GST (Goods and Services Tax) Bill was approved by the Government of India, to replace all State and Central Government imposed indirect taxes. It is now compulsory for entities engaging in the supply of goods and services across States, to do GST registration online. GST stands for Goods and Services Tax. It will replace most indirect taxes.
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An entity that has a turnover of over Rs 20 lakhs a year is required to register under GST.
For certain businesses, registration under GST is compulsory. If the organization carries on business without the registration, it will be an offence under GST and heavy penalties apply.
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The eligibility criteria for GST registration are listed below:
An individual who wishes to register himself under GST must submit the following documents:
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This is a step by step process on how to complete registration process online on GST portal:
In the drop-down under I am a – select Taxpayer
3. Enter the OTP received. Click on continue.
4. You will receive a temporary reference number (TRN)
5. Go to the GST portal and click on register now.
6. Select TRN. Enter TRN and type the captcha code.
7. You will receive an OTP on the registered mobile number. Enter the OTP and click on Proceed.
8. You will see the status of the application shown as drafts. Click on Edit Icon.
9. Part B has 10 sections. Fill in all the details and submit the appropriate documents.
This is the list of documents you need to keep handy while applying for GST registration:
10. Once all the details are filled in go to the Verification page, Tick on the declaration and submit the application using these methods:
11. A success message is displayed and Application Reference Number (ARN) is sent to registered email and mobile.
12. You can check the ARN status for your registration by entering the ARN in GST Portal.
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GST Registration is a tedious 11 step process which involves submission of many business details and scanned documents.
GST Registration is free of cost. You can get registered under GST without paying any Government Fees. However, in some cases, you must digitally sign the GST application and the Digital Signature costs between Rs 1,000 to Rs 1,500. You need to be careful while uploading the supporting documents and filling the details for registration.
Given below are the types of GST registration:
An offender not paying tax or making short payments (genuine errors) has to pay a penalty of 10% of the tax amount due subject to a minimum of Rs 10,000.
The penalty is 100% of the tax amount due when the offender has deliberately evaded paying the taxes.
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