After the last annual budget, a big tax reform was issued in the country. Every taxpayer in the country is supposed to pay this tax during every monetary transaction. Thus all the business entities providing goods and services fulfilling a certain criterion were supposed to register for GST.
Businesses with annual turnover more than Rs. 10 Lakhs in special states and Rs. 20 Lakhs in other states are eligible for GST registration. The business proprietary officer is supposed to apply for GST registration within the first 30 days of eligibility. Apart from the annual turnover criterion, there are various other conditions under which an entity may become eligible and the same have been mentioned in the GST Council.
The online application process offered by GST portal completes your registration within 5-10 working days. The process is as follows:
Open GST portal. Click on Register Now under your specific category.
This is Part A of the registration. Click on New Registration and fill out the details asked for on the page and then Proceed.
After verification through an OTP, a Temporary Reference Number (TRN) is issued. You are required to take a note of it.
Once again, click on Register Now. Enter your TRN followed by Proceed.
After the second verification by an OTP, you can see the status of your application.
By clicking on Edit you enter the Part B of the registration. This part has various sections and they require a number of official documents. This process may take some time.
After all the documents have been duly verified, you can submit the application through three ways; namely; DSC, E-sign or an EVC.
Now, an Application Reference Number (ARN) is issued. A Success prompt containing your ARN is generated. The ARN can be used to check the status of your application.
GST registration of a business with the tax authorities implies obtaining a unique 15 digits GSTIN from the GST authorities so that all the operations of and the data relating to the business can be collected and correlated.
TRN or Temporary Reference Number is a unique 15-digit reference number that allows you to access your new registration application on the GST Portal in the pre-login mode (without valid login credentials).
GST is generally paid by the supplier i.e. the one who makes the supplying after collecting it from the recipient.
a. Legally recognised as supplier of goods and services
b. Authorization to a taxpayer to collect tax on behalf of the Government.
c. Pass on the credit of the taxes paid on the goods and/or services supplied to purchasers or recipients.
Registration under the GST Act is mandatory if your aggregate annual PAN-based turnover exceeds INR 20, 00,000 (Rupees Twenty Lakhs).
You can apply online for a GST Registration using the GST web portal. No physical application is required.
No, you do not as the registration is paperless.
GST is levied on all types of supplies which are made for a consideration and are for the purpose of furtherance of business.