The whole of India divided in July 2017, taking sides on whether the GST is good or bad. While there were supporters, there were also many people to analyse the Goods and Services Tax critically. But what remained a common sight was the entire country having an opinion about it. The reason being it is a taxation law that was being molded. The tax is paid by everyone at multiple levels and sometimes double on the same thing. The GST came into being to simplify the taxation system and eliminate the chances of paying taxes more than once for the same thing. Even though every business in India has to have a GST registration regular, the panic around it may not make it easy for startups. The answers to all the essential questions related to GST given below should help everyone with doubts about the Goods and Services Tax.
What Is GST Registration?
GST is a simple indirect value-added tax levied on almost all goods and services sold at the domestic market. The tax that even though it is paid by the businessman selling products, be it goods or services to the government, is charged on the customers. While it is compulsory for businesses to pay if they make sales of goods or services beyond a threshold limit.
How Many Types Of GST Registration?
There are four types of GST registration regular.
- Compulsory
Certain business types, for example, the ones selling inter-state or on e-commerce platforms, are required to apply for a compulsory registration irrespective of their turnover.
- Voluntary
Any business belonging to the type that is not listed under the compulsory registration can apply voluntarily for a GST number.
- Composition GST Registration Scheme
Businesses selling goods with a yearly turnover of more than 40 lacs and less than 1.5 Crore are required to register under the composition GST registration scheme. For service providers, the turnover has to be between 20 and 50 lacs. However, the above threshold may differ for certain special category states.
- No Registration
There are certain types of businesses that are exempted from paying GST. Any company falling under that does not require GST registration. Here are the conditions that a seller needs to satisfy to fall under the no GST registration category.
- Turnover less than 40 lacs for goods and 20 lacs for services. For special states category, the threshold number is 20 lacs for goods and 10 lacs for services.
- Businesses producing goods or services that are exempted from paying GST.
- Business that are not listed under the compulsory registration.
- Farmers selling their crops from land cultivation.
What Are The Documents Required For GST Registration?
- Pan card of your company
- Passport size photographs
- Address proof
- ID proofs
- Bank details
- Partnership deed or certificate of incorporation
Online GST Registration Process?
- Visit the GST portal and select your type from Normal/TDS/TCS and hit Register Now.
- On the new form opened on the screen, select New Registration, and then state I am a Taxpayer choosing from the drop-down menu.
- Mention the state and district in which your business is operating in the next field.
- Moving forward, you need to enter the name and PAN number of your business.
- Generate OTP after putting in your details, such as your e-mail ID and phone number.
- Enter the OTPs sent on your mobile and email id to confirm and verify the same to receive a Temporary Reference Number or the TRN.
- Go back to the home page of the portal and click on the Register Now button.
- Select TRN to enter your TRN and captcha to proceed to enter a freshly received OTP to change the status of your application to draft.
- Now hit the edit button to find a new form that requires the submission of essential documents.
- Submit the online GST registration form by using the most suitable way in the options after attaching all the documents to receive the Application Reference Number and change the status of your application to success.
GST Registration Fees?
While the government doesn't charge any fees for GST registration, one has to pay the GST Registration Company like TaxWink their consultation fees.
How To Check GST Registration Status?
The track application option can be found under the services menu on the GST portal. Enter your ARN number and enter the captcha on the page to find out the status.
How Long It Takes For GST Registration?
GST registration takes around two to six working days to process the application. However, a GST Registration Company may take up to 10 days to help and sort your documents on your behalf.
How Can I Download My GST Registration Certificate?
The option to download the GST certificate can be found under the services menu on the GST portal.
How To Amend Address & Trade Name In GST Registration?
The name and address of the business can be changed or amended within 15 days of registration by submitting form GST REG-14 with necessary proofs. The approval has to be done by a GST officer in form REG- 15 for confirmation.
How To Surrender GST Registration?
Navigate to the services menu on the GST portal after logging in and then hit Registration to find the cancellation application. A new form will be generated that you will need to fill and submit, mentioning the reason for cancellation and a new contact information. The successful submission of the application will generate an ARN number.
