GST Basics- A Complete Guide

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Goods and services tax (GST) is one of the biggest tax reforms in the tax structure of India. The previous tax structure not only elevated the cost of goods but made it complex. So GST has brought in simplicity and enhanced the tax structure. It involves a tax on the supply of goods and services under the jurisdiction of the State and centre. So in simpler words, GST is an indirect tax which is applied to the value addition on the goods and services at every stage. The main objective is to eliminate the double tax system and bring everything under a single tax bringing efficiency in the tax system.

Value-added here means value addition on every stage of goods and services from its producer to its ultimate consumer. Both the Centre and State Government was involved in its execution. The components of the GST are as follows:

  • Central GST (CGST)
  • State GST (SGST)
  • Union Territory GST (UTGST)
  • Integrated GST (IGST)

So the main objective of the GST is to amalgamate several indirect taxes. It works great to remove the cascading effect of multiple taxes. For the registration under GST, you have to register your entity to obtain a unique number from the concerned tax authority called GST Identification Number. You can contact a professional or service provider or GST consultants in Pune and other areas very easily. You need a GSTIN to collect taxes on the behalf of the government or to avail input tax credit (ITC) on inward supplies.

To obtain a GST number, you need to follow some steps as follows:

  • Go on the GST portal and click on new registration
  • Enter all the details like a taxpayer, state and district, name and PAN of the business, a registered email and mobile no for OTP.
  • Enter the OTP received to proceed
  • You will get a temporary reference number to fill Part-B within 15 days
  • After proceeding and typing your TRN number, you will again get an OTP on your email and mobile number. After typing it, you may proceed.
  • Now you will reach part-B. Here you have to fill all the details and submit documents
  • Once you are done submitting the documents successfully, you will reach to the verification page.
  • Tap on the declaration and you can submit using three ways- using DSC, using e-sign or using EVC.
  • In the last stage, you will get an Application Reference Number (ARN).
  • To know that status you can use ARN on GST portal

For a hassle-free and easy registration, you can contact renowned GST consultants as they provide audit services, direct tax services, top indirect tax services in Pune and other parts of the country. Also, some important documents are required you need to keep handy while registration are as follows:

  • Photographs
  • Proof for the location of the business
  • Bank accounts details like name of the holder, account number, IFSC no, branch name etc.
  • Aadhar card number and PAN card number etc.

Above mentioned all the documents are essential and should be with you during the registration process.