How Do You Get A GST Number In 2022
GST laws require a business with a sales turnover of more than Rs.40 lacs to enlist as a typical taxable entity. This is known as the GST registration process. The GST registration process can be completed in 6 working days. GST registration can be accomplished through the GST portal. Businesses must complete GST registration. Let us more about the prerequisites for obtaining a gstin number.
What exactly is GST registration?
GST registration is how a taxpayer becomes registered under the Goods and Services Tax (GST). After completing the registration process, the Goods and Services Tax Identification Number (GSTIN) is provided. The Central Government provides the 15-digit GSTIN, which aids in determining whether a business is required to pay GST.
Who can register for GST?
The following people can register;
- Individuals who registered for tax services before implementing the GST law.
- Non-Resident Taxable Individual and Casual Taxable Individual
- Taxpayers who use the reverse charge mechanism.
- All aggregators of e-commerce
- Enter service distributors and a supplier’s agents.
- People who sell goods through an e-commerce aggregator.
- Individuals who provide database access and online information to people in India who are not registered taxable persons outside India.
GST Registration Requirements Documents
The following documents are required;
- PAN card
- Aadhaar card
- Business address proof
- Bank account statement and canceled cheque
- Incorporation Certificate or the business registration proof
- Digital Signature
- Director’s or Promoter’s ID proof, address proof, and photographs
- Letter of Authorisation or Board Resolution from Authorised Signatory
GST Registration Fees Online
There will be no fee if you complete the GST Registration procedure online. After uploading the required documents, an Application Reference Number (ARN) will be sent via SMS and email to confirm the registration.
Penalty for Failure to Register or Late Registration Under GST
If you do not pay tax or pay less than what is owed, you will be penalized 10% of the amount due (in case of unforced errors). The minimum penalty, however, is Rs.10,000. If you have not registered for GST and are attempting to evade purpose tax, the penalty is 100 percent of the unpaid tax amount.
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Benefits of GST Registration
The following are the benefits;
- Multinational Corporations can accept large projects (MNCs).
- Products can be purchased and sold online.
- Products can be sold all over the country.
- Because GST registration is a legal entity registration, it serves as valid proof.
- The input tax credit is available when purchasing any goods or services.
- A current bank account can be opened with the help of a GSTIN.
- The GSTIN contributes to the growth of a company’s brand value.
Exemption from GST Registration
The following are the exemptions;
- Businesses that manufacture supplies subject to reverse charge.
- Activities that do not fall under the purview of providing goods or services. Such activities include selling a building or land, funeral services, and employee services.
- Companies that manufacture non-GST/non-taxable supplies. Some examples are aviation turbine fuel, electricity, natural gas, high-speed diesel, and gasoline.
- Companies that manufacture exempt/nil-rated supplies.
Companies that fall below the threshold exemption limit. Check to know about the gstr 1
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