Importance of GST registration for businesses

GST registration is important for businesses exceeding a certain turnover threshold and in case of non-compliance business has to face penalties or legal consequences. Gst number It has enhanced the business credibility among the customers, suppliers, and financial institutions. A business that has GST registration can claim for input tax credit, that is usually claimed on purchases and expenses which help in reducing tax liability. GST registered business can lead to cost savings and increased competitiveness.

It helps businesses in getting engaged with interstate trade without any restrictions and also helps in making a unified environment for the national market. A GST registered business can maintain accurate financial records, can track and manage tax liabilities easily by filing regular GST returns. Only a GST registered business can enjoy benefits from government like government schemes and contracts that are meant for GST registered businesses. GST registration is essential for many E-commerce platforms in order to expand business reach to a larger customer base. In short, GST registration is beneficial for both businesses as well as for the economy. 

Steps to apply for GST number online

For GST registration one must follow below mentioned step-by-step procedure to complete the registration process: 

• Visit the official website of the GST registration portal at , and click on ‘Register Now’ under the ‘Services’ tab. 

• Select ‘New Registration’ and fill the details mentioned in Part – A. 

Part – A

• Select ‘Taxpayer’ from the drop-down menu of ‘I am a’. 
• Your state and district. 
• Business name.
• PAN of the business.
• Enter valid email ID and mobile number inorder to get OTPs. 
• Enter image and ‘Proceed’. 
• Enter OTP and Click on ‘Proceed’.
• Note the Temporary Reference Number (TRN) that will be shown on the screen. 

Part – B

• Visit the GST portal again, and under the ‘Services’ menu click on ‘Register’. 
• Click and enter TRN or Temporary Reference Number, the captcha details and click on ‘Proceed’.
• Enter the OTP that is sent your email ID and registered mobile number and proceed. 
• A new page will be available, click on the Edit icon on the right side of the page. 
• Fill the 10 sections with below mentioned required documents and move to the next step. 

• Check the declaration by visiting the ‘Verification’ page and submit the application via Electronic Verification Code (EVC) or Digital Signature Certificate (DSC). 

• You will get an OTP on your Aadhaar linked mobile number.
• After completion, you will see a success message on the screen, and ARN will be sent on your mobile number and email ID. 

Now you can check your application status on the GST portal. 

Document submission for different types of businesses 

Main documents that need to be submitted for GST registration are as under:

• Photographs
• I’d proof 
• Address proof
• PAN 
• Business registration proof
• Bank statement
• Business address proof

Individuals and sole proprietor need to submit following documents: 

• Photograph
• PAN Card
• Adhaar Card
• Address proof
• Bank details

Read More : How to Check GST Number ?

Partnerships and LLPs need to submit following documents: 

• Partners photographs
• Partners PAN cards
• Partners Address proof
• Partnership deed
• Aadhaar Card of any authorised signatory
• Appointment proof of signatory
• LLP registration proof
• Bank details
• Address proof of business principal

Companies need to submit following documents:

• PAN card of the company
• Incorporation Certificate
• Memorandum of Association
• Signatory’s appointment proof
• Signatory’s PAN card and Aadhaar card
• Directors PAN card
• Directors Address proof
• Bank details
• Address proof of business principal

Read More : How to apply for GST number ?

Societies or clubs need to submit following documents: 

• Club copy or society’s registration certificate 
• Club or society’s PAN card and of association partners
• Photograph of partners
• Bank account statement
• Office address proof
• Authorised letter by signatory 

Hindu Undivided Families (HUF) need to submit following documents: 

• PAN card of HUF
• Photograph of owner 
• Bank details
• Karta’s PAN card 
• Address proof of business principal. 

GST application verification process 

After submitting your GST registration application through the official website of the GST portal, the tax authorities examine the application for verification and scrutiny. They make sure that the supporting documents meet and comply with the GST laws. In case there is some information missing then they will inform the applicant to provide additional clarification. They can also send a field team conducted by tax officials for verification, and they will inspect the business premises. One the verification process is over, and the application meets are all the requirements the GST registration will be approved. GSTIN (Goods and Services Tax Identification Number) will be issued to the applicant. 

GST registration fees and timeline

GST registration is free of cost, there is no fee required to be paid for GST registration for the one who uses GST online portal for GST registration. But other non governmental websites can change fees for GST registration. 

After the date of application submission, the registration approval was increased from ‘three’ to seven working days. The grant of registration can be extended to 30 days in case of the failure of Aadhaar authentication or in case of physical verification of the places of business. Hence it’s concluded that the person should be granted with GST registration with a time frame of 30 days from the date of submission. 

Conclusion

GST number or GSTIN is very important for the business, and GST registration saves a business from different penalties and fines. One can easily acquire a GST registered for the official GST portal and can be granted with GST registration within 30 days.

FAQ’s

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