Do you need to get your GST registration? It’s a big yes. If you are a taxable individual it is quite important for you to get registered under GST. If you are a citizen of the country, then you need to have identity proof to get the benefits and to be recognized as a citizen. What happens if you don’t register your GST? If not registering under GST – there are severe penalties.
These penalties can be like if you fail to register you will have to pay an amount that is equal to 10% of the tax evaded or Rs.10,000, which is much higher. Also, If you don’t register deliberately- then you could also come under the scanner of authorities as a fraud. If that happens then the penalty could be as high as 100%of the tax amount evaded. That’s huge. Different types of GST need to be paid, at the right time, without fail. So, let’s learn how to Register, can we?
Let’s make it a point to first know who are the people that are supposed to be registered under GST, okay? So, if you are on that list- this article is for you.
Who Should be Registering GST
If your company’s annual revenue is Rs. 40 lakhs or more, you must register. If you provide paid services or sell items online, the turnover requirement is Rs. 10 lakhs (Rs. 10 lakhs for northeastern states).
- If your company does not have a fixed site within the country – yet you offer goods and services.
- If you offer digital items such as software, SAS, and so on, you should register.
- If you sell through an e-commerce aggregator, you must register.
- If you live in India and occasionally provide goods or services.
- If you were previously registered for a tax regime such as Service Tax, Excise, Value Added Tax, and so on, you should register again.
- When you pay taxes using the reverse charge method, the receiver is obligated to pay taxes rather than the conventional regulation where the supplier of services or commodities pays the taxes.
- If you supply Goods and Services within the nation or export/import, you must register for GST.
Do you come under any of these categories – if yes, then let’s keep reading this piece to know more about GST rates in India? Without beating around the bush, let us get to the part where we find out how to register GST.
How to Register for Income Tax Returns
It is not that hard if you look at it. GST in India can be registered in the following manner.
Here, we can find out how to register for the GST online. Firstly, you need to get to the official GST portal. From there, we can get started.
Step 1: Go to the official GST portal and register, then New registration.
Step 2: In Part A: Type in details such as PAN, email address, phone number, Business name, taxpayer status, and more.
Step 3: Enter the two OTPs that you got through email and cellphone. Continue By clicking the button. If you have not yet received the OTP, choose Resend OTP.
Step 4: You will now be given a 15-digit Temporary Reference Number (TRN). This will be delivered to your email and cell phone as well. Make a note of the TRN. You must finish filling out the part-B data within the following 15 days.
Step 5: Go back to the GST portal. Navigate to the ‘New Registration’ option.
Step 6: Choose Temporary Reference Number (TRN). Enter the TRN and captcha code, then click Proceed.
Step 7: You will receive an OTP on your registered mobile phone and email address. Enter the OTP and press the Proceed button.
Step 8: You’ll see that the application’s state is shown as draughts. Select the Edit Icon.
Step 9: Part B is divided into ten pieces. Fill out all of the data and attach any necessary papers. In 2020, the Aadhaar authentication element was introduced, and the bank account component was made optional.
Step 10: Enter the trade name, business constitution, district, and other business-related info in the Business Details area.
Step 11: Enter the information for the Principal Place of Business. The major location inside the state where the taxpayer conducts business is referred to as the taxpayer’s principal place of business.
Step 12: Submit information about products and services, including HSN codes or SAC, in the next tab for up to 5 items and 5 services at the top of your list.
Step 13: Next, provide the taxpayer’s bank account information for up to ten bank accounts. If you do not disclose these data at the time of GST registration, you will be prompted to complete a non-core modification application to submit the bank details when you check-in for the first time on the GST site.
Step 14: Enter the professional tax employee code number, PT registration certificate number, and State Excise License number with the name holding the license under the State Specific Information tab. Click the ‘SAVE & CONTINUE button.
Step 15: Next, decide if you want to conduct Aadhaar authentication.
Step 16: Once all of the information has been entered – proceed to the Verification page. Check the declaration box and submit the application.
Step 17: On successful application, a notice is shown, and the Application Reference Number (ARN) is delivered to the registered email and cellphone number.
That’s the end of the process. Now that might feel long, but it is quite simple. After all of this, you can check the status on the portal too. By this, we come to the end of this piece.
Hope you’ve found what you needed here. It is a simple plan with varied benefits to your financial queue. The best part is, you can do it from your home, at any time – unlike the traditional way of how things used to be done.