Goods and Services Tax popularly called GST, is a single indirect tax for India. GST subsumes taxes like Sales Tax, Service Tax, Excise duty and so on, into a single indirect tax. GST is the biggest tax reform in India.
Want to know more on tax planning? We at IndianMoney.com will make it easy for you. Just give us a missed call on 022 6181 6111 to explore our unique Free Advisory Service. IndianMoney.com is not a seller of any financial products. We only provide FREE financial advice / education to ensure that you are not mis-guided while buying any kind of financial products.
Keep your Financial Cognizance up to date with Wealth Doctor App
GST is compulsory if the annual sales of your business is more than Rs 20 Lakhs. It would be wise to register for GST, even if the annual sales of your business is less than Rs 20 Lakhs, otherwise you will lose tax refunds on purchases.
STEP 1: Visit the Government GST Portal.
STEP 2: Go to the Services Tab on the menu at the top of the page.
STEP 3: You will see 4 Sections. Registration, Payments, User Services and Refunds.
STEP 4: You click on Registration and select "New Registration."
STEP 5: You reach the page where you select either Taxpayer or GST Practitioner.
STEP 6: You then select the State and District where your business is located and enter the legal name of your business.
STEP 7: You then fill the PAN, Email Address, Mobile Number and so on. This is Part A of the Form GST REG-01.
STEP 8: The portal receives your details and verifies them. You will receive an OTP or a email confirmation.
STEP 9: You then fill Part B of Form GST REG-01 and get it signed by the DSC or EVC.
STEP 10: Depending on the kind of Business, you will have to upload the documents as requested.
STEP 11: You will receive the Application Reference Number (ARN) through email or SMS.
STEP 12: Your application will be verified by a GST officer. It could be accepted or if there are errors, you might have to make corrections or submit more documents.
STEP 13: After approval, you get a Certificate of Registration issued to you by the Department. Every GST registered dealer gets a GSTIN which is a GST Identification Number.
GSTIN is of 15 digits. The first 2 digits represent the State Code.
State Code - Jammu and Kashmir - 02
Himachal Pradesh - 03.
The next 10 digits are the PAN (PAN of the Business Owner) or the business entity engaged in the Business.
SEE ALSO: GST Tax Rates In India
1. PAN of the applicant.
2. Aadhaar Card
3. Proof of Business Registration
4. Identity and Address Proof of the Promoter with Photographs.
5. Address Proof of the place of Business.
6. Bank Account Statement or a Cancelled Cheque.
7. Digital Signature.
8. Letter of Authorization
See also: GST advantages and disadvantages
So, register your business and get the GSTIN. Be Wise, Get Rich.
The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.
Subscribe to our Youtube Channel
Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.