Goods and Services Tax is an indirect tax. It is a milestone in the government’s One Nation One Tax policy. Almost all the indirect taxes have included together in it. It is a broad, multistage, and destination-based tax.
Some advantages of GST registration are as follows – It is a simple & easy tax payment process. It contains lesser tax compliance. It reduces the cascading effect of tax. It improves the efficiency of logistics.
Businesses can start their GST registration process by selecting a perfect package for their business growth and submitting all necessary documents and information for registration. A TRN no. will be generated after this process. After receiving a TRN no. the documents need to be uploaded with the application form. After the document gets approved, an ARN no. will be generated on the GST system portal. If the application is approved, the GST certificate will be handed over to the businesses.
The three types of GST include the – Central Goods and Services Tax State Goods and Services Tax Integrated Goods and Services Tax There is also a Union Territory Goods and Service Tax for UTs
Applicants can log in to the GST portal where they can go to the services tab. The services tab has a user services option where applicants can view and download their certificates.
Document required to apply for GST registration includes the Pan card of the applicant, Aadhar card of the applicant, proof of place of business partnership deed or the incorporation certificate, and bank account statement of the applicant.
IGST or Integrated Goods and Services Tax levied on the supply of any goods and services outside the state during inter-state trade or commerce. It is collected by the Centre government and imports are also included in this category. Whereas the Goods and Services Tax levied by the central government on intra-state trade is CGST and that by the state government is SGST.
GSTN means Goods and Services Tax Number. It is a unique numeric code that a taxpayer receives after the GST registration. It is based on the Pan card details of the applicant. It makes it easy for the applicant to pay GST every time.
Yes, small businesses with an annual turnover of more than 40 lakhs need to do GST registration. All small goods manufacturers must get registered under the GST act.
The Centre government levies and manages CGST & IGST-related matters while SGST levies and manages by the State government.