The,Process,and,Guide,GST,Regi business, insurance The Process and Guide of GST Registration

Small offices have unique needs, and thatincludes document shredding. Designed with the smaller business inmind, the Dahle 20314 is a cross-cut shredder that offers Level 3security and brings you into compliance with federal regulations. The As we all know to live in this world we have to perform some activity by which we can earn money. There are many activities by which we can earn money and meet the standards to live in this society. And from one of them is franchise.  Franc

GST is called Goods and Service Tax is nothing but a destination based tax, levied when consumption of goods and/or services by the final consumer. GST or Goods and Service Tax is same as VAT or Value Added Tax, wherein the output of tax is normally calculated and form it, but the input tax is subtracted to arrive at next tax.GST or Goods and Service Tax is a topic, better to say a hot cake that has been now a days on everybody’s lips. It is one of the widely discussed reforms of present days. This tax is one of the questions for the industry, but we got here an answer for you. Here in this article we have tried to draft this guide to assist you or to make you understand the exact procedure of GST in a quick and easy way. Let us describe Goods and Service Tax in a layman language.What is this GST / Goods and Service Tax?As we have discussed Goods and Service Tax commonly known as GST is a latest system discussed in indirect tax in India, which will include all other indirect taxes that has been imposed as well as collected in this country so far. However, the GST platform seems to be all set for the purpose of most awaited tax reform in this country. It is a like-minded opinion that whether the Goods and Service Tax or GST law is applied, it would directly benefit the country’s economy. India’s present government too seems to be decided to bring about this tax reform. Of late, “The Joint Committee On Business Processes for Goods and Service Tax” had made people as well as invited comments on four important reports presented by it. These four reports were on four different process of business, underneath Goods and Service, namely –RegistrationPaymentsRefundsReturnsWho Is Liable to Register Under Goods and Service Tax?Everybody who work or engage in supply of goods and/or rendering of these types of services or both of them will be responsible to register under the Goods and Service Tax or GST. This registration is needed to be done within 30 days from the date or his or her gross annual turnover whether exceeds INR 9 Lakh, but there is one exception the amount would be INR 4 Lakh in the case when the individual conducts his or her business in any North Eastern States, including Sikkim.For the purpose of clarification, the following individual will be needed to apply for registration under Goods and Service Tax or GST:Anyone who is a dealer, a trader, a supplier of goods or any kind of raw material and/or finished goods and so forth, need to apply for the purpose of registration under GST.Anyone who is a service provider, a blogger, a content writer, an SEO specialist or any other person or profession will need to apply for the purpose of GST registration.Anyone having earning from Google AdSense and getting the earning by way of PayPal or so forth will be responsible to register under GST.Any new company having a turnover around INR 9 Lakh will be responsible for GST registration.Anyone who is an exporter or an importer or goods and/or services or both of them will be responsible to register GST registration.Any person or proprietor, any LLP or partnership or Private Limited business enterprise, trust or any other form of small, medium or large enterprise will be responsible for GST registration. The points described above are only few not all, there could be more professions and businesses or number of people who will be responsible for GST registration.GST Registration and ExceptionWhen you have come to know about GST registration requirement, who and when a person will be responsible to apply for GST, you should know the GST registration and its exception, or when this GST registration is not required.An individual is not required or responsible to register or apply for GST whether he or she does not cross the turnover of INR 9 Lakh or, the amount would be INR 4 Lakh in the case when the individual conducts his or her business in any North Eastern States, including Sikkim (as mentioned above).Important Documents Required to Apply for GST RegistrationThe below mentioned documents are some of the essential documents that are required in the time of applying for GST registration.PAN (Permanent Account Number) of the business enterpriseCopy of CancelledYou should consult with a financial consultant or the expert in taxation to know in detail what extra documents you need to submit while applying the GST registration. The documents generally vary from person to person or for certain business, like partnership, individual company or Proprietorship Company and so on.The Procedure for GST RegistrationStep - 1 - Anybody or everybody above the threshold limit will be responsible to file the GST application by way of its common portal, which is a set up process of GST Network. Goods and Service Tax Network or GSTN has specified the required documents in their portal. The documents need to be scanned and uploaded properly at their portal along with the GST application.Step – 2 –When you complete the GST application and submit them online, you will be asked a message to confirm the application. After you confirm the application, you will get an email as well as SMS to you email box, which you have given while fulfilling the GST application. This will be sent by way of SMS and email to the authorized signatory of the applicant as well.Step - 3 – After receiving such confirmation from the authorized signatory, you will get the number of acknowledgement, which will generate and intimate you regarding the application confirmation.Step - 4 - The document verification and details of the application will be done online, because the portal would have a strong backend integration with their IT systems to do the process efficiently.Step – 5 – When your application will be approved, the GSTIN will be generated and the same will be sent to you with the necessary Log-in ID as well as temporary password to long-in the portal. One of the important things is all data related to applicant’s business will be included into the unique GSTIN code.The Goods and Service Tax or GST stands up as a challenge for all the industries in the country. Therefore, many financial institutions and tax consultants are there to provide you best of the best solutions. Whether you have any doubt, question or query regarding GST, you can get in touch with them for further resolution.We hope the given write-up on Goods and Service Tax (GST) would prove to be helpful enough for people who do not know what exactly the GST is and how it works, or are responsible to apply for GST registration, be the person is an individual or a business owner.