All you need to know about GST
With an announcement that came as good news to Indian startups and entrepreneurs, President Pranab Mukherjee said that the Goods and Services tax (GST), will be implemented from April 1, 2017. All the existing taxpayers need to get themselves enrolled under the database of GST so that they can be a part of this list.
However, it is important to note who are liable to enroll under the GST. According to our research, all the existing taxpayers who are registered with authorities like service tax, central excise, entry tax, VAT, luxury tax, entertainment tax or state sales tax are liable for it.
Our resources claim that is it a simple online procedure. Following are the steps:
Step 1: You need to visit the GST online portal.
Step 2: All small business or big who have an annual turn-over of more than 20 lake needs to register
Step 3: When you login to the website, you will be give a provisional ID and password that the state authorities will provide.
Step 4: Information needed to complete the registration are provisional ID, password, valid email ID, a valid mobile number, a valid bank account number and the IFSC code. The documents that need to be uploaded are proof of constitution of business, a partnership deed (if you have one), and registration certificate of other business entity. Moreover, you also need to provide photos of all the partners and promoters, a proof of appointment of authorized signatory along with a photo of the signatory, bank account number with the details like address of bank branch, address of account holder and a few transactions.
Step 5: After you finally submit with all the documents and information, you will be given an acknowledgement number which you need to save for future correspondence.
New founders of companies with great business ideas must ensure that they adhere to these issues. Some of the following information will help you understand the enrollment process better.
- In case you are unable to get the login ID and password, you must contact the concerned state authorities
- The primary signatory of your company is the person who will be responsible to perform the actions related to GST on behalf of the taxpayer. It can be a trust or a separate body or the person himself/herself.
- Some of the details are auto-filled when you provide the existing data. These include, PAN of the business, legal name of the business, state, reason of liability to obtain registration and email as well as your personal mobile number.
- You must note that you cannot make any changes to the above-mentioned details in the enrolment application.
GST is going to be an interesting step and is already in news for being revolutionary towards small businesses and new business ideas. The best part of GST is that you can easily enroll yourself for it just by logging in to the government website. You don’t have to take rounds of government offices in order to get it done!