The state and the centre issued TIN numbers and Service Tax Registration Numbers under the VAT and Service Tax regimes. All taxation would be unified into a single platform under the Goods and Services Tax (GST) regime, and taxpayers will be registered under a single authority. A GSTIN — Goods and Service Tax Identification Number — will be issued to all taxpayers who relocate and register under GST.
Every business offering goods and services with a turnover of more than Rs 20 lakh is obliged to register as a normal taxpayer under the GST regime. Only a registered business can take advantage of benefits such as a continuous flow of Input Tax Credit (ITC) on their raw material purchases.
The GST registration process has been reopened and will be open for the next three months, beginning on June 25. You need to use the right gstin number format before completing this process.
How to Get a GSTIN?
- Go to www.gst.gov.in to access the GST online site.
- Click ‘Register Now’ and provide your name, e-mail address, and mobile number in Part A of the application.
- The site will confirm your information by delivering an OTP to your phone and email address.
- You will receive the Application Reference Number (ARN) by mobile or email once the verification procedure is completed.
- Now you can use the ARN to fill out Part B of the application. This step will necessitate the following documents:
- The taxpayer’s constitution
- Proof of business location(s) Bank account information
- Form of authorization
- Fill in all of the relevant information and upload all of the required documents, then submit the application using DSC or Aadhaar OTP.
Within three working days, the GST officer will verify your application. The officer will either approve your application and provide you a Certificate of Registration (Form GST REG 06), or the officer will request additional information via Form GST-REG-03.
Within 7 working days, the supplementary information must be submitted. Once the information is submitted, the officer can reject the application and explain why in Form GST-REG-05. The application will be completed and you will obtain a Certificate of Registration if the GST officer is pleased with the information supplied.
Benefits of GSTIN
- Legal recognition as a goods or service provider. This aids in getting more clients.
- You’ll be more competitive than small firms since you’ll get input credit if you buy from them.
- A GSTIN holder can claim input credit for their own goods and services.
- There are few limits on interstate sales (they will be treated as casual taxable persons). As a result, it expands the market for SMEs.
- Sign up for e-commerce sites or create your own e-commerce site. This will broaden the scope of a registered person’s business.
- GST registration ensures that your company is in compliance (because most returns are automated). As a result, the business will have a favorable GST rating, which will help it grow.
An offender who fails to pay tax or makes late payments is subject to a penalty of 10% of the tax payable, with a minimum of Rs 10,000. If the offender has dodged tax — if there is an intentional fraud — the penalty will be high, at 100% of the tax amount owed. If you want to know about the gst delivery challan format, click here to do so.
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