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Are you equipped to take your business to another level?
One of the crucial steps in your journey to success is obtaining your Goods and Services Tax (GST) Number. GST registration is not just a legal requirement, it’s a gateway to seamless taxation compliance in India.
But how do you go about getting your GST number?
In this comprehensive guide, we will walk you through the entire process, from eligibility criteria to the final registration. It’s time to simplify the complex and make your business GST-ready!
Determine Eligibility:
The first step is to determine whether your company qualifies for GST registration. Businesses that sell products or services and have a revenue over a specific aggregate turnover are required to register for GST.
What is an Aggregate Turnover?
The aggregate turnover threshold is the primary qualification standard for GST registration.
The total value of all taxable supplies, exempt supplies, exports of goods or services, or both, and whether interstate or intrastate supplies made by individuals/companies with the same Permanent Account Number make up the aggregate turnover.
This does not include the value of inward supplies for which a person is responsible for paying tax on a reverse charge basis. The calculation of the annual aggregate turnover begins in April and finishes in March of the following year.
In this calculation of aggregate turnover, central tax, state tax, union territory tax, integrated tax, and cess are all excluded.
Threshold Limits
A company must register for GST if their annual aggregate turnover exceeds Rs. 40 lakhs , or Rs. 20 lakhs or less as prescribed for Special Category States (listed below), in a given fiscal year.
Turnover of Rs. 10 lakhs for the supplier of goods and/or services:
- Nagaland
- Mizoram
- Manipur
- Tripura
Turnover of Rs. 20 lakhs for the supplier of goods and/or services:
- Uttarakhand
- Sikkim
- Telangana
- Arunachal Pradesh
- Puducherry
- Meghalaya
Turnover of Rs. 20 lakhs for the supplier of services and maximum of Rs. 40 lakhs for the supplier of goods(supply within same state):
- Himachal Pradesh
- Jammu and Kashmir
- Assam
- Rest of the states.
Voluntary GST Registration
A business can still voluntarily register for GST even if its annual aggregate turnover falls short of the threshold. It aids companies in establishing their legitimacy as registered firms.
This is also advantageous for companies who wish to claim input tax credits because they are required to be GST-registered in order to do so.
Gather All Required Documents
Let’s have a glance at the documentation part for GST registration. This can vary based on the business constitution.
Sole Proprietor:
- Pan Card of the Proprietor
- Aadhar Card of the Proprietor
- Photo of the Proprietor
- Proof of Address
- Bank account information
Partnership Firms and LLPs:
- All partners’ PAN cards
- A copy of the partnership contract
- Photo of all partners and other authorised signatories
- Address evidence of partners
- Evidence of the authorised signatory’s appointment
- Authorised signatory Aadhar card
- A registration certificate is wanted withinside the occasion of an LLP
- Address proof of commercial enterprise location
Hindu Undivided Family (HUF):
- HUF’s PAN card
- Karta’s PAN and Aadhar cards
- Photo of the owner
- Bank account information
- Address evidence of business location
Company(Public/Private/Indian/Foreign):
- Company’s PAN card
- Document proving incorporation
- Aadhar and PAN card of the accepted signatory (the signatory needs to be an Indian).
- Proof of the authorised signatory’s appointment
- Address evidence and PAN of each director
- Photo of all the directors and signatories with authority
- Bank account information
- Address evidence of the main site of business
Clubs/Societies:
- Certificate of Registration
- PAN cards for the club/society and any affiliated sponsors or partners.
- Photos of Sponsors and partners
- Bank account information
- Evidence of registered office location
The Registration Procedure
We have completed the eligibility check, and with the prepared paperwork, we are now ready to register for GST.
Step 1: Navigating the GST Portal
- To get started, go to the GST Portal’s official website >> GST Portal.
- Click the “Register Now” link under the “Taxpayers” page on the website.
Step 2: Starting the Registration
- Two choices will be displayed to you. Click “New Registration” and continue.
- Enter all pertinent information, including your full legal name, PAN, e-mail address, mobile number, and the state where you are requesting GST registration. As it will be used for future correspondence, make sure the information is accurate.
- You have to generate a password and username to access your GST account after entering the details. In the future, the portal will be accessed using these credentials. Ensure that they are kept safe.
- When you have completed filling out all the essential fields, click “Proceed“.
Step 3: OTP Validation
- The following page is for One-Time Password validation, which adds an extra layer of security to your registration process.
- You will receive two OTPs on your registered email ID and mobile number which was provided in the previous step.
- Carefully enter these OTPs into the designated fields and then click “Proceed.“
Step 4: Temporary Reference Number(TRN)
- After successful OTP verification, the system will generate a Temporary Reference Number (TRN) for your application.
- This TRN is a crucial identifier for your registration process. Don’t forget to make note of TRN.
Step 5: Resuming Registration
To continue your registration process at a later time or session, return to the GST portal’s homepage.
- Under the “Taxpayers” tab, select “Register” once again.
- This time, choose the “Temporary Reference Number (TRN)” option.
- Provide your TRN number along with the captcha input for security, and then click “Proceed.“
Step 6: Completing OTP Verification Again
- Once again, you will be prompted to verify your identity using OTPs, sent to your email and mobile number.
- Enter these OTPs accurately and click “Proceed.“
Step 7: Checking Application Status
- The webpage that follows will show the status of your application. If you need to make any changes or updates, you can do so by clicking on the edit icon.
- This is your chance to check and make sure all the information is correct.
Step 8: Uploading Documentation
- Upload all essential documentation in the portal required on the basis of your business constitution.
- The GST registration process requires you to provide these details:
- Business Details, Promoter/ Partners
- Authorized Signatory
- Authorized Representative
- Principal Place of Business
- Additional Places of Business, Goods and Services
- State Specific Information
- Aadhaar Authentication and Verification
- Visit this page for detailed steps for uploading documents (this will take some time as it’s a lengthy step)
Step 9: Verification and Signing
On the “Verification” page, review and confirm all the information provided.
- At this stage, you have several options for authentication. You can choose to apply for a Digital Signature Certificate (DSC) if your business requires it, which provides additional security and authentication for online transactions.
- Alternatively, you can opt for the Electronic Verification Code (EVC) method. This involves receiving an OTP on your registered mobile number for verification.
- Another alternative is e-sign, in which an OTP is dispatched to the cell number which is connected to your Aadhar Card for authentication.
Step 10: Successful Registration
Upon successful completion of the process, a confirmation message will appear on your screen.
- You will receive the Application Reference Number (ARN) and an acknowledgment via your registered email address and phone number.
- Additionally, you can check the status of your ARN on the GST Portal to track the progress of your GST registration.
Conclusion
Getting a Goods and Services Tax (GST) number is not only a legal requirement but also your opportunity to be part of India’s taxation landscape.
Whether you are a sole proprietor, running a partnership firm, or a company, this article provides a step-by-step guide to help you with the process of getting registered. Also it is essential to understand that tax laws in ideas are updated year by year, so do keep yourself updated with these laws to ensure compliance and stay ahead in your business.
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