Goods and services tax, popularly known as GST, is a destination-based tax levied by the Indian government. It is charged on the supply of goods and services offered by any company or individual. GST has replaced various other taxes like central sales tax, service tax, value-added tax, excise duty, etc. The GST act came into effect on the first of July 2017. The process of registration for a business or individual is known as GST registration. GST registration can be done online or offline, and in this article, we will be discussing how to register for GST for individual businesses.
The benefits of GST Registration
- GST has increased the revenue of the Indian government
- It has helped the government regulate the unorganized business sector
- The cost of production has reduced
- Due to the simple GST return filing process, MSMEs are less dependent on tax professionals.
- GST registration makes your business legally authorized to collect taxes from your customers or recipients.
- GST Registration enables you to claim the input tax credit.
- MNCs mostly prefer to work with only those individual businesses that are legally compliant and have GST Registration.
What are the steps involved in GST registration for individual businesses?
GST registration online is a simple process and can be done within a few steps. You can directly get in contact with us, and our representatives will help you obtain your business’s individual registration in a simple and hassle-free manner.
Step 1: Firstly, when you contact our representative for GST registration for your business, they will collect all the necessary documents required for GST application filing.
Step 2: Then, we will be making a draft application for your business, and the completed draft will be shared with you for any corrections in the information if required.
Step 3: Once you have verified that all the details in the application are correct, the representative will be filing the GST application on your behalf. Once the application has been submitted and the application reference number, ARN will be issued against your application. This ARN number has to be kept handy at all times, and it confirms the successful submission of your GST application.
All other details will be shared directly on your mobile number or registered email address. With this ARN, you can check the status of your application form on our website or on the GST application portal.
Step 4: After submission, the representatives will be letting you know whenever there is an update with your application. Our representatives will also be resolving any queries that you might have.
Step 5: You get the permanent GST number within about seven working days of the submission of the application form. However, all your documents also need to be submitted, and the verification process might take some time. The GSTIN is the GST identification number that will be valid for all the invoices that you will be generating and be received by you.
We will be sending the GST certificate containing the 15-digit GSTIN number directly to your email address.
Documents required for GST Registration of individuals
- PAN card of the applicant and the business
- Bank details of the applicant include the first page of the bank passbook, a canceled cheque, and a bank statement.
- Proof of address of the business that includes electricity bill or lease agreement, NOC from the owner, etc.
What are the significant points you need to consider while registering for GST for individuals?
Casual taxable person
If you do not own a fixed place for your business and occasionally supply services and goods, you fall into the category. For example, if you are selling fireworks or crackers during Diwali, you will be termed as a casual taxable person. So, in this case, you have to apply for GST for individuals for casual taxable purposes irrespective of your total income.
Non-resident taxable person
If you occasionally offer products and services to Indian residents, but you do not have a fixed place of business or residence in India, you belong to this category. Even in this case, you have to apply for individual GST registration irrespective of your annual turnover.
Agents, dealers, and brokers
You belong to this category if you are offering a taxable supply of goods and services on behalf of another person or business organization.
Moreover, If you want any other guidance relating to GST Registration for Online Sellers at Flipkart, please feel free to talk to our business advisors at 8881-069-069.
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