GST- a new taxation scheme has been Top news headlines of India. All you need to know the process of application for registration under the GST.
The Goods and Services Tax (GST) has been India’s biggest tax reforms since Independence. That’s why the formal announcement of the launching of this new tax regime had become the top news headlines of India. GST has replaced various indirect taxes. But, still many people are not aware of how to register for GST.
If you have a turnover more than Rs. 20 lakhs in a financial year, then you need to enroll for GST.
Here are some guidelines to make registration for GST.
Long on to the online portal of GST and create a log-in ID over there.
Fill the GST-REG-01 form. In this segment, you need to give details such as PAN, e-mail address, and mobile number. The portal would then verify all details through a one-time password (OTP) or email.
After successful completion of the verification process, you will get an application reference number through e-mail or mobile. It means, with the help of this number, you need to fill the form GST-REG-02.
Apart from this, you need to upload some documents online. It includes bank account details, photographs, certificate of incorporation (COI), authorization form, proof of place of business – this includes your electricity bill, no objection certificate, rent agreement, etc.
Obviously, there could be minor variations depending on the kind of business that you are doing. According to the officials, the verification process will start in three working days. If everything is ok, your application would be approved within seven working days. This result in receiving your GST registration certificate in the shape of the form GST-REG-06.
Under the GST regime, tax structure has unified so it is going to impact on Indian economy in a big way. That’s why it had been among the top news headlines of India. Hence, it is important to complete registration process of GST. If you are unregistered, businesses in which you supply will have to do compliance on your behalf, which may discourage them to deal with you.
Also, read How GST will Impact IT Sector?