Established in 2017, the Goods and Services Tax (GST) is an indirect tax in India that is paid on the delivery of goods and services. This new tax regime has been introduced to bring transparency and to make the tax system more easy. GST has supplanted all other indirect taxes, including service tax, VAT, central excise, and so on. GST registration is required for enterprises with yearly sales of more than INR 20 Lakhs (INR 10 Lakhs for North-Eastern and hill regions).

GST Registration Procedure

Here’s a step-by-step guide for the procedure for registration under GST:

Step 1: Keep the Required Documents Handy

Before starting the GST registration procedure, make sure you have the following documents:

• Aadhar card
• PAN card
• Business registration document (Certificate of incorporation, Partnership deed, etc.)
• Business address proof (Utility bills, Rent agreement, etc.)
• Bank account details (Bank statement, Cancelled cheque, etc.)

Step 2: Register on GST Portal

• Visit the official GST portal.
• Navigate to the “Services” tab and select the “Registration” option from the drop-down menu.
• Next, choose the “New Registration” option and select “Taxpayer” as the type of taxpayer.

Step 3: Fill out the GST Registration Form

GST registration forms come in two varieties: REG-01 and REG-07. REG-01 is for companies with a turnover of more than INR 20 lakhs, whereas REG-07 is for companies with a revenue of less than INR 20 lakhs. Fill out the relevant form with all of the necessary information, such as the business name, PAN number, business type, and so on.

Step 4: Verification

After completing the form, you must verify your email address and phone number by entering the OTP that you received. You will receive an Application Reference Number (ARN) on your registered email and phone number after you have been validated.

Step 5: Submit Documents

Within 15 days of getting the ARN, you must submit the necessary documents.

Step 6: Approval of Application

The GST officer will review the information and approve the application after receiving the supporting documentation. The officer will request clarifications or further documentation if there are any inconsistencies or inaccuracies.

Step 7: GST Certificate

You will be issued a GST certificate with a unique GSTIN (GST Identification Number) after your application has been approved. This number is required on all invoices and is used for all GST-related transactions.

GST Appeal Procedure

The legal procedure that permits a GST-registered individual to challenge any decision or order issued by the GST administration is referred to as a GST appeal. If a taxpayer is dissatisfied with an order issued by the GST authorities, they can submit an appeal. The GST appeal procedure is outlined by GST legislation and must be followed by taxpayers. The following are the steps to submit an appeal:

• Step 1: Within three months after the date they received the order, the taxpayer can submit an appeal to the Appellate Authority.
• Step 2: The appeal must be submitted in Form GST APL-01 with the required supporting documentation.
• Step 3: The Appellate Authority shall notify the appellant and the relevant GST officer.
• Step 4: The appellant has the option of representing themselves or appointing a GST practitioner to do so.
• Step 5: The Appellate Authority will consider the situation and provide a ruling.

Conclusion

GST registration is required for any businesses that offer goods or services. If you haven’t registered for GST yet, now is the time. One way to simplify and categorise your finances is by using Fi.Money's analyser. This AI powered analyser

Frequently Asked Questions

What is the minimum amount for GST?

Any business engaged in the supply of goods or services with an annual turnover of INR 20 Lakhs or more (INR 10 Lakhs or more for businesses operating in certain states) is required to register for GST.

Who is liable for GST in India?

Numerous individuals engaged in the supply of goods or services are subject to the GST, including:

• Manufacturers and distributors
• Service companies
• E-commerce stores
• Casual taxpayers
• Non-resident taxpaying entities