It's crucial to have your financial and legal matters in order as a startup in India, including registering for GST. A value-added tax known as the Goods and Services Tax (GST) went into effect in India on July 1st, 2017. It did away with all of the indirect taxes that the Central and State governments had previously imposed, streamlining and streamlining the tax-gathering process. We will walk you through each step of the Gst Registration procedure for new businesses in India in this article.
Step 1: Review the Requirements:
It is imperative to confirm that your startup is eligible for GST registration before moving forward with the registration procedure. A company must register for GST if its annual revenue exceeds Rs. 20 lakhs (Rs. 10 lakhs for enterprises in the states of the North East). However, regardless of your yearly turnover, you must register for GST if you run an online store. Step 2: Compile the necessary documents:
You'll need to collect the following paperwork in order to register for GST:
• PAN certificate for the company • a copy of the approved signatory's Aadhaar card • Authentication of a company's registration, such as a partnership agreement, proof of incorporation, or LLP agreement • Account information • Evidence of the location of the company, such as a lease agreement, an electricity bill, or a property tax receipt • electronic signature
Step 3: Online Tax Registration:
Visit the GST portal at www.gst.gov.in to apply for GST. Select "Registration" from the "Services" option by clicking on it. You will be taken to the website where you can register for GST.
Step 4: Provide Company Information:
You must enter your company information once you are on the registration screen. This contains the name of your company, your PAN number, and the state where your company is based. Your email address and mobile number must also be entered because they will be used for contact.
Step 5: Obtain the PIN:
You will receive an OTP (One Time Password) on both your cell number and email address after providing your information. Fill out the Password to continue.
Step 6: Verify Your Company:
You must provide your PAN information in this stage to verify your business. Your information will be immediately compared with the database of the Income Tax Department by the GST portal. You will obtain an Application Reference Number (ARN) on your registered email and mobile number once the verification is finished.
Step 7: Submit documents:
You must then submit the files listed in Step 2 to continue. You can submit these files in PDF or JPEG format using the GST portal.
Step 8: Send your application:
Review your application after uploading the necessary files, then press the "Submit" option.
Step 9: Await Acceptance:
The GST section will examine your application after you've submitted it. They will email or SMS you if there are any inconsistencies or lacking details. If everything is in order, you should obtain your GSTIN (GST Identification Number) within 3 to 7 working days on your registered email and mobile number.
Conclusion:
Finally, Gst Registration is an absolute necessity for businesses in India. Simple internet registration is available for this event. You can simply register your startup for GST and maintain legal compliance by following the above-mentioned steps. In addition to keeping you on the right side of the law, registering for GST offers you a number of advantages, including the ability to claim input tax credits, improve your reputation, and grow your company.