GST in India
Photo Credits: GST
Portal
Goods and service tax will finally be implemented in India starting July 1, 2017, and the
registration for taxpayers and GST practitioners is now open on the GST portal
gst.gov.in however, the question of how to register for GST in India and
the documents required has many people confused. There are a few important
dates in the coming month that are important to file for GST and these dates,
and the entire process is available on the official government portal for GST.
After years of discussion and planning, GST will finally be rolled out in just
a few days and as we get ready for this change here is the entire process of
GST and the list of people eligible to pay this new and unified tax.
Photo Credits: GST Portal
How to Register for GST?
The steps to register for GST are very simple and can be finished in a matter
of few minutes if the documents required are all kept ready in hand. The most
important question to answer is if you are actually eligible for GST and
fulfill the criteria required. Everyone from a casual taxable person to
the Non-Resident taxable person and businessmen are taxable under GST if their
turnover in a financial year exceeds Rupees 20 lakhs (Rupees 10 lakhs for
Special category states) and these tax payers need to register for GST and
abide by the dates provided by the government to complete the process of filing
GST. Here is the complete process of how to register for GST, documents
required as well as important dates to remember.
Photo Credits: GST Portal
The process of registration for GST is quite simple. The
online portal provides the first form for registration at reg.gst.gov.in/registration/ and
the form asks for some basic information like the state of the person or
organisation registering and whether they are taxpayers, tax deductor, Tax
collector or GST practitioner. The legal name of the business, PAN and Email
address and mobile number of the applicant. After this process a one-time
password is generated to the registered mobile number and the second form, Form
B can be accessed and filled. After both, the forms are filled, and the
necessary documents are submitted a GST officer will verify the application and
approve the request or ask for more documents. Once the application has been approved
the GST registration certificate will be received.
Who is Eligible to Register for GST?
The eligibility criteria for registration under GST are based on a set of rules
designed by the government and may vary a little in every state. The basic
criteria for GST registration are to have an annual turnover higher than Rupees
20 lakhs, (Rupees 10 lakhs for Special category states). This turnover is only
eligible to business, casual taxable person as well as the non-resident taxable
person who deals in goods and services business in any way. Supply of only
those goods/services which are exempt under GST are not counted in this list. A
casual taxable person is an Indian who occasionally takes up the supply of only
those goods/services which are exempt under GST. A non-resident taxable person
is a non-resident of India who
follows the same practice.
Documents Required for Registration of GST:
The basic documents required for
the registration under GST include the PAN of the business without which the
registration process for any business cannot take place. In addition to this,
the ROC of the company, Memorandum of Association (MOA) /Articles of
Association (AOA), Copy of Bank Statement, Declaration to comply with the
provisions and Copy of Board resolution are also required to be uploaded on the
website. Office documents like Copy of electricity bill/landline bill, water
Bill, No objection certificate of the owner and Rent agreement (in case
premises are rented). In the case of a partnership firm, the deed of
partnership also needs to be uploaded and any extra documents required will be
asked after the submission of Form B.
Important Dates to Remember:
GST registration has already begun on the
government portal, and the dates for filing GST returns that people need to
remember. The outward sales by business forms need to be filed by the 10th of
next month. For example, if the monthly filing is for the month of July then
the first GSTR 1 form will be due on August 10. The purchase returns for the
business will be filed by the 15th of the next month while the GST Monthly
return along with the payment of tax will be due on the 20th of next month. The
Periodic GST return for Non-Resident Foreign Taxpayer also needs to be filed by
the 20th of next month and Return for Input Service Distributor (ISD) will be
due on the 15th. Meanwhile, the GST Return for TDS and E-commerce Operator are
due on the 10th of next month and the annual returns for should be filed by December
31 of the next financial year. In addition to this, there is a quarterly filing
for GST Quarterly return for Composition Taxpayers, and the due date for this
will be the 18th of the month next quarter. For example for the quarter ending
on September 30, the due date will be October 18.
Photo Credits: GST Portal
The implementation of Goods and
Service tax has been awaited for a long time as the government hopes to bring
in a unified system and single taxing format all over India . Now The
Narendra Modi government has been planning the taxing system under GST for
years now, and after a lot of delays, GST will finally meet its final deadline
of July 1, 2017. Amitabh Bachchan has been roped in as the brand ambassador of
GST, and the government is trying its best to remove all the uncertainty
attached to the new change and make the shift to GST as easy and accessible as
possible.
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