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GST is one of the biggest steps taken by the Government of India in order to improve the financial condition of our country. Whether you’re into business, willing to become an accounting professional or planning to start a business as an entrepreneur, you need to register yourself under the GST. It is because GST is levied on the goods or services that you are providing to others be it retail shops or end-consumers. You must know about each and every minute detail related to GST so that you’re successful in your working field. GST is such a wide topic that it isn’t possible to cover everything in just one packet. Government has also taken steps to educate people on GST such as worships, seminars and trainings. The best way to learn about GST is getting registered into authentic GST website and go through their registration processes, newsletters, blogs and posts that will help you a lot in gaining latest information on GST. In this post, we discuss every tits and bit that you would want to know about the entire GST registration process. Take a look.

1 What is GST Registration?

Every business which deals with the supply of goods and services be it within the state or union territory or from one state to another has to get complete GST registration online done. However, there are certain terms and conditions fulfilling which you become eligible to get registered on the same. If your annual turnover is more than 20 lakhs, you are eligible to register under the GST regime.

2 Who should Get Registered under GST?

Every business dealing with the supplies of goods and services who annual turnover is more than 20 lakhs is eligible to get registered under the GST. There are several other schemes under the GST for small businesses who annual turnover does not exceed 75 lakhs. Businesses that are already registered under any pre-GST laws including VAT, excise, and Service tax have to register under the new taxation law by default. Apart from the eligibility and pre-GST laws, there are other terms and conditions and some special cases in which a normal taxpayer has to register himself under the GST.

3 Types of Businesses need to register under GST

There are several businesses that need to register under the GST regime such as:

Individual registered under Pre-GST law
Individual who is eligible for the registration
Individual involved in Interstate supplies
Individual who is a casual taxable person
Individual who is a non-resident taxable person
Individual running an e-commerce business
Input Service Distributor
Individual supplying database access and online information from our country to another
Agents or suppliers
Taxable individual under reverse charge mechanism

4 Necessary Documents required for GST Registration

In order to get registered for the GST you need to have your essential documents that involve:

A pan card
Valid mobile phone number
Valid e-mail address
Prescribed documents required to fill the forms
Proof of place of business
Jurisdiction details
Valid bank account number
An authorized signatory who is a resident of India with valid id-proofs

5. What is the GST Registration Process?

GST registration process is quite simple and easy. You can get registered through any GST related website that you think is suitable for you. The entire process is online and helps you to get your business GST ready. All you need to do for getting registered into it is:

6 Log in to the GST portal

Fill-up the form Part-A with all the required details
You’ll be given a verification code which you have to enter in order to verify your account
Upload the documents required and asked as per your business
Next step is to fill the form-B using the received number
You’ll get the application number on your verified e-mail or phone number
GST officer will verify all your documents and details related to the business
After three working days either your application status will be approved or the officer will ask more documents
If the officer thinks that your application has fulfilled the criteria, it will be approved or else rejected.

7. What is the Penalty for not getting registered under GST?

If a taxable person is unable to pay the tax or he or she make short payments, the taxable person has to pay 10% penalty of the total tax amount to a minimum of 10,000. However, if the taxable person has stop paying the tax he or she will have to pay 100% penalty of the tax amount due.

Wrapping Up

GST registration online is the best ways to get registered under the GST and make your business tax ready. There are no such fees that you have to pay at the time of registration. The Government has kept the entire process simple, secure, digital and free of cost.