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.
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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.
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.
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