What is GST?
GST stands for Goods and Services Tax, it is an indirect tax that apply on services and goods sold for domestic consumption which has replaced many indirect laws. The business owner adds GST price to the product and customer who buys the product pays GST along with the product price.
Online GST registration was passed in the Parliament on 29th March 2017 yet it became effective on 1st July 2017 in India, he GST is governed by a GST Council and its Chairman is the Finance Minister of India.
Why GST registration is important?
- Proper accounting of taxes paid on the info merchandise or administrations that can be used for payment of GST due to the supply of goods or services or both by the business.
- Getting eligible to use various other benefits and privileges under the GST laws.
GST Registration Procedure:
The GST enrollment procedure will be online through an entry kept up by the Central Government of India. The legislature will likewise choose GSPs (GST Suvidha Providers) to assist organizations with the enrollment procedure.
Based on the information provided by GSTN, registration process looks like this:
- You will need to submit PAN, mobile number, and email address in Part A of Form GST REG–01 (https://www.gst.gov.in/).
- The PAN is checked on the GST Portal. Mobile number and E-mail address are confirmed with a one-time Password (OTP). When the check is finished, the candidate will get an application reference number on the enrolled mobile number and by means of E-mail. An acknowledgment should be issued to the applicant in FORM GST REG-02 electronically.
- On the off chance that extra data is required, Form GST REG-03 will be given. A candidate needs to react in Form GST REG-04 with the necessary data inside 7 working days from the date of receipt of Form GST REG-03.
Documents required for GST registration
- Certificate of Incorporation
- Stakeholder passport size photo
- PAN card of Company
- Digital Signature
- Proof of permanent business place like: electricity bill, Rent agreement etc.
- Proof of bank account details.
GST is segregated in four different types such as:
- IGST (Integrated Goods and Services Tax)
- UTGST (Union Territory Goods and Services Tax)
- CGST (Central Goods and Services Tax)
- SGST (State Goods and Services tax).
GST Registration in Jaipur
After receipt of every single essential archive, it takes 2/3 working days to process GST Registration in Jaipur. Timelines may vary depending on replies from GST department/portal & availability of documents from client side.