What is GST Registration?
The tax policy we all are familiar with since 1st July 2017 is GST, aka Goods and Service Tax. Under the GST registration, all the Indian goods and services providers register themselves for paying tax on a fixed rate of turnover.
GST has changed the entire system of taxation by eliminating several taxes, including VAT, sales tax, service tax, Octroi, Excise Duty, entertainment tax, luxury tax, and made it a single tax policy.
There are 3 elements of GST. They include CGST, SGST, and IGST. Manufacturers, traders, and service providers can apply for GST registration and get a GST number under the GST Law that is crucial to run a business or organization today.
Process of GST Registration
GST registration is a simple process. It becomes handier with My Tax Advisor. The application process has two parts. The entire registration process takes around 2-6 working days.
The brief about the process of GST registration is as follows:
- The GST registration process takes place on the official website of GST.
- In the first part, a Temporary Reference Number (TRN) is created followed by OTP verification.
- Once the TRN is ready, the second part starts.
- You can log in with the TRN ID and access to the dashboard.
- The next step is to fill and submit the application form before the expiry date.
- The application form includes details including Business details, business partner details, authorized signatory, authorized representative, principal place of business, additional places of business, goods and services details, and state-specific information.
- The last step of the application is OTP verification.
- Post that, you will receive an Acknowledgement (ARN) to track the status of your GST registration application.
You can register yourself for GST as a:
- Tax Deductor
- Tax Collector
- GST Practitioner
- Non-Resident Taxable Person
- United Nation Body
- Consulate / Embassy of Foreign Country
- Other Notified Person
- Non-Resident Online Service Provider
What Do I Get After GST Registration?
After the GST registration, you get a unique identification number as a GST taxpayer. This Unique ID is GSTIN that you can verify at the official GST portal.
Do I Need GST Registration?
Though, all the Indian traders and service providers must register for a GST number. Yet, there are laws to decide whether you need a GST registration or not.
You need a GST registration, if:
- The minimum turnover of your business is 20 lacs when you are offering goods.
- The minimum turnover of your business is 40 lacs when you are offering services or goods and services both. (It differs in the case of states of special category)
- The minimum turnover is 10 lacs, and your business place is in hill states.
- You supply goods in other states.
- You are a casual Taxable person.
- You are a non-resident taxable person.
- You want to create tax invoices for your customers.
- You are an individual who is supplying goods via an e-commerce platform.
- You are involved in an import or export business.
GST Registration is a must for Indian goods or service providers. However, not everyone can spend time and effort applying for it. Because yes, the process takes time. And when you want to take any risk, you need professionals. Therefore, you don’t have to worry because the GST registration process for your business is going to be a feasible process with My Tax Advisor.