Goods & services tax viz. is popularly known as GST is a form of indirect taxation method prevailing in the India. Government of India rolled out the new format of indirect taxation on 1st July, 2017 by pushing aside the earlier regime of Value added tax (VAT).
The idea of having GST is to transform the decade old multi-staged method of taxation on goods & services.
Earlier, the excise duty was imposed by centre on manufacturing of various goods & service. The state governments were separately charging Value Added Tax (VAT) on supply of goods and a bunch of other taxes such as Entertainment tax, entry tax, Octroi etc. This results in multiple taxes at single point of time and ultimately limiting the resources of honest businessman.
PROCEDURE FOR GST REGSITRATION
GST Registration is completely paperless and in electronic mode i.e. one does not need to visit the GST office to get them registered. This reduces the transition time & also minimises the interaction between the tax payer and authorities.
GST registration process is further bifurcated in two parts:
📢 Related Blog: COMPANY REGISTRATION IN DUBAI
Part (A)
- Visit GST Registration page by using the following link [https://www.gst.gov.in/]
- Click on “Register now” icon will take you further in the registration process
- Tap “New registration” & select the type of taxpayer
- State in which Business is established, PAN Card details & Name of your business
- Verify Email ID & Contact no. then “proceed”.
- Temporary registration no. (TRN) is generated.
📢 File GST Return
Part (B)
- Fill in the TRN & captcha details
- OTP verification & “Proceed”
- Click on the each tab & correctly fill the details:
- Details of business
- Details of promoters & partners
- Authorized signatory
- Principal place of business
- Bank account details
- State specific information
- Verify all the details
GST REGISTRATION BENEFITS FOR BUSINESSES
- Reduced tax barriers
- Simplified tax policy structure
- Online mode of tax payments.
- Facility of Input tax credit (ITC)
- Meet global standards of filing tax.
- Convenience & ease of doing business.
- Reducing physical interactions with tax officials.
- Small businesses can opt for composition scheme.
FREQUENTLY ASKED QUESTIONS (FAQ’s)
Q.) What is GST Registration?
GST is the abbreviation used for Goods & services tax viz. a form of indirect taxation levied across the nation irrespective the quantity of the purchase/sale. GST is implemented in India since 01st July, 2017 by replacing the erstwhile Value added tax (VAT).
Q.) What is the GST Registration Portal?
GST registration is an online web portal that facilitates various GST transactions such as, Annual GST filing, Quarterly GST returns, GST registration, Downloading GST return forms, GST registration status & GST grievance redressal forum etc. All the support facilities pertaining to GST can be accessed only via. GST registration portal.
Q.) What is the fee for GST registration?
Actually there is no fee charged by the government authorities for GST registration rather, a minimum consultation fee is charged by the GST registration consultant who is processing the documents on behalf of its client.
Q.) Who has to register under GST?
- Registrations made under Excise, VAT, Service tax etc.
- Reverse Charge Mechanism
- E-commerce suppliers
- Agent/supplier/Input service provider (ISD)
- Business with turnover of not less than 40 lakh & 20 lakh (North Eastern state).
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Chartered Accountant by profession, CA Sanket Agarwal has an experience of above11 years in Cross Border compliance , Import Export , International Taxation & is a passionate content creator.