GST is the talk of the town. And with so much talk, confusion is bound to set it. Get all the information under one roof.
A step by step process to register for GST.
A step by step process to register for GST.
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Goods and Service Tax, popularly known as GST, was launched on the 1st of July, 2017. It replaced all indirect taxes levied on goods and services by the central and state governments, and liberated India from its complex indirect taxation structure.
GST is an attempt by the central government to subsume all other taxes, to remove the taxation barriers and create a single market that is open to all to buy, sell, import and export within the country.
In this article, we will learn about the eligibility criteria and the process of registration for GST.
What are the eligibility criteria to register for GST?
Under the new GST regime, all entities involved in buying or selling goods, providing services or both are required to obtain GST registration. Entities without GST registration would not be allowed to collect GST from a customer, claim input tax credit of GST paid and could even be penalized.
Below mentioned list will help you understand your eligibility for GST:
What are documents required for the registration under GST?
There are several documents that will be required to register for GST. Below mentioned is a detailed list of the same.
1. PAN Card of the Business or Applicant
This is because GSTIN (Goods & Service Tax Identification Number) is linked to the PAN of the business.
2. Identity and Address Proof of Promoters
Documents like PAN, Passport, Driving license, Aadhaar card or Voters identity card of all the directors, partners or promoters must be submitted for Identity proof and address proof.
3. Business Registration Document
All documents verifying the registration of the business must be submitted by all registered entities. The documents may differ depending on the type of registration.
4. Address Proof for Place of Business
All documents that verify the place of business operations mentioned in the GST registration application must be submitted. These include rental agreement or sale deed, copies of electricity bill or latest property tax receipt or municipal khata copy.
5. Bank Account Proof
An attested and scanned copy of the first page of bank passbook must be submitted. This copy must be for the bank account mentioned in the registration application and must also include few transactions and address of the business.
6. Digital Signature
All GST registration applications are mandatorily required to be signed and submitted by authorized signatory using Class 2 or 3 digital signatures. In case of proprietorship, a digital signature is not required.
What is the process to obtain GST registration?
Registrations for GST can be done online using the official portal of GST maintained by the Central Government or State Government. Government will also appoint GSPs (GST Suvidha Providers) to help businesses with the registration process. All existing taxpayers with provisional ID and password, normal taxpayer/ Composition/ Casual Taxable Person/ ISD / SEZ Developer/ SEZ Unit and GST Practitioner must register for GST. Here's the process to register:
1. For new GST Registrations:
2. For dealers registered under existing Central and State Taxes:
To learn more about GST registration and the different forms for other stakeholders read this tutorial.
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