If you are a supplier of goods or services and if the annual turnover of your business exceeds Rs. 40 Lakhs (applicable from 1st April 2019, earlier it was Rs. 20 Lakhs), then you mandatorily require GST registration.
In this blog, we will guide you on how you can obtain GST registration and what documents you will require.
Why does one require GST registration?
The administration has asked every one of the organizations and business whose turnover surpasses the breaking point of RS. 40 Lakhs and RS. 10 lakhs for Hill states and NE to get a GST enlistment. GST enlistment essentially implies that the firm or organization is presently enrolled as an ordinary assessable organization.
On the off chance that an organization or an association is found to complete business with no GST enrollment needs to pay overwhelming punishments under the GST law. It's anything but a long haul methodology. It as a rule takes 2-6 working days. One can essentially enroll register for gst online their business under the GST by joining on the web.
What are the documents required for GST registration?
An individual requires the accompanying archives for GST enrollment:
• Aadhar card as character confirmation
• PAN card of the particular candidate
• Identity verification of the advertiser or executive alongside some international ID measure photos
• Address evidence of the advertiser or executive.
• Address evidence of the working spot
• Bank account proclamations of the candidate or any dropped checks.
• The computerized mark of the candidate.
• A letter of approval or approved signatory or board goals.
Other than these records, candidates need to submit GST enrollment charges.
GST Registration process step by step:
GST registration is a 10 step process. You have to follow the GST registration process step by step until you receive the success message. Registration sign up is the first step you need to follow. After opening the GST portal, click on the ‘services’ options followed by a ‘registration’ option and then click onto the ‘new registration’ option.
- You will view a new tab opened on your desktop. You have to create a TRN by completing the process of OTP validation. You can use this TRN number to restart your registration process if you leave it without completing it.
- The next steps involve TRN generation by completing the OTP verification via your mobile phones. You will be sent two variable OTP’S, one for your mobile number verification and one for email address verification. Kindly fill it within 10 minutes or they will become invalid after that.
- Once you have followed the above-given steps you can use generate TRN to submit and complete further GST application registration process.
- Once you have successfully generated the temporary reference number or TRN you have to continue the registration process using TRN number.
- Once you have logged in, fill in your required business information.
- In the next step, the applicant has to submit the required details of their business promoters.
- In this step, you have to submit the information of the authorized signatory. The authorized signatory is nominated by the company’s promoters, who are given the duty to fulfill the GST returns at a given time interval.
- Enter the primary location of your business or the location where business is performed by the taxpayer.
- Continue the procedure by submitting the additional place of your business, details of all the goods and services provided by the company and bank account details. Once you have submitted all this information, verify all the details before submitting them.
- Complete the process by signing it. You will get a success message and ARN receipt. You can use it to track your GST application. To know more about the GST registration process, contact Swarit Advisors.