GST is a combined indirect taxation throughout the nation on services and products.
A goal-based consumption tax, which works on the principle of value addition will be taxed with a complete setoff for taxes paid before in the economic supply chain.
GST will include a host of direct taxes now levied at different phases of financial distribution chain both by state and central authorities.
Underneath the VAT and Service Tax regime, TIN amount and Service Tax Registration Number were issued from the country along with the Centre.
But under the Goods and Services Tax (GST) program, all taxation will probably get merged into one system and taxpayers will likely be enrolled under one jurisdiction.
Each of the taxpayers that move and file GST will receive a GSTIN – Goods and Service Tax Identification Number
Simple Steps To Apply For a New GST Registration Online-
1. Log on to this GST online portal site www.gst.gov.in
2. Proceed to ‘Register Now’ and fill in Part A of this program with your title, email ID and cellular number
3. The portal site will confirm your information by sending an OTP to your phone and email.
4. When the verification Procedure is finished, you will receive the Application Reference Number (ARN) by phone or email.
5. You can now fill Part B form using the application ARN. The files you will need this include:
- Taxpayer Constitution Bank account details
- Authorisation form
- Evidence(s) of the location of the business
6. Fill in all of the information and upload all of the files that are required for the program and submit an application utilizing DSC or even Aadhaar OTP.
The GST officer will confirm your application within 3 working days. The officer will accept your application, in which case you will get your Certificate of Registration (Form GST REG 06), or the officer will probably inquire more information with the Form GST-REG-03.
The other details need to be provided within 7 working days. After the details are provided, the officer could reject the application giving reasons for exactly same from the Form GST-REG-05.
In case the GST officer is satisfied with all the details provided, then the application will be processed and you’ll be given a Certification of Registration.
Documents need for GST-
PAN Card of the company – The 16 digit special GSTIN includes the PAN of the business enterprise. Therefore, PAN is a compulsory document for enrollment except in the event of Non-Resident.
Evidence of Company Registration – Including a partnership deed, business certificate or some other enrollment certificate.
Evidence of Address – This is called an indication of the location of the business of the applicant. It features a power bill, landline bill, water bill, receipt of property taxation, Rent Agreement, Lease Deed, Approval letter, NOC of their proprietor.
Evidence of Bank Account – Need to provide bank details of the applicant. The bank details include bank name, branch name, bank account number, MICR Code and IFSC Code.
It might be a Cancelled cheque, a copy of the first page of bank passbook and a copy of the page of bank announcement.
Identity Proof, Address Proof and Photographs – The subsequent signs are required for the proprietor, partner, manager or authorised person.
Identity Proof – Aadhar, PAN, voter identification card, ration card, passport, driving license
Address Proof – Aadhar, voter identification card, ration card, passport, driving license, Photographs.
Different Kinds of Benefits of GST?
Easy compliances, Online registrations, return filing and payment of taxes.
Agreement on taxation rates & structure – leading to ease of doing business. Doing business anywhere in the nation is tax neutral.
Elimination of flow of taxation, seamless taxation charge throughout the financial value chain reduces the flow effect of taxation.
Increased competitiveness- Including of different indirect taxation imposed by central and earnings sales government contributes to no hidden taxation and decrease in transaction cost of doing business.
This goes a long way in enhancing the competitiveness of Indian products and services in the global market, thereby fostering exports and production.
Simple and effortless government- Multiple indirect taxations are being replaced by GST. Backed by a strong IT system, GST will be easier and simple to administer taxation.
Better controls on support- Robust IT infrastructure and easy transfer of input tax charge on every period of value chain offer an inbuilt mechanism to boost tax compliance with traders.
Higher earnings efficiency- GST is calculated to lower the price of a collection of tax revenues and will consequently lead to greater earnings efficacy.
Single and transparent taxation- Multiple indirect taxations imposed by Central and State Government, with incomplete or no input tax credits available at regular stages of value addition, leads to most of the products in the country loaded with hidden taxes.
Under GST there is one tax from producer to customers, Resulting in the transparency of taxation paid from the final customers.
Reduction in costs- Higher earnings collection efficiency with the nominal flow impact of indirect taxation will reduce the cost of products and services to customers.