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What is GST Registration?

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0 2024-09-20T16:55:56+00:00
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As a tax expert, I often get asked, “What is GST registration number?” GST registration is the process of obtaining a unique identification number for a business liable to pay Goods and Services Tax (GST). Businesses that generate more than a certain amount of turnover must have it in order to lawfully collect and remit GST. 

What is My GSTIN Number?

The Goods and Services Tax Identification Number, or GSTIN for short, is a distinct 15-digit number given to each taxpayer (mostly suppliers, dealers, or any other type of business organisation) that is registered under the GST regime.

Prior to the introduction of the GST, each dealer registered under the state VAT law received a unique TIN number from the corresponding state tax authorities; this has been replaced by the GSTIN number.

Now that you know what is gst registration no, let me highlight the key points around it,

  • Eligibility: Businesses with an annual turnover exceeding Rs. 40 lakh (Rs. 20 lakh for some special category states) must register for GST.

  • Process: The registration process is online and can be done on the government website

    gst.gov.in

    .

  • Documents Required:

  1. PAN card of the business or applicant

  2. Proof of business registration or incorporation certificate

  3. Identity and address proof of promoters/directors with photographs

  4. Address proof of the place of business

  5. Bank account statement/cancelled cheque

  6. Digital signature

  • Benefits:

  1. Legal recognition as a supplier of goods or services

  2. Proper accounting of taxes paid on input goods or services

  3. Legally authorised to collect tax from purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients

Hope this information was helpful. 

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