Online Legal Advice from Insaaf99® Online Lawyer Consultation in India
The Goods and Services Tax (GST) was Introduced in India on July 1, 2017, it is a comprehensive tax which is applied through multiple stages, on every value addition. It has helped in streamlining and simplifying India’s indirect taxation system. The GST tax system works towards an objective of one nation, one taxation. According to GST rules, it is mandatory for a business to comply with GST regulations, if their turnover comes under the prescribed threshold. For compliance with GST regulation the business owner must register and obtainÂ
a Goods and Services Tax Identification Number (GSTIN). A GSTIN is a unique 15-digit code assigned to businesses registered under the Goods and Services Tax (GST) in India. It's crucial for various tax-related activities like filing returns and claiming input tax credits. In this article we will provide a detailed guide on how to get GSTIN number and how to apply for it.
GSTIN (Goods and Services Tax Identification Number) is a 15-digit unique identification number allotted to every registered taxpayer (business entity) under GST act. GST is a mandatory requirement for the identification of taxpayers and for facilitating compliance with GST rules and regulations. The GSTIN Number is very important for compliance with various GST-related procedures, such as filing returns, claiming input tax credits and paying taxes.
The 15-digit unique identification number allotted to every registered taxpayer contains various details depending on the state, UT and PAN. Below is the breakdown of the GST number.
A GST number (Goods and Services Tax Identification Number) holds several benefits for businesses registered under the GST act in India. Here's why it's important:
Compliance: It is mandatory for complying with GST regulations such as filing tax returns, and paying taxes.
Input Tax Credit (ITC): Taxpayers and business entities can claim input tax credit, against the GST paid on purchases and expenses used for business. ITC helps reduce your overall tax liability and improve cash flow.
Credibility and Transparency: GSTIN allows you to issue GST compliant invoices and identify the business as legitimate under the GST regime. It fosters trust with customers and suppliers.
Under the GST Act, registration is done depending on the nature of operations and turnover.. Here’s an overview of the various types of GST registrations:
Normal Taxpayer: The registration under normal tax payer is the most common and most of the businesses fall under this category. The prescribed annual turnover exceeds threshold limits:
₹20 lakhs for most states.
₹10 lakhs for special category states.
Casual Taxable Person: A casual taxable person category is suitable for seasonal businesses, the GST registration under this category is provided for 3 months which can be extended or renewed subject to the approval of authority.
Composition Scheme: This category is most suitable for small businesses as the eligible taxpayer under this category can pay GST at a fixed rate on their turnover instead of the regular tax rates.
Non-Resident Taxable Person: This category applies to non-residents who supply goods or services occasionally in India and do not have a fixed place of business in India.
Input Service Distributor (ISD): An ISD is a business that receives invoices for services and distributes the tax credit to branches or units within the same organization. This is commonly used by companies with a head office and multiple branches.
We will provide the step-by-step procedure that individuals can follow to complete GST their Registration
After uploading the required documents you need to visit the 'Verification' page and read the declaration before proceeding further. After checking the declaration option the next step is to submit the application.
For submitting the application there are 3 methods available, you can use the one that suits you.
An Application Reference Number (ARN) will be sent via email and SMS. This will help you for any future communication and checking the status of your GST application.
The submitted application will be reviewed, processed and verified by GST officers. You will be informed in case any additional information or documents are required. Upon successful verification, you will receive your GSTIN and the Certificate of Registration via email.
Below is the list of documents required for different types of GST registration, the list includes the common documents required, you may be required to submit additional documentation depending upon your application.
Insaaf99, an online legal consultation firm uses digital technology to provide easy access to legal services. We simplify the GST registration process for businesses and individuals by providing expert guidance and support. We have a team of expert lawyers that have years of experience regarding the specific requirements and eligibility criteria for different types of GST registrations, we help our clients in gathering and preparing all necessary documents, ensuring accuracy and compliance with GST regulations.Â
Our experts handle the entire application process on the GST portal, from filling out forms to submitting the required documents. Additionally, Insaaf99 offers support in responding to any queries from GST authorities, ensuring a smooth and hassle-free registration process.
Understanding the GST regulation and applying for the GST number under the correct category is very important for the compliance purposes. The GST registration not only helps in paying taxes and complying with regulations, it also helps in improving the credibility of the business. The one nation, one taxation of GST has simplified and streamlined the tax system for business, now there is less complexity while doing interstate business. Staying informed and prepared with all necessary documents and information will make the registration process smooth