GST is the newest addition to the tax regime of India. The Indians now have to follow the Goods and Service Tax, instead of old Octroi, LBT, VAT, and other taxes. GST Registration is compulsory for the businesses operating in India. Be it the small business or the big business, the owners have to apply for the GST and get the GSTIN for tax filing purposes. Before proceeding with the GST Registration information, it is essential to know more about the Goods and Service Tax regime in India.
Understanding the GST
GST or the Goods and Services Tax is the new type of Value Added Tax, which will be levied on the goods. The GST will be collected on the products on all stages, like Raw materials, Manufacturing, Storage, and sales. Also, the tax will be levied on almost all of the supported services. The taxes paid in the earlier stages are available to credit back to the appropriate person. In short, the total burden of the tax has to be borne by the end-consumer as the material supplier to the manufacturer; everyone gets to enjoy the tax credit.
GST or the Goods and Services Tax came into existence from 1st July 2017 in all over India. It is part of the 101st Amendment to the Constitution of India. As there were multiple taxes from different states and the central government, the central government wanted to simplify the procedure of taxing with GST. The Goods and Service tax eliminates all of the other taxes for the businesses. It is now the central tax, which is levied by both the Central Government and the State Governments.
Who Needs to Register for Goods and Service Tax?
- Individuals registered under the previous Laws like VAT, Excise, Service Tax, etc.
- Agents of the Material Suppliers and Input Service Distributor
- E-Commerce Aggregators and Agents Selling through E-Commerce Portal
- Businesses having Turnover of ₹40 Lakh and Above
- Person Providing the Taxable services to the customers
- Manufacturers, Sellers, Marketers, Promoters and the Suppliers of any supported goods
How to Register for GSTN?
Indian Tax System was pretty complicated before the arrival of the GST. As the tax is new in the Indian Economy, many people are facing issues while registering for GSTN. In this section, you’ll get detailed information about the GST Registration procedure for Individuals and Businesses.
Documents Required for GST Registration
Document compliance is the most challenging part of GST registration. You must have the scanned copies of all of the documents provided below. Otherwise, you’ll face issues during registration. When you hire the GST Registration services from Efiling.co.in, you don’t have to worry about the documentation a bit. Here is the list of all of the documents that you should have handy for GST Registration.
- PAN Card
- Aadhar Card for Individuals
- Business Registration Certificate or Incorporation Certificate
- Identity Proof and Address Proof for Individuals
- Address Proof of the Business ( Includes Rent Agreement, Light Bill, etc.)
- Bank Details for Individuals and Businesses
- Digital Signature Certificate
Once you get all of the documents ready, you are good to register for GSTN. It is an 11-Step procedure for registering with GST. It is a confusing process for anyone who is doing the same for the first time. That’s why it is better to hire the GST Registration services from Efiling.co.in. With the team of GST professionals working round the clock, we will complete the entire procedure of GST Registration for you or your business. All you have to do is to send us the documents, and we’ll handle the remaining process.
Frequently Asked Questions on Goods and Services Tax
#1 – What is the GST Number?
The unique identification number provided to the businesses after successful registration under the Goods and Services Tax is known as the GSTIN or GST number.
#2 – What is the Cost of GST Registration?
GST Registration is quite a tedious process. It takes a few days to complete the entire registration. The cost of registering for GST is very cheap if you hire the services from the Efiling.co.in.
#3 – How Much time does it take to Receive GSTIN?
The entire process of registering for GST is quite complicated. It takes 7-10 days to complete the registration and receive the GSTIN on the registered mobile number and email address.
#4 – What is IGST in Goods and Services Tax?
IGST or the Integrated GST is the type of GST, which is levied by the central government for the inter-state supply of goods. In the case of Inter-state supply, the IGST is collected along with the SGST.
#5 – What is SGST in Goods and Services Tax?
SGST or the States GST is the type of GST, which is levied by the state government for the supply of goods and services within the state. GST is collected along with the CGST or Central GST.
#6 – What is Input Tax Credit?
When you pay the taxes on the input goods and services, then you can use the Input Tax Credit for clearing off the output tax liabilities.
#7 – Is GST Mandatory for All Businesses?
GST is not mandatory for the businesses having less than ₹40 Lakhs in Revenue. If you have a revenue of more than ₹40 Lakh, then you are required to register for GST. Instead of Following tedious procedures, it is always better to hire the GST Registration service for a hassle-free registration.
Professional GST Registration Services from Efiling.co.in
Instead of wasting time on collecting the documents and following the tedious registration procedure for GST, you should rely on the professional GST Registration services from Efiling.co.in. When practicing GST Professionals submit your application, there is no chance of having any errors, and you’ll get the GSTIN within 7-10 days. Hire the Professional GST Registration services for your business establishment and Focus on your business growth.