GST number, also known as Goods and Services Tax Identification Number is a unique number provided to any individual or business firm which is registered under the GST Act. The unique identification number is used to keep a track of any dues related to the GST payments. Every business owner has to register themselves to get a GST number the details of which you can find by clicking here. According to the law, the GST identification number must be printed on all the invoices or bills that the company hand over to their consumers. The GST identification number is the replacement of the taxpayer identification system which is also commonly known as TIN or Tax Identification Number.
What is the GST registration process in India?
Firms can follow the given steps in order to apply for GST registration-
Step 1- Visit gst.gov.in
Step 2- Click on the Services option followed by Registration and then New registration.
Step 3- Fill in the required details of the online application form and click on Proceed.
Step 4- Enter the OTP received on your registered mobile number and/or email address.
Step 5- Keep a track of the Temporary Reference Number or TRN visible on the screen.
Step 6- Go back to Services followed by Registration and then Temporary Reference Number.
Step 7- Enter the Temporary Reference Number you received earlier followed by a captcha and then click on the Proceed option.
Step 8- On the next page, enter the OTP sent to your mobile or email address and then Proceed.
Step 9- Applicants will be able to see the status of the application. Select the Edit option given on the right side of the page.
Step 10- After the completion of the process, the Application Reference Number will be sent to the registered email address or mobile number.
Documents required for the registration of GST
There are a few documents that are required for the registration of the GST number. Here is a list of the documents-
- Aadhaar card
- Bank statement along with a cancelled cheque
- Photocopy of the director’s identification
- Address proof of the promoter or director
- PAN card
- Proof of the business address
- Certificate of incorporation of proof of business registration
- Authorised signatory letter of authorisation or board resolution
- Electronic signature
How much is charged for GST registration?
There will be no charge if an individual decides to complete the process through the government portal online. You can download GST certificate from the government portal too. To know more about the GST certificate visit here. However, if he opts for a professional Chartered Accountant, he will have to bear his charges.
Advantages of getting registered under GST
Following are the benefits that a firm can enjoy after registering themselves under GST-
- No restrictions in making interstate sales
- Less tax liability
- Registration on an e-commerce website
- Input tax credit
- Finite compliance
- High working capital
GST is essential for every business. It helps you keep a track of various dues and does not restrict the sales in any state. The business that does not pay the tax can be subjected to heavy penalties or may land up behind the bars.