Title: GST Registration Requirements in India
1GST Registration Requirements
- A Guide to GST Requirements in India by
Enterslice
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2The steps are as follows
Create a login account on the GST website to
initiate the registration process. The
requirements for this are email, PAN, mobile
number. (GSTN portal).PAN will be verified
automatically online. These details are to be
filed in form PART 1 of GST REG-01.
3The steps are as follows
Submit the application form once the
verification is done, one has to fulfill the
registration form. Documents required for GST
Registration are- Photograph- Constitution of
taxpayer (Partnership deed, COI, etc.)- Proof of
principle place of business (electricity bill,
NOC, rent agreement)- Bank Account details
4The application through FORM GST REG 02.
5Verification by GST officer
- Once the application is filled and submitted,
then it shall be forwarded to the proper officer
who will then examine the application and the
documents attached. If everything is found to be
in order, then GST registration will be granted
within 3 working days. - If any deficiency is found in the application,
then it shall be communicated to the applicant
within 3 working days in FORM GST REG-03. - After getting the deficiencies, the
applicant will have to respond within 7 working
days through FORM GST REG-04.
6Verification by GST officer
- No action within 3 working days If the officer
does not respond to you either with deficiencies
or approval then the application for grant of
registration shall be deemed to have been
approved. - Registration Certificate When the application is
approved by the officer, then a certificate of
registration in FORM GST REG-06 shall be issued
through a common portal. The applicant can easily
download the registration certificate from the
common portal using their login id passwords.
7Verification by GST officer
- Separate registration for each branch If you
have different branches in different states, then
separate registration needs to be applied for
each state. - A registered taxable person eligible to obtain a
separate registration for business verticals may
file separate application in FORM GST REG-1 in
respect of each such vertical.
8GST Tax Rate
- A four-tier GST tax structure of 5, 12, 18 and
28, with lower rates for essential items and the
highest for luxury and de-merits goods that would
also attract an additional cess.Essential items
including food, which presently constitute
roughly half of the consumer inflation basket,
will be taxed at zero rate. - The lowest rate of 5 would be for common use
items while there would be two standard rates of
12 and 18 under the Goods and Services
Tax (GST) regime targeted to be rolled out from
April 1, 2017.
9Difference between VAT and GST
10Difference between VAT and GST
- In VAT only goods are taxable, but in GST the
difference would have vanished. - GST is the summation of all the indirect taxes
that are levied in India. - VAT is applied to tangible goods, and GST is
applied to both Goods and Services. VAT is
applicable for goods sold and not service.
Service tax takes care of services rendered.
However, GST will be applicable for both products
and services , and will have a uniform pricing. - GST is going to be both central and state tax,
(there will be two components in GST, CGST, and
SGST)
11How can I convert my VAT no to GST no?
If you get yourself registered under VAT, youll
be automatically migrated to GST network, thus
you will not have to do the complete process
again. Thus, as GST is just a takeover of VAT
number will be re-registered into GST
automatically at a later point of time
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