The Government of India introduced the Goods and Services Tax in order to have a good improved infrastructure for the taxation. No individuals or businesses should have indirect taxes, and this helps in a way to clear their tax liabilities. Certain companies require them to register under the GST regime and obtain a GSTIN. Usually, GST is a multi-stage tax charged at every point of sale. GST helps you to get rid of the hidden service tax, value-added tax, central sales tax, excise duty, and additional customs duty, etc. It came into effect on 1 July 2017. A business registered under GST will have an unique number for identification.
What is GST Registration?
GST registration is not mandatory for all businesses,but when you have that then you are eligible for many benefits. Businesses cross on an annual turnover threshold limit then they need to pay GST. The limit is 20lakhs and it has been raised to 40lakhs for the manufacturers or goods. However, the threshold limit for service providers remains at ₹20 lakhs. Get the help of experts in the market to get registered for GST for your business.
What is the GSTIN?
When you register for GST, you will receive a unique registration code for your business. This code is necessary to appear on the sent and received invoices for all those registered taxpayers and organisations. GSTIN has no restriction even if you are a sole proprietor you can receive the invoice. For some people it is mandatory to have this GST registration for their business.
- Inter-state supply of goods and services business
- Business who already comes under the old tax services, such as VAT, Excise, and Service Tax
- Agents of a supplier
- Input service distributors
- Online business who has business across different countries
- E-commerce platforms
It’s important to connect with an expert on knowing about these taxes for your business, they will help you know how to register and here it to be paid without any fine.
What to Know About Obtaining a GSTIN
When you plan to get GST for your business then you should go to their official portal, enter the type of applicant and the State/UT and district where you run a business as it is necessary according to the state and the business you have the taxation differs. Enter your business name there and add your required details like pan number, name of your business, valid email id and phone number. An otp is required to proceed with further steps and a login time of ten minutes is required. Along with a PAN card you are required to have a few other things like Proof of business address & business registration, Identity and address proof of directors and required authorisation, bank details,etc. It is also important to have DSC if any. On approval of registration you will receive the GSTIN number that you are necessary to add in all your invoices you send and receive.