A nationwide tax reform that was introduced in 2017, this tax reform has absorbed a lot of indirect taxes that were imposed under the previous taxation system. This in turn has helped a lot of business entities in their operation as it reduces the number of taxes to be paid.
If an organization happens to meet the requirements for GST then they should register under the GST scheme mandatorily.
Benefits Of GST Introduction
Listed below are some of the benefits of GST implementation
- Well before the introduction of Gst, indirect taxes such as import duty, luxury taxes, and Value Added Tax ( VAT) had a huge effect on the annual revenues of businesses. VAT would differ for every state. Nevertheless, with the GST in force, there have been additional enrollment regulations, so significantly tiny retailers and companies may avoid having to pay the GST until they meet a specific turnover limit.
- Before the GST materialized, many taxes had been imposed at the local, state, and national tiers. Various types of taxes have been enforced on various classifications of products and services, which would differ from one country to another. As a result of the introduction of the GST, the Unified and Robust Tax Structure resulted in the establishment of a GST Council headed by the Union Finance Minister.
- As previously mentioned, you will have to pay various forms of tax at varying stages and levels. Instances of these phases entail manufacturing, supplying, and sale. Taxation at the point has contributed to a large rise in the total price. At every stage, the consumer will bear the burden of having to pay taxes.
GST Registration Process
Here are the steps you should follow if you want to know how to register for GST
- Enter the internet-based GST portal
- Sign up into your GST account with your specifics
- select the ‘Services’ tab and proceed towards the ‘New Registration’ section.
- You would then need to fill all of the required information on the registration form, such as your PAN number (Personal Account Number), mailing address, and mobile phone number. Press on the ‘Proceed’ button.
- Now, you’ll get an OTP (One Time Password) on your email address and phone number that you used to register.
- After checking the information, you will obtain a temporary reference number.
- Select ‘Services,’ move across to ‘Registration,’ and press ‘New Registration.’ Now pick ‘TRN’ and insert the TRN you got, the captcha code, and press ‘Start.’
- You will receive another OTP, following IT you would then be routed to the Saved Applications tab. please enter in and send your application form inside of fifteen days.
- Select the Edit button and proceed to the next stage.
- You ought to type in the business information, such as the name of the company, the address, and the collaborators. You will also have to incorporate the required documents of certain essential information as you finish your GST enrollment process.
- Here are some of the documents you need proof of, evidence of the business location, bank account details (for this you will use the first page of your bank account checkbook to display your bank account information), registration certificate, authorized signatory, account holders name, address, and contact information.
- Press ‘Save’ and after which proceed to ensure that all the data you have forwarded remains saved.
You can now complete your GST application request in any of the prescribed ways:
- Authentication by utilizing the Digital Signature Certificate
- Authentication by utilizing the e-signature
- Authentication by the utilization of the Electronic Verification Code (EVC)
Upon the completion of the GST authentication process, you would then obtain the ARN (Application Reference Number) in your email account and your mobile as well.
GST Verification Process
You could use your ARN for GST verification. Go to the official GST portal, select the services button, move across to the enrollment page, and select “track application status”
If the status indicates ‘Approved,’ you would then obtain an email with your GST number. Initially, when you sign in, you will get provisional login details. You can change your login details right after you log in.