GST Registration for Small Business in India



GST Registration for Small Business in India

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A GST number may seem stressful in the beginning, but it is an essential requirement for a small business to thrive. It paves the way for easier compliances, makes your work more productive and increases profitability. It also helps you in securing loans as it acts as a valid proof of your business. It also helps in reducing costs by eliminating the cascading effect of taxes by getting rid of multiple taxations like VAT, service taxes and excise duty.

In order to register for GST, you need to meet certain thresholds set by the government of each country. This amount depends on the industry in which your company operates. For example, in the manufacturing sector, a company must get registered if its local sales cross a particular limit set by the government. This limit is usually around Rs 40 lakh in India but can vary depending on the country.

Once you have met the above requirements, you can apply for GST registration through the online portal ofthe GSTN. You will need to enter your personal details, address proof and ID proof of the promoters or partners, the name of the company, digital signature, bank account statement and cancelled cheque as well as an authorised signatory's ID and proof of address. Once all the documents are uploaded, you will receive a captcha code and a temporary reference number (TRN). After submitting all the required information, the application is forwarded to an officer for verification who will grant the registration within 3 working days. In case of any discrepancy, you will be notified and asked to provide clarification within a stipulated time frame.

 

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