GST is the prime tax reform in India, extremely improving ease of doing business and growing the taxpayer base in India through bringing in loads of small industries in India. By eliminating and subsuming numerous taxes into a solo system, tax difficulties would be decreased while tax base is augmented substantially. Underneath the new GST rule, all units involved in purchasing or selling goods otherwise providing services or else both are essential to register for GST. Units without GST registration will not be permitted to collect GST from a client or claim an input tax credit of GST paid plus/or can be penalized.
GSTIN is an exclusive number that is cited on all invoices that are supplied toward the input tax credit mechanism. It not merely aids you to avail input tax credit, nonetheless also helps you in registration your business as well as improving your reliability in the business. It is significant for you to convert a GST compliant as well as file GST returns on time. When you register, you could also download the registering credential from the GST portal.
GST Registration Procedure in India is totally online. It needs no manual interposition or not at all physical paper submission. A very simple process has been arranged for GST Registration.
For gaining registration, all the taxable peoples shall interact through tax authorities over a common portal named GST Common Portal that would be set up through Goods and Services Tax Network (GSTN). The portal would have backend addition with the corresponding IT systems of the Centre plus States.
There are two approaches of registration for GSTIN.
01. Registration of novel candidates for GSTIN
02. Migration for current registrants either through Centre or state.
A new candidate would be permitted to apply for registering without previous enrollment. Once a comprehensive application is submitted online, a message requesting for confirmation will be sent over e-mail and SMS to the official signatory of the candidate. On receipt of such validation from the official signatory, Acknowledgement Number will be generated and intimated toward the applicant. When the application is permitted and GSTIN is created, the same together with Log-in ID and provisional Password would be sent to the official signatory. This credential will be lastingly used to entrée the GST Common Portal then. Provision for taking e-mail and Mobile Number of official representatives of the taxpayer has correspondingly been merged in the proposed GST Registering Form. It would be the accountability of the taxpayer toward keep this info updated.
Online confirmation of PAN of the Business / Sole Owner/Karta / Partner /Managing Director and full-time directors/Member of Management Committee of Association, managing trustee/official signatory etc. of the trade would be obligatory and without such confirmation, registration application would not be permitted to be submitted.
Based on the info provided through GSTN, registration procedure looks like this:
The applicant would need to submit his PAN, mobile number as well as email address in Part A of Form GST REG–01 on GSTN portal or over Facilitation centre (informed by the board otherwise commissioner).
The PAN is proved on the GST Portal. Mobile number plus E-mail address are tested with a one-time password (OTP). when the verification is done, the applicant would receive an application reference no on the recorded mobile number plus via E-mail. An acknowledgement would be issued to the candidate in FORM GST REG-02 automatically.
Applicant requires to fill Part- B of Form GST REG-01 also specify the application reference no. Then the form could be submitted afterward attaching essential documents.
If additional info is essential, Form GST REG-03 would be issued. Candidate needs to reply in Form GST REG-04 with essential info inside 7 working days from the day of receipt of Form GST REG-03.
If you have delivered all required info via Form GST REG-01 otherwise Form GST REG-04, the registering certificate in Form GST REG –06 for the main place of business in addition to for every added place of business would be issued to the candidate. If the individual has numerous business verticals inside a state, he could file a distinct application for the registering in Form GST REG-01 for every business verticals. If the particulars submitted are not reasonable, the registering application is forbidden using Form GST REG-05. The candidate who is essential to subtract TDS or accumulate TCS shall submit an application in Form GST REG – 07 for registering. If he is no extended liable to subtract or collect tax at source then the officer might cancel as well as communicate the withdraw of registration.
Documents essential for GST registering:
PAN cards of the Company
Proof of constitution similar partnership deed, Memo of Association (MOA) /Article of Association (AOA), credential of incorporation.
Details and evidence of place of business similar rent agreement otherwise electricity bill
An annulled cheque of your bank account viewing the name of account holder, IFSC code MICR code, and bank branch particulars
Approved signatory similar List of partners with their individuality and address evidence in case of partnership firm otherwise List of directors by their identity also address evidence in case of company.
You can register your business for GST on GSTN portal.
A change brought toward the approaches used causes unrest, leading toward misuse/abuse of the system primarily. Execution of GST has seen some trades turn a profit from GST. By showing a fake GSTIN on the invoices, such examples of fooling the customers are on the surge while striking the government profits big time. Though, this evasion and manipulation could not last long as while returns are filed, the disparities will become clear and droplet the spotlight on the offenders.
Government has delivered new PAN based search service to obtain the GSTN, State, and Status. To get the particulars of the company using gst no. search by using pan number, first enter the pan number of gstin you wish search. Through authenticating pan number, you entered, you would get the gst number of that pan number.