GST registration applies to all entities and individuals that supply goods and services in India. All businesses and individuals who supply goods and generate an annual turnover of Rs.40 lakh must undertake online GST registration and validate themselves.
Steps to complete online GST registration
Following is the step-wise procedure that individuals must follow to complete the registration process:
Step 1 – Visit the online GST portal
Step 2 – Next, click on the ‘register now’ under the ‘taxpayers’ tab
Step 3 – Choose the ‘new registration’ option and fill in essential information
Step 4 – On the next page, enter the received OTP that has been sent to your email ID and mobile number
Step 5 – You will find a Temporary Reference Number (TRN) and keep it for future reference
Step 6 – Visit the GST portal again and click on ‘register’
Step 7 – Enter TRN details and click on ‘proceed’
Step 8 – The application status will appear on the next page, and a list of essential documents will need to be uploaded
Step 9 – Visit the ‘verification’ page and submit the application form
Step 10 – Once completed, a success message will be displayed, and one can check the status of the ARN portal on the GST web portal
After knowing how to register for GST online, take a look at the type of GST registration.
Types of GST registration
The GST registration online process can be completed within a week. Under the GST Act, registration can be of several types. One must be aware of everything about GST and choose the appropriate one. Following are the list of entities for whom GST registration is mandatory.
- Casual taxable person
This category comprises individuals who do not have a fixed business venue. The span of GST registration under this Section is 3 months and can be extended or renewed.
- Non-resident payable person
If an individual is not a resident of India but supplies goods to individuals who live in the country, one must choose this GST registration system. This registration process is similar to the category of casual taxable persons, where one must pay a deposit equivalent to the GST liability.
- Normal taxpayer
Almost every business in India falls under this category. One need not provide any advance to become a normal taxpayer. There is no expiry date of registration for taxpayers who fall under this category.
- Composition taxpayer
The Composition Scheme is applicable to individuals whose business turnover do not exceed Rs.1.5 crore. Such taxpayers enjoy the benefit of paying taxes at a flat rate.
Apart from knowing the types of registration, one must learn how to calculate GST like a pro while his/her business is operational.
Essential documents required for GST registration
Here is the list of documents required to complete the GST registration process:
- Business address proof
- PAN card
- Bank account statement and cancelled cheque
- Letter from authorised signatory
- Business registration proof
- Aadhaar card
- Digital signature
These are the documents required for GST registration. Individuals considering opting for a business loan from reputed NBFCs such as Bajaj Finserv need to preserve their GST returns and submit them as proof of compliance.
Such entities can also enjoy pre-approved offers on a host of financial products such as personal loans, credit cards, etc. These offers can help expedite the loan application process. One can check his/her pre-approved offer online by submitting essential credentials.
Before applying for GST, individuals need to have an in-depth understanding of it and calculate their liability with a GST calculator.
Since 2017, it has become compulsory for designated businesses to register under GST. After the business is successfully registered, a unique registration number is assigned against their business which is known as Goods and Services Tax Identification Number (GSTIN). It is a 15-digit number allocated by the Central Government after the business is successfully registered. It is to be noted that if a business is being operated from multiple states, then the business owner needs to undertake online GST registration from each state.
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