The GST regulations apply to businesses and individuals who are casual taxable persons or non-Resident taxable persons, supplying certain goods and services in India and abroad with annual revenue exceeding Rs. 40 lakh. Those in the North East and hill states must register for a turnover exceeding Rs. 10 lakh, and the “special category” entities must register for a turnover exceeding Rs. 20 lakh. The businesses must register as regular taxable entities.
The online GST portal makes it simple for business owners to register and file their GST. MPVD & Associates explains the processes and things to consider for online GST registration.
Key Points About GST Registration
- The GST registration process is free of cost.
- When purchasing any products or services, the input tax credit may be used.
- Having a bank account is not mandatory at the time of GST registration.
- eCommerce Businesses need GST registration
- GST consulting services are the smartest way to carry out error-free GST registration online. You can consult with MPVD & Associates.
- Carrying out business without registering for GST is against the law, and there are severe consequences for doing so.
The Indian Ministry of Finance has made the online GST registration process simpler. Through the GST Portal, the applicant can complete the GST registration process. As soon as an application is filed, the website generates a GST ARN. The applicant can check the status of their application and, if necessary, post questions using the GST ARN. Within seven days following the production of the ARN, the company must get a GST registration certificate and GSTIN.
Documents Needed To Complete GST Registration
Throughout the GST Registration process, you will need certain documents to verify your personal and business information. Even though you don’t have to upload images of all the documents, you will need the numbers, so keep them close and organized while performing the GST registration procedure. The documents include the following:
- Adhaar Card
- PAN Card
- Address Proof of Business
- Bank Account Statement
- A Canceled Check
- Digital Signature
- Identity Proof of Company Director and/or Promoter: address proof and passport photo
- Letter of Authorisation or Board Resolution for Authorized Signatory
Note: Many people have new phone numbers, or changed addresses that are not merged with their Aadhaar Card. In this case, the information must be updated beforehand to avoid complications in the GST registration.
A Step-by-Step Guide to Online GST Registration Procedure
The main step in registering for GST is to complete Form REG-01 on the GST portal and upload all the necessary paperwork and data to connect your business to the tax system. This could be a tedious task that takes several hours. The good news is that MPVD & Associates, as a vital part of their accounting & taxation services, provides GST Registration for businesses across India. Below is a layout of the steps that are involved in online GST registration.
- Start by visiting the GST portal https://www.gst.gov.in and click on the “Register Now” link under the ‘Taxpayers’ tab for Normal TDS and TCS.
- The default selection will be “New Registration” and the other option would be “Temporary Reference Number”. Below are the stages for new registration.
- Choose I’m a “Taxpayer”
- Choose your district and state
- Enter your legal business name as mentioned in PAN
- Enter PAN
- Enter other details of identity, address, and contacts in the respective fields.
- To verify the mobile number, OTPs will be generated. Verify the OTP and proceed.
- A temporary Reference Number (TRN) will be given, note down the TRN.
- Now open another window and again visit the GST portal and click on Register Now from the taxpayer tab. When the form opens again, select ‘Temporary Reference Number (TRN)’.
- Enter the TRN you noted down earlier, and the CAPTCHA code and click “Proceed”.
- Another OTP will be sent to your mobile number and email ID. Verify the OTP and click “proceed.”
- After proceeding, the next page will show your application status and contain the fields where you must submit the documents.
- After you have submitted all the documents accordingly, proceed to the ‘Verification’ page and check the declaration.
- On the next page, you need to submit the application by using any of the methods: EVC, digital verification with OTP.
- For business entities or organizations, a Digital Signature Certificate (DSC) will be necessary.
- With all the procedures carried out perfectly, you will get the “Success” message with the Application Reference Number (ARN) sent to the registered mobile number and email ID.
The taxpayer will receive a GST registration certificate on Form GST REG-06 and a functional GST Identification Number after successfully completing the GST registration process. Input tax credit will be available, invoices must comply with GST, and GST reports must begin to be filed either monthly or quarterly, depending on the situation.
Penalty for Failing To Register or Delayed GST Registration
The penalty assessed is 10% of the amount owed if you fail to pay tax or pay less than what is required (in the case of genuine errors). The minimal fine is, however, Rs. 10,000. The penalty imposed is equal to 100% of the amount of the overdue tax if you have not registered for GST and are consciously attempting to avoid paying it.
Make GST Registration Hassle-Free With MPVD & Associates
Simply give MPVD & Associates a call to take care of all your GST registration needs. Our Chartered Accountants will collaborate with you diligently to complete the document submission with confidence and track your application.