The Assessee can check GST Registration process under the upcoming GST. GST is an Indirect Tax that is charged on Sale, Consumption, and manufacture of Goods and Services at the National Level. In July 2015, the first time report came only on the GST Registration process by the Joint Committee formed on Business. Based upon that report and documents available in the public domain this article is given here.
Threshold Limit for Registration
The Threshold of Annual Turnover including exports and exempted supplies (which are to be calculated on all India basis) below which any person engaged in the supply of Goods or Services or both will not be required to take registration. In case of Reverse Charge and inter-state supplies, irrespective of turnover the assessee will be required to obtain GST Registration. Here in this process, there is an option of obtaining multiple Registrations within one state for business verticles as per (AS 17).
If the Gross Annual Turnover Limit is been pierced by any entity then it is required to file an application. The GST Application is necessary to be filed with the authority within 30 days.
Goods and Service Tax Registration is mandatory for all the persons who are required to get themselves registered under GST Law. Here the GST procedure is given for both New Applicants and for Existing Applicants. These are steps to be followed for GST Registration.
- Apply Online for Registration.
- After applying online the Assessee will be provided with an Acknowledgment Number.
- Once the application is approved the and GSTIN is generated the same along with login ID and a temporary password will be sent to the applicant.
- In case of existing state VAT or Excise or Service Tax Assessee’s, the data will be sent to GSTN.
- With this data, additional data that means the Mobile No, Email Id, Date of Incorporation would be required to updated at GSTN Portal.
- After this process, the GSTN will be issued to the applicant.
- For smooth transaction, the process of migration may start sufficiently in advance for existing Assessee.
Points to be remembered while applying:
- GST common portal shall carry out preliminary verification or validation including real-time PAN validation with CBDT portal, Aadhar No validation with UIDAI, CIN (Company Identification) with MCA and other number issued by other Departments through inter-portal connectivity before submission of the application form.
- The application form will be passed on by GST portal to the IT system of the concerned State or Central tax authorities.
- Central or State tax authorities will send it to the jurisdictional officer.
- Within 3 days the officer is required to issue Registration Certificate if he is satisfied or send the deficiencies.
- The Applicant will remove the said deficiencies and send an online reply, after which concerned officer can issue Registration Certificate.
Structure of GST Registration Number
Each assessee will be alloted a State wise PAN based 15 digit Goods and Services Taxpayer Identification Number which is known as GSTIN. This number GSTIN number is important for the taxpayer to login for GST Registration.
Input Tax Credit
The assessee would be eligible for ITC in respect of all his purchases from the date of application in case the application for registration has been filed within 30 days. The taxpayer however not be eligible for ITC in respect of his purchases prior to the date of registration in case the registration application is not filed within the prescribed time limit of 30days.