Basic concept of GST.

What is the meaning of GST and how to register it?

GST has a full form – Goods & Service Tax and today we will know some important things about Goods & Service Tax (GST) through this article.

GST is an indirect tax levied by the state and the central government, if you are running a business and if your turnover is more than Rs 40 lakh then you have to get GST registration, otherwise you may have to go to jail or else you may also have to pay heavy fines.
GST registration is mandatory in some states, if your turnover is more than 10 lakhs, you should get GST registration according to your state.

Why is GST registration important?

* GST registration is required for all businesses that sell Goods (product) or provide services (restaurants, hotels), for which GST registration is required.
* GST registration is required for all businesses that have more than Rs 40 lakh per annum. They are responsible for registering under GST.
* In some states, this limit is Rs 10 lakh, which means this registration is necessary if the annual turnover in those states is more than 10 lakh.
* If you are paying tax under reverse charge mechanism, then you also have to register under GST.
* You will not be able to file GST return without registering GST and if you are unable to do this, then you will have to pay fine or you can be punished, so GST registration is very important.

How to do GST REGISTRATION?
The process of GST registration is very easy and simple, you can apply for it through an online or offline process.

Here in this article, we are telling you the online process which is as follows –
* First of all, you have to go to the official website of GST registration.
* After visiting the website you will get an option of new user login, you have to click on it. You have to generate TRN first, TRN is a temporary reference number
* Then you will get an option to generate TRN
* You have to fill all the requested information in that form by pressing that button, such as state name, business name, PAN number, mobile number, email etc.
* After that you have to click on the proceed button, after that you will receive an OTP on your mobile number or email, you will have to enter the OTP received, as soon as you enter the OTP, your TRN number will be created.
* After generating TRN, you can log in with TRN number
* After login it, you will have to fill the other information sought in the form such as business information, place of business, business name, district, division code, etc. After filling in all the necessary information, you will have to click on the Save button.
* Then you have to fill other information like bank details etc. in the form, after that you can submit the form, for that you have to click on the submit button
* On clicking submit you will get an ARN number through which you can track your form.

Documents required for Goods and Services Tax (GST) registration:-
Identity Proof
PAN card
Address proof
Business proof (Incorporation certificate of business
Bank Details
List of Goods & service

What are the benefits of GST REGISTRATION?
There are many benefits of GST registration such as –
* Your business will get legal recognition after GST registration, which will benefit you in many schemes from the government.
* You will be able to legally collect GST from your consumer, which will make it easier for you to file GST return.
* After registration, you will also get tax benefits and you can also participate in the composition scheme, which will reduce your tax liability.

Note:- You can understand that GST registration is very necessary in today’s time, and you may have to face imprisonment if it is not done, then in my opinion, you can take your time. GST registration must be done. We hope this article helped you to understand the basic concept of GST. If you have any query on this, you can drop the message on this mail ID:- investinbazaar2020@gmail.com

One thought on “Basic concept of GST.

  • October 22, 2020 at 5:27 pm
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    I’m very happy to read this article.

    Reply

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