As per GST rules, businesses with an annual turnover of above Rs.40 lakh must register as a normal taxable entity. The turnover limit is set at Rs.10 lakh for business entities located in hill states and North-Eastern states.
Business owners willing to complete GST registration process can do so online GST portal. For this, they need to fill up a form and submit necessary documents. Below are discussed the entire GST registration procedure and related details.
Step by step guide to GST registration
The process by which business entities get registered under the goods and services tax is called GST registration. After completion of registration, businesses get the Goods and Services Tax Identification Number (GSTIN). The 15-digit GSTIN is allotted by Central Government, which helps to determine whether a business is liable to pay tax or not.
Individuals can also use GST calculator for buyers or manufacturers to know the applicable rates. Follow the steps to register under GST. The complete process is elaborated under several parts for a better understanding.
Step-1- Visit official website of GST portal. Click on ‘Registration’ tab and then select ‘New Registration’.
Step-2- After clicking ‘New Registration’, a drop-down menu will appear. Select ‘I am a’- the taxpayer option, state, district, legal name of Business, Permanent Account Number (PAN), email address, mobile number. Then enter captcha code and click on ‘Proceed’.
Step-3- An OTP will be sent to the registered mobile number and provided email address. Next, click on ‘Continue’. In case individuals have not received an OTP, individuals can click on ‘Resend OTP’.
Step-4- Individuals will receive 15 digits ‘Temporary Reference Number’, which will be sent to given email address and mobile number. Individuals must note down the TRN and complete the Part-B of application process within next 15 days.
Step-5- Visit official website of GST portal once again and click on ‘New Registration’.
Step-6- Select ‘Temporary Reference Number’ and enter TRN and captcha code. Then click on ‘Proceed’.
Step-7- Individuals will receive an OTP. Enter OTP and click on ‘Proceed’.
Step-8- Individuals can see status of application. Click on ‘Edit’ icon, which will lead to the Part-B of GST registration.
To register for GST online, complete Part-B by following steps mentioned below:
Step-1- Part B of GST registration consists of 10 sections. Enter all required details and submit documents.
Step-2- Provide trade name, business constitution and district under Business Details section.
Step-3- Select ‘Yes/No’ under ‘Option of Composition’ field and select the registered person type. Next, fill in the date of business commencement section and date from which liability start. After that, select ‘Yes/No’ and type of registration and generate challan by providing information for advance tax payment per GST rule for casual taxable persons.
Step-4- Move to the ‘Reason to obtain registration’ option and select any reason as per the business demand.
Step-5- As per the selection made, enter the required details in the relevant box. Next, under the ‘Indicate Existing Registrations’ provide essential details. Now click on ‘Add’ and after that ‘Save & Continue’.
Step-6- After successfully providing all the details, individuals can see that the tab named ‘Business details’ has turned blue. Further, individuals can provide details of up to 10 Promoters or Partners under the ‘Promoters/Partners section’. Also, they can upload PDF or JPEG of up to 1 MB. Next, click on the ‘Click & Continue’ button.
Step-7- Similarly, provide details of the ‘Authorised Signatory’, Authorised Representative, Principal place of business and click on ‘Save & Continue. Next, the GST registration process includes filling up the ‘Additional Place of Business and click on ‘Add New’.
Step-8- After that, enter the information of goods and services with HSN codes or SAC for up to 5 goods and 5 services and click on ‘Save & Continue.
Step-9- Enter important bank account details up to 10 accounts and upload the required information. Provide important details under the ‘State Specific Information and complete Aadhaar Authentication and click ‘Save & Continue.
Step-11- The last section of Part B is ‘Verification’. Click on the declaration, enter required details and click on submit with DSC.
Step-12- At last, a message will appear showing a successful application, and an Application Reference Number will be sent to the registered mobile number. Individuals can check ARN status on the GST portal.
Individuals willing to expand their business across states can apply for a business loan by registering under goods and service tax and being GST compliant. Several reputed lending institutions like Bajaj Finserv extend pre-approved offers on financial products such as business loans, personal loans, and many others. Individuals can check their pre-approved offers by entering name and contact details.
The article mentioned above comprehensively discusses the GST registration process. Follow the steps to register a business under the GST and qualify for an easy credit facility.
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