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What is GST registration in India?
GST registration in India is the process of registering yourself and your business registered under the goods and services tax act of 2017. After the GST registration is completed, a taxpayer is provided with a goods and service tax identification number. For a company with a minimum business turnover of 40 lakh or above, it must register under GST. There are some documents required for registration for a taxpayer and a company are:
- Pan card
- Aadhaar card
- Driving license
- Email address
- Business address proof such as electricity bill
- MOA and incorporation certificate
- Voter card
- Ration card
- Bank account statement
- Photographs, etc.
How to get GST registration and how to register for GST online?
There are a few steps that a taxpayer has to follow to register themselves and their business under the goods and service activities. Earlier, an outdated method for registration was used. Nowadays, no paperwork is required. A consumer gets GST registration online at the official GST portal by clicking and uploading data. These are the steps to follow:
- Click on the browser and open the GST portal official website GST.gov.in.
- Then click on the services option and then on registration.
- After clicking the registration, you will get two options: new registration and temporary registration number. Select and click on the new registration.
- Under the registration option, you will need to fill in some details on the following options, such as mobile number, pan number, and email address.
- If registration is for company, partnership, and LLP, enter the company’s pan number.
- After filling in all the details, you will receive an OTP on your registered mobile number or email ID for verification purposes.
- After phone number verification, a consumer will receive the temporary identification number necessary for further processing.
- For further upload the various required documents for getting a permanent GST registration number.
- Your applied details are reviewed within three working days. If the officer approves, a consumer will receive the GST registration certificate with the GST identification number within seven days.
How to get a GST business loan?
After getting the GST identification number, consumers can apply for business loans with the help of this number. The registration process among goods and services portal makes a person a legal and eligible taxpayer. It will be simple for the taxpayer to get business loans after registration under the GST portal. Business loan interest rates vary from business to business and depend on the company’s credit score. A regular filing of GST returns helps in getting loans for business quickly. The consumer or businessman can calculate the amount of interest rate with the help of the Business Loan EMI Calculator.
GST registration is a mandatory task under the policy of the government. It came into enforcement in 2017 under the goods and service tax act. It simplifies the tax process in India and reduces the diversity of various taxes. Every individual who wants to carry out a business in India must register under the goods and service activities, 2017. GST identification number is a must for carrying out any transactions such as sales and purchases. Many penalties are imposed on non taxpayers and running a business with GST registration.