Goods and Services Tax has become an essential part of every business function from 1st July 2017. It has become mandatory for almost every goods and service provider to implement this in their business. If your business is eligible and still not GST registered, then you might end up incurring heavy fines. Here is the simple GST Registration Process.
Therefore, it is essential that every business must go through the GST registration process to avoid these conflicts with the law. However, there are some conditions for a business to get registered and have a GSTIN, which is explained below:
- An annual turnover over Rs. 20 Lakh within its region.
- If it is located in specific states including J&K, Assam, Himachal Pradesh, etc.
- If you, as the business owner, are liable to pay tax under Section 9, subsection (5).
- If you are not a resident of that place and liable to pay taxes producing taxable supply.
- If there is a need for you to pay tax under reverse charge.
- If it is an E-commerce business.
How get your business registered for goods and services tax?
- Here are some simple steps you need to follow to know how to register for GST online:
- Fill up the GST REG-01 by using your PAN, email ID and mobile number and submit it.
- Verify your phone number and email ID with OTP after verifying the PAN.
- You need to keep the application reference number sent to your registered mobile number and to your email id handy for further use after the verification process.
- Put your application reference number along with supporting documents wherever needed.
- Fill up the GST REG-03 form, which is generated automatically. This form is generated when there is a need for additional information.
- After all the information is verified and submitted a certificate for the registration will be issued within 3 working days.
Documents required for GST registration procedure –
- Certificate of Incorporation.
- Authorised signatory’s photo.
- Proof of business address such as electricity bill or property tax receipt.
- Proof of Bank account details like a photocopy of your bank statement cancelled cheque, or your pass book’s first page.
- Stakeholder’s photo.
GST is an integral part of businesses related to goods and services. If you want to avail business loans from NBFCs, you will need to provide GST registration certificate as your business vintage proof. The financial institutions provide business loans to the customers based on some specific eligibility criteria –
- Applicant needs to be at between 25 and 55 years of age.
- Applicant must have a business vintage for at least 3 years. This includes proofs such as GST registration certificate, business certificate, etc.
- The business must have an income tax return filed for 1 year.
A customer must provide the essential KYC documents such as Aadhaar card, Voter ID card, Passport, etc. If customers fulfil the above mentioned criteria, then they can easily avail a Business Loan. NBFCs like Bajaj Finserv provide such loans with borrower-friendly features like attractive interest rate and flexible repayment tenors.
You can go through the following steps to download your GST registration certificate:
Step 1: Log in to www.gst.gov.in along with your credentials
Step 2: Click on services > Click on user services> Click on View/ Download Certificates.
Step 3: The view/ download certificate page will come up. Click the download button to procure the GST certificate and lastly, save it on your system.
The GST identification number is vital for any organisation to know the input tax credit they are liable for. By registering your business in Goods and Service Tax, it will gain reputation which will help build market rapport as well as to avail loans. It is vital for you to follow the GST registration process and your company registered in GST as per the law.