How To Register For GST Number
The current taxation system which was integrated seamlessly on July 1, 2017, intends to widen the tax net and provide a credit of input tax. Nevertheless, there is still a lot of dins among taxpayers who wonder, how to register for GST Number?
Goods and services tax is touted to be the best economic reforms of the current times. Any company which has an annual turnover of 20 lakhs (10 lakhs for North-Eastern states), has to register for the GST number.
What Is GST?
Replacing all indirect taxes, the GST is one unified tax rate that aims at addressing the woes of the end consumer once and for all. Therefore, now as a manufacturer or a service provider, one can claim tax credit without any hassles only if you have enrolled and have a GST number.
How To Register For GST Number? Let’s Find Out!
Service providers wondering how to register for GST Number can log in to the GST common portal. For users new to the portal, they can access internal pages with the options available. Once that process is complete, eligible assesses would be provided with a temporary id and password by the Central Board of Excise and Customs.
Users can now log on to the portal and submit Form 20, (also known as Form GST REG 20) with necessary documents.
Why Is Form 20 Important And How To Register For GST Number Using It?
Form 20 is an enrollment or application form for existing taxpayers. According to the current rule structure, every person registered for PAN under Income Tax Act, 1961, is eligible to apply for registration. It is highly essential that all the information furnished by the taxpayer is correct and crisp, lest it stands null and void.
What Documents Do I Need?
If you are registering for the first time, the portal guides you to a linked page which asks for the business category, location of the business, PAN details, email address and mobile number. These are mandatory information and have to be provided to proceed to subsequent pages.
Once the mobile number and email address are verified, the user receives a temporary registration number. Use this reference number to log in again on the same GST portal except select the TRN as the option.
There is two-step verification that takes place yet again. Confirm the OTP received ion the portal and you would be guided to a page where you can view the status of your application.
Is That All?
For filling up Part B of the GST form, users are recommended that they keep photographs, address proofs of the business establishment, bank details, authorization forms, and other mandatory documents mentioned on the portal ready for enrollment.
Post-filling up the form, users can now proceed to the verification page. The form verification can be done through e-sign, EVC or manually signed forms which need to be submitted using DSC. Once the verification is completed successfully, users are notified of the procedure completion via Email and Mobile notifications and an ARN or the Application Reference Number is sent to either medium.
When Do I Get My Registration Number?
The submitted application is verified by the GST officer who is assigned to your area of business. It takes three business days or lesser for the officer to approve the GST form. If there are no missing details and every information is up to the mark, the GST number is provided within seven working days.
Nevertheless, if mandatory information is missing, the GST officer has the authority to ask for more details. This information can be given to the recommended authority in the form of Form GST REG 3. The taxpayers now have to provide the information to the department with seven working days along with Form GST REG 4.
Nonetheless, if further information is sought by the officer, he can reject the application and ask for more details in the form of GST REG 5. However, if the application is approved, the GST number is processed within seven working days.