Goods and Services Tax (GST) has brought in a paradigm shift in the taxation structure of the our country. Staring from 01st July, 2017, it seeks to revolutionize and harmonize the overall tax structure in the country. The Common tax structure is expected to promote healthy competition between the supplier and intermediaries of goods and services. Simultaneously, it is expected to check the inflation under control. The other benefits expected out of GDP is avoiding tax evasion and unhealthy trade practices by some cartel of unscrupulous suppliers.
Generally, all types of suppliers of Goods and Services are required to get themselves registered under GST, subject to the following exemption and further restricted to only certain cases.
- Annual Turnover of less than Rs. 20 lacs in the preceding year
- No Interstate sale of goods and services
Brief Steps of Registration of GST
- Log in to online GST Portal at https://www.gst.gov.in and fill up the details in Part A e.g. PAN, Mobile Number and E-mail id etc and subsequently other details as per Part B and upload the required documents.
- After verifications within a period of 3 days, you will get the Certificate of GST Registration after approval by concerned officer
- In case of any rejection, the rejection grounds will be notified by concerned officer in GST-REG-03 along with additional details and documents required
- Post this additional requirement as asked by the officer are to be submitted along with form GST-REG-04 within a period of 7 days post receipt of a communication from the concerned officer. Thereafter, the concerned officer shall issue Any further findings shall be informed b the officer in GST-REG-05.
- In case of completeness of all record to the satisfaction of concerned officer, GST Registration certificate will be issued by the department.