The introduction of GST, Goods and Services Tax has helped a lot in improving our country’s taxation infrastructure considerably. It has included various indirect taxes, which makes it easy for businesses and owners to clear any tax liabilities. Some businesses and companies are obliged to get registered under the GST system and acquire a GSTIN.
The GST is a multi-stage tax charged at every sale. It has replaced many indirect taxes like value-added tax, service tax, excise duty, central sales tax, and additional customs duty. This may appear like a mixed bag for small to medium sized businesses, but when learning about their benefits, you will come across positive value impact on the small business.
Below is everything a start-up or small business should know about GSTIN:
What is GSTIN?
GST Identification Number, GSTIN is a unique registration digit that businesses receive after getting registration. It seems on all invoices submitted as well as received by registered organisations and taxpayers. Even sole proprietors and partnership businesses can apply and acquire a GSTIN. Small taxpayers are required to file eight returns, which include four GSTR-3B and GSTR-1 returns; this saves them from file 16.
Listed below are the organisations that are obliged to have a GSTIN in India:
– Businesses dealing in inter-state supply of Goods and Services
– Business registered under old tax: Excise, VAT, and Service Tax.
– Input service distributors
– Agent of Suppliers
– E-commerce aggregators
– Businesses that deliver via e-commerce aggregator
What are the eligibility criteria for GST Registration?
Businesses and organisations that belong to the manufacturing industry need to have a GSTIN. This includes e-commerce, however, North-Eastern states are an exception.
What are the types of GST Registration?
There is various GST registration, listed below are three types of GST registration under the GST Act:
Normal Taxpayer: Businesses in India fall under this segment; you don’t need to provide a deposit to become a normal taxpayer. You should know that there is no expiry date for taxpayers who fall under this category.
Casual Taxable Perc 1son: anyone who wishes to establish a seasonal stall or shop can sign up for this category. You are required to deposit an advance amount equal to the expected GST liability when the shop or stall is operational.
Composition Taxpayer: Apply for CT if you wish to acquire a GST composition policy. You are required to deposit a flat under this segment and the Input tax credit cannot be gained under this category.
What are documents required?
– Owner’s passport sized photographs
– PAN of the business
– Identity Proof: Aadhar, Passport or Driver’s License
– Certificate of Association for LLPs or Private Limited Company
– Bank Statements, Cancelled Cheques, Passbook
What’s the process of GST registration?
For GST registration, it is advised to gather all the earlier listed documents handy. Once you have all the documents in order, either you can apply online by visiting gst.gov.in or you consult the experts to know all about GSTIN and let them handle the complete process.
How can we help with GST registration online?
Ontaxco can help you with the registration by scrutinising every document before uploading to filing your registration application. You can do the job on your own, however, utilising the truly digital platform of Ontaxco in a matter of 5-10 business days. Upon submitting your application, our experts coordinate with the authorities for advancing your application. We can help resolve your concerns and queries from the concerned profiles. Our team of legal experts will keep you updated on your application status. Get your GSTIN hassle-free and without any delays with Ontaxco.
