What is Goods Service Tax GST Registration Number

Goods and Services Tax or GST is an indirect tax reform that was introduced in India on 1st July 2017. This tax replaced many indirect taxes like VAT, Service Tax, Excise, etc. which were levied on goods and services. GST is a comprehensive tax structure that has been implemented to simplify the taxation system in India.

Under GST, all goods and services are categorized into different tax slabs ranging from 0% to 28%. The tax rate is decided based on the type of goods or services being provided. GST is a destination-based tax, which means that the tax is collected by the state where the goods or services are consumed.

Every business that deals with goods or services is required to register for GST. A GST registration number is a unique identification number that is issued to businesses by the government. It is a 15-digit alphanumeric code that is used to track the GST transactions of a business.

A GST registration number is mandatory for businesses whose turnover exceeds Rs. 20 lakhs. For businesses in the North Eastern states, the threshold limit is Rs. 10 lakhs. Any business that does not register for GST will be liable to pay a penalty.

How to Register for GST

To register for GST, businesses need to follow these steps:

Visit the GST portal (https://www.gst.gov.in/).
Click on the ‘Register Now’ button.
Select the ‘New Registration’ option and fill in the necessary details like name, PAN, mobile number, email ID, and state.
Enter the OTP that is sent to your mobile number and email ID.
Once the OTP is verified, you will receive a Temporary Reference Number (TRN) on your mobile and email.
Use the TRN to log in to the GST portal and fill in the required details like business name, address, bank account details, etc.
Upload the required documents like PAN card, Aadhaar card, bank statement, etc.
Submit the application and wait for the GST registration certificate to be issued.

Documents Required for GST Registration

The following documents are required for GST registration:

PAN card of the business
Aadhaar card of the authorized signatory
Proof of address of the business
Bank statement or canceled cheque
Photograph of the authorized signatory
Proof of business registration like Partnership deed, Certificate of Incorporation, etc.

Benefits of GST Registration

There are several benefits of having a GST registration number:

Legal recognition: A business with a GST registration number is legally recognized by the government.
Input tax credit: A registered business can claim input tax credit on the GST paid on purchases.
Access to new markets: A GST registration number enables a business to sell goods or services to customers across India.
Compliance: A registered business is compliant with the tax laws and avoids penalties.

Conclusion

GST has simplified the taxation system in India and has made it easier for businesses to comply with the tax laws. A GST registration number is mandatory for businesses that deal with goods or services. It is important for businesses to register for GST to avoid penalties and to take advantage of the benefits of having a GST registration number.