November 4, 2024
Finance

Wondering How You Can Register Under The New Centralised Taxation System? Read on..

If you are someone who has started a new business and are trying to figure out the various intricacies that go into it.  Be it the operations that you need to conduct, or the finances that you need to gather enough reliable information about to plan for your business as you move forward. In fact, the finance aspect of it might be the one thing you want to know about the most.

With new laws in place, along with amendments and changes happening constantly, it becomes difficult to keep up with new developments. One such case is during the process of filing for GST and registering. Most people are unaware of the basic details of the process and the things that go into registering.

Before anything, it is important to know if you qualify as a business that has to mandatorily register for GST. Any business whose annual turnover exceeds the sum of Rs. 40 lakhs has to register itself as a normal taxable person.

Guide To Register Under The New Taxation System

This is the process that is also known as registration of GST. So, as a new business person, here is a guide you can follow and know more in detail about the gst registration procedure.

  1. Documents required

Before registering for GST, it is important to know about all the documents you will need. It is better to stay prepared well in advance and have all material you will need handy. Some of the documents required to register are:

  1. i) PAN of the applicant
    ii) Aadhaar card
    iii) Proof of business registration or Incorporation certificate
    iv) Identity and Address proof of Promoters/Director with Photographs
    v) Address proof of the place of business
    vi) Bank Account statement/Cancelled cheque
    vii) Digital Signature
    viii) Letter of Authorization/Board Resolution for Authorized Signatory

If you have all the required documents, the procedure becomes very easier and helps to avoid any problems during the application process.

  1. Registering

To register your company as a taxpayer, you need to go to the GST website and then go to their GST portal. Here, you need to start registration as a normal taxpayer. This is where you will need to fill in your basic details, such as the name of your company and its PAN number. Other details include entering an email id, phone number, and verification details.

  1. Receiving the TRN

After verification through phone or email, you will now need to note down a TRN, which is a Temporary Reference Number that you will be given. It is important to note this down since it will be used as a reference until your registration is completed. Once you do this, you can go to the main portal again and finally start registering.

  1. Filling in important details

Once you enter your TRN, a dashboard of sorts will appear on the screen that will show how far you have reached in the process of your GST registration. Go to that and click on the edit option to proceed further with your application.

This will open a new dialog wherein you need to provide all the remaining details and fill in the rest of your form. Make sure you fill all the accurate details. Try your best to avoid any mistakes and ensure that no confusion is created later on. After filling the whole form, verify it completely and re-check all the details you have put in and the documents that you have uploaded.

  1. Submission

When all of this is done, you can finally submit the form and receive an ARN (Application Reference Number) that you can use whenever you want to check the status of your application. If there are any delays, you can use this number to log on to the system and see where your application stands. This number will be sent to your registered phone number about 15 minutes after you have finished your registration.

After doing so, also make sure you check if your company is eligible for the gst composition scheme wherein the company can do away with tedious tax-paying formalities. This will save you a lot of time, money, and resources.

Conclusion

The entire process of registering under GST takes about 2-6 working days, and it is very important to stay patient and not hurry through the process and get it done in haste. This will only spoil your entire procedure and might end up making it even longer.

Hence it is important to check and verify all your information and making sure that everything goes smoothly on your end. Many people and businesses use the help of a professional, a website, or an app that will facilitate this process.

In any case, if you still wish to do this on your own, that too is doable. All you need to do is read up articles such as this one in detail and make sure you leave no room for mistakes.