The Government of India implemented the Goods and Services Tax to subsume all indirect taxes under one structure and to create an organised and undivided Indian market. For those who want to have a complete idea of what is GST, it is the biggest taxation reform which aims to minimise the tax burden on consumers and strengthen the economy. Unlike most other countries, India accepted a dual GST model where both the State and the Central Government shall administer the Goods and Services Tax.
Under this taxation scheme, every goods and service provider with a turnover of more than Rs. 20 Lakh are liable for GST registration. For North-Eastern states, the value stands at Rs. 10 Lakh. Besides, this registration is compulsory for entities which are into e-commerce, those who provide goods and services through e-commerce operators, taxable NRIs, TDS eligible individuals, etc.
Eligible applicants can register for this scheme on the GST portal online and submit the GST registration documents as required.
A step-wise guide to registering for GST online
Step 1: Visit the official site of Goods and Services Tax
On visiting the portal, you need to click ‘Register Now’ under Taxpayers (Normal) section.
Step 2: Fill up Part A form online
The ‘Register Now’ option displays the Part A of the online registration form. Filling up this form generates your TRN or Temporary Reference Number. Here, select the ‘New Registration’ option and then ‘Taxpayer’ from drop-down list. Choose your state and district, followed by your business’ name. Then, enter your PAN, email id and mobile number.
Note that OTPs will be sent to both your email id as well as mobile number. Check the details again and ‘proceed.’
Step 3: OTP Verification
Enter the OTPs you received for verification of your mobile number and email id.
After you complete the previous steps, the page will show your Temporary Reference Number. You will also receive the same in your registered mobile number as well as your email id. Make sure to note your TRN as this is important for Part B of this online form.
Step 4: Revisit the portal
Visit the GST site once again and click – Register Now. There, select ‘Temporary Reference Number’, submit your TRN and then type the captcha. ‘Proceed’ once the details are correct.
Step 5: OTP verification
Again, OTPs will be sent to your email and mobile number. Submit those and ‘proceed.’
Step 6: Your application status
The application’s status will be displayed as ‘Draft’, where you need to select the ‘edit’ icon. This status shows ‘Pending for validation’ once you complete Part B.
Step 7: Fill up the next registration application (Part B)
Part B of this online registration form contains 10 sections, which you need to fill up carefully. Once done, provide with the GST registration documents needed. While the requirements may vary, the basic papers include the following:
- PAN card
- Certificate of incorporation
- Photo of director
- Aadhaar card
- Cancelled cheque
- Digital signature
- Authorisation letter for authorised signatory
- Address proof of the business
Step 8: Application verification
After you fill up details of the 10 sections, visit the verification page. Enter the required information like name of authorised signatory, date, place, designation, etc. Once done, the application can be submitted via any of the three options – using EVC, e-sign or DSC.
Step 9: Confirmation
Once you submit the application, you will receive a confirmation message of your successful submission. Also, your ARN or Application Reference Number shall be sent to both your mobile number and email id. Later, you can use this ARN to check its status on GST’s website.
Make sure you know the complete guide to GST registration in India before applying.
However, as a business owner, the GST rates may require more funds than your previous estimates. You will obviously be able to recuperate from the initial additional funds but a strong working capital is a must to make the best out of the shift to GST. If you need additional funds, you can approach lenders for customised Business Loan with attractive features.
Post-registration under this scheme, you can enjoy significant GST benefits for your business like a profitable interstate business, increased employment, more revenue, etc. So, register for the Goods and Services Tax if you are eligible and be legally recognised as a business dealing with goods or services.