online gst registration documents and procedure GSBTaxation.com

1. GST REGISTRATION 

2. What is GST/ Goods & Services Tax?  Goods & Services Tax is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition. GST Registration is necessary for a business to comply with Income Tax Department Norms. To understand this, we need to understand the concepts under GST definition. Let us start with the term ‘Multi-stage’. Now, there are multiple steps an item goes through from manufacture or production to the final sale. Buying of raw materials is the first stage. The second stage is production or manufacture. Then, there is the warehousing of materials. Next, comes the sale of the product to the retailer. And in the final stage, the retailer sells you – the end consumer – the product, completing its life cycle. Business who deal with good and services need to apply for GST Registration Online. How Does GST Tax Structure Work?  Companies who are going to file GST registration need to know about the type of taxes in GST. When Goods and Services Tax is implemented, there will be 3 kinds of applicable Goods and Services Taxes. 1. CGST: where the revenue will be collected by the central government 2. SGST: where the revenue will be collected by the state governments for intra-state sales 3. IGST: where the revenue will be collected by the central government for inter-state sales Online GST Registration Procedure  1. 2. Submit PAN Card number, Mobile Number, E mail Id in Part A of the GST REG-01 form PAN card verification is done by the GSTin Portal. Mobile Number and Email Id is verified through OTP You will receive a Application reference number. The acknowledgment is given through GST REG 02 form. After successful verification, Part B of GST REG-01 Form appears, Upload the required documents, DSC and Id proofs. After successful completion of Part B form, a certificate of registration is issued by the department If information or document submitted is found wrong by department, you application can also be rejected using the GST REG 05 form If the application is accepted successfully, then applicant is required to fill GST REG 07 Form if they are required to deduct or collect TDS. 3. 4. 5. 6. 7.

3. Who is Liable To Registered Under GST Act?  ● A Person registered under any existing Indirect Tax laws like VAT, CST, Excise, Service tax i.e. shall be automatically migrated to GST. A person who is a location in northeast states and annual turnover is 10 lac or more shall be required to apply for GST Registration. For the rest of India, the mandatory registration under GST Act is required if annual turnover is Rs. 20 lac or more ●   Why Is Online GST Registration So Important?  Currently, the Indian tax structure is divided into two – Direct and Indirect Taxes. Direct Taxes are levies where the liability cannot be passed on to someone else. An example of this is Income Tax where you earn the income and you alone are liable to pay the tax on it.