The much-anticipated GST will be rolled out this year and will greatly enhance the business-friendliness for millions and millions of SMEs in India. By abolishing it or subsuming multiple taxes into a single tax system, tax compliances would be reduced, thereby substantially increasing the number of taxpayers. In this post, we will look at the process and eligibility to register GST.
All entities that either buy or sell goods or provide services or both must obtain Gst Filing Chennai. An organization that has not registered under GST cannot receive GST from its customers or demand the GST input tax credit charged. This is also mandatory if the dealer crosses the minimum threshold or starts a new business that plans to exceed the prescribed threshold.
The following steps for electronic GST registration are:
Step 1: Verify preliminary details:
To initiate registration, a login account must be created on the GST website. The person must submit the email, mobile number, and PAN on the GSTN portal. PAN automatically verified online.
A One Time password validation system verifies the mobile number and email and fills these information in GST REG-01’s PART 1 form.
Step 2: Submit Application Form-Once the basic details are verified, complete the registration form and complete all related formalities such as uploading documents. Documents required for GST are as follows:
Photograph of Taxpayer constitution (deed, COI, etc.)
Answer evidence (electricity bill, NOC, rent agreement)
Details of bank account
If submitted online through FORM GST REG – 02.
Step 3- GST officer verification: Once the application is filled out and submitted, it is forwarded to the officer who will then review the application and the attached documents. If the officer considers all in order, GST registration is issued within 3 working days.
If the application is deficient, the applicant should be informed of the 3 working days period in FORM GST REG-03.
After receiving the deficiencies, the applicant would have to respond within 7 working days via FORM GST REG-04.
Step 4 – No action within 3 working days: if the officer does not answer the person either with the deficiencies or with the approval, the application for registration shall be deemed approved.
Step 5 – Registration Certificate: The FORM GST REG-06 registration certificate will then be issued through a the portal when the officer approves the application. The applicant can easily download the registration certificate from the that portal given using their passwords.
Step 6 – Separate registration for each branch: If the person has different branches in different statesArticle Submission is required for each state.
GST registration would be very complicated in the beginning, but following the above steps and carefully filing it will help to avoid mistakes.
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