What Should I Know About Online GST Registration?
GST registration online replaces multiple taxes levied on various goods and services. This Goods and Services Tax registration is mandatory for businesses with a turnover of more than Rs. Rs 200,000 (Rs 100,000 in some states). If your company falls under specific categories, you must follow the steps for Online GST Registration in India under MCA. You need to fill out a form to apply for your GST number.
GST registration is mandatory if registered for VAT, Excise, or other taxes. GST registration online apply process is available on major financial websites. No submission is required if the annual turnover is less than INR 200,000. If you are located in the northeastern states, the limit is ten lakhs.
GST applicability
If you are a manufacturer, GST will benefit you as it allows you to benefit from tax adjustments paid on inputs to produce goods. However, GST is levied by both the state and central governments. Taxes flow to the state where goods and services are consumed. Health and education services are not taxed under service tax and hence are not subject to GST.
Many financial platforms and forums are discussing GST and raising awareness. If you have a business background or are a financial professional, join one such knowledge-sharing platform to stay up-to-date and informed on upcoming news. One such platform which is gaining momentum recently is The Tax Heaven. It is a good source of daily economic and financial updates. Explore new dimensions of professionalism.
Benefits of having a GST registration number
There are many benefits of the GST registration online process for businesses. Some highlighted ones are listed below.
A company with a GST number has the authority to conduct large transactions and businesses efficiently.
Having a GSTIN helps your company compete with big brands like Amazon, Flipkart, Paytm, and other e-commerce giants.
A company having a GST registration number also gets tax benefits. You can receive an input tax credit when you file your GST return.
A GST-registered company has the advantage of being able to offer services and products in other states. This will significantly increase the company's sales and profit margin.
Companies that do not register under GST will face actual penalties, fines, or both. Failure to pay tax is considered a willful default. The company will have to pay a penalty of 10% of the tax paid, subject to a minimum amount of Rs. 10,000. If the person knowingly evades tax, the penalty amount will be 100% of the work payable.
GST registration online process
• Go to the GST Portal (https://www.gst.gov.in/), and hit REGISTER NOW under the Taxpayers ( General) tab.
• Enter all the required details in Part A and click on New GST registration online. Click on the Taxpayer option from the dropdown box. Select each state and district. Enter your name, email, PAN details, and business contact number. OTP will be sent along with your mobile number and email. Now press the forward button.
• Then enter the received OTP in the space provided for OTP and click on continue.
• A Temporary Reference Number (TRN) is generated for mobile phones and email.
• Reopen the GST Portal and click on the Temporary Reference Number option. Note TRN and CAPTCHA and press the continue option. Receive the OTP again, write it down, and click on the Continue tab.
• Section B opens. Here you have to complete ten sections and submit the necessary documents.
• After entering the details, select the declaration box. Submit your DSC along with your GST application.
• After submitting the form, you will see a success message, and an ARN will be sent to your mobile and email ID.
As the company registration process can be complicated and confusing, company owners are advised to take the assistance of a law firm for online GST registration of their company. GST registration near me provides professional legal services to their clients at affordable prices.