Getting GST registration is a straightforward process for a business. With the help of a Gst Calculator, you can get the registration number needed to move forward. As one of the most comprehensive taxes available in India, all new and current businesses should pay close attention to their application.
There are a lot of pros to GST, and they rely heavily on the applicant’s knowledge.
What Is GST Registration?
If your turnover exceeds Rs. 40 lakhs, GST registration becomes a mandatory step to continue the business.
Timing matters, so be prepared if it becomes necessary to redo your taxes. Heavy penalties are attached to businesses that ignore the required registration.
If the penalties are serious enough, it can easily push you into the red for the rest of the year. No one wants to have their business shut down from avoidable financial woes. Get registered, and count it as one small thing in your business operations that has a big impact. Only a few steps are required, and the registration takes less than a week.
The Advantages of Registration
Once registered, your company will officially be recognized as a supplier of goods or services. This is a big deal and may open up brand new networking opportunities. Your accounting department will become extra important during tax time.
By keeping up with the taxes paid on input goods or services, GST payments will make more sense. All of this comes together during tax time, where you’ll notice a lot more deductibles opening up for your business. Payments can be made online or offline, and are far from complicated.
Registering
You can begin registration online through the portal provided by the Centra Government of India. Businesses that require extra help are appointed GST Suvidha Providers to complete the process.
If this is your first time registering, resources will be available from the beginning to the end.
Make sure to have all relevant paperwork to speed up the registration. If your company has already filled out Part A of Form GST REG-01, then you should have a general idea of what’s expected. To summarize, (at minimum) have your mobile number, PAN, and email address ready.
Once verified, you’ll receive an application reference number. Completing Part B requires this reference number and a few additional documents. Once submitted, you’ll enter a waiting period that should take no more than seven working days.
If everything goes as planned, the company will receive Form GST REG-06, the official registration certificate. In some cases, more information is required before receiving this certificate. The applicant will be contacted about returning an additional form known as GST REG-04.
This is normal and doesn’t mean that the original application was denied. Keep copies of documents for your records and store them in a secure place.
Wrap Up
It takes a few days to get registered after all the hard work is done. It’ll take less than a week to hear back, so don’t stress out about the process. Enjoy the advantages, and prepare for a completely new way of doing business.