation of GST RegistrationGST registration can be canceled under the following circumstances:a. If the business is not being carried out anymoreb. If there is a change in the constitution of the businessc. If the business has been transferred or amalgamated with another businessd. If the business has not filed GST returns for a period of six months or moreIn conclusion, GST registration is mandatory for businesses with an annual turnover of more than Rs. 40 lakhs (Rs. 20 lakhs for businesses in special category states) in India. The GST registration process involves filling in the required details, uploading the necessary documents, and submitting the application using DSC or EVC. Once registered, businesses are required to file GST returns regularly. If you want to cancel your GST registration, you can do so under certain circumstances.

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Updated on:
March 16, 2024