Things to Remember for GST Registration

Now, GST is the reality of the day. So, it is important to know how to register under GST. This is very important for new companies or start-ups to get the process right first time. GST portal has made it very simple for companies to register and get themselves a GST number. Unlike a lot of other regulations, where people were required to do many formalities or take the help of tax professionals to do the registration, under GST, it is fairly simple and can be carried out by any person who knows how to use the internet.

There is a six-step process which enables a person to get the GST number in three common working days. Listed below are the six steps for registration of a new entity under GST:

1. PART A OF GST REG-01:
Taxable Person before applying needs to declare his PAN No., mobile no, and email address in Part-A of form GST REG-01.

2. APPLICATION REFERENCE NUMBER (ARN):
On successful verification, an application reference number shall be sent to the mobile number and email address.

3. PART B OF GST REG-01:
Using the said reference number, the applicant shall submit the application in Part-B of form GST REG-01.

4. ACKNOWLEDGEMENT IN FORM REG-02:
On receipt of the said application, an acknowledgement shall be issued in form GST REG-02.

5. VERIFICATION BY GST OFFICER:
Post verification of the application by the officer, if found correct, shall grant the registration within three common working days.

6. REGISTRATION CERTIFICATE IN FORM GST- REG06:
A certificate of registration shall be issued in form GST-REG06 on the portal.

Apart from this, there is also a 10-step migration process for the entities which are already registered under previous laws. However, the migration window is now soon be closed as most companies required to be migrated have already migrated to GST.

After registration, a company also need to plan on whether to go for normal registration with monthly filing of returns or composite scheme with quarterly filing. Composite scheme is available to companies doing only intra-state business and has a turnover of less than 75 lacs per annum. On crossing the threshold, they need to convert themselves to normal dealers. Also, a composite dealer cannot do out of state business and cannot take or give GST credits.

Watch this space for more details on Registration, Pricing and many more details about GST. You can directly contact ProBizAdvisor.com for your GST registration, implementation and training requirements.