GST refers to Goods and Services Tax which incorporates all taxes like service tax, excise duty and sales tax into GST.
The GST Bill has won the approval of the president and the GST Council is finalizing the regulations and rules. All current businesses that are registered under central excise, VAT or service tax are required to register under GST by following an online process of registration. They can take the help of GST accounting software.
GST Registration For Service Tax And Central Excise Assesses
All current service tax and central excise assesses are being transferred to GST. A current assesse will be provided a provisional password and ID by online CBEC when they log into their existing ACES login for paying service and excise tax. Only those assesses are being issued provisional ID’s, who possess a valid PAN (permanent account number) which is linked to their service or excise tax registration.
The assesses are required to use their provisional ID and password to log into the GST common portal where they will need to fill and submit a Form 20 and vital supporting documents.
GST Registration Process
The following procedure must be followed to shift to GST:
Step 1: Log into the ACES portal using current ACES user ID and password
Step 2: Either follow the link to get provisional ID and password or navigate via the menu.
Step 3: Note down the provisional ID and password.
After you obtain provisional ID and password, log into the GST common portal making use of the provisional ID and password. A manual is provided by the GST common portal on the procedure to fill Form-20. It is available in www.gst.gov.in.
Procedure For New Business
Step 1: Log into the online GST portal.
Step 2: Complete part A of registration form
Step 3: you will be intimated about an application reference number via e-mail or by mobile.
Step 4: Next, fill the second part of the form and upload the necessary documents
Step 5: Get a certificate of registration from GST portal. In case of any doubts, you may have to consult the concerned department.
Step 6: Submit the required documents within 7 working days along with GST
Step 7: look out for error notifications by e-mail. If there are errors, your application maybe rejected and you will be notified about this in form GST REG-05 of GST registration.
Documents for registration of GST:
Here is a list of documents needed for registration of GST:
- Pan card of the business or company
- Proof of location of company like electricity bill
- Proof of constitution like Memorandum of Association, Articles of association, Partnership deed, Certificate of incorporation etc.
- Cancelled cheque of your bank account show casing all details of account holder
Who Needs GST Registration
You must check whether you are eligible or not for registering with GST. The following candidates are required to be registered under GST:
- Any entity or person who is trading, producing or supplying goods or providing services which are worth over Rs. 25 lakhs during a financial year.
- Any entity or person that is required to deduct TDS (tax deducted at source) under GST Act.
- Non-resident taxable person- persons registered outside India but required to pay tax in India because of business operations based in India.
One can search online for GST software price.