GST Compliant Private Limited Company (PLC) Registration

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GST COMPLIANT PRIVATE LIMITED COMPANY (PLC) REGISTRATION

Do you want to accelerate the business landscape of your company? In minutes, you can register your Private Limited Company and obtain a GSTIN. This will be an effective stepping stone on the road to success and managing your business index with greater ease. Here the pertinent question is why and how?

To ensure a unified and centralized tax on goods and services, the Indian Government introduced the GST. GST implies a tax on goods and services sold domestically for consumption. It has reduced the burden of compliance on taxpayers. As a result, the tax administration has become convenient for the Government.

Let's show you some facts which reveal that GST is giving a fillip to both the governments as well various businesses in India:

  • GST accounts for 57 percent of the union government's gross tax collection, while it accounts for 42 percent of state gross tax revenue.
  • It's also worth noting that, since the implementation of the GST, taxes on 99 percent of items have decreased. Standard rates for states under the VAT regime range from 13% to 15%, while the normal rate under the GST regime is merely 18%.
  • The GST's transparency is one of its key advantages. Because merchants must pay GST on all purchases made throughout the supply chain, it simplifies the business process.
  • Various activities are streamlined and automated, including registration, returns, refunds, tax payments, etc. However, there is little public communication between taxpayers and tax officials when it comes to dealing with taxes.
  • The GST replaced the previous system of many indirect taxes with a single tax. As a result, it improves both competitiveness and cash flow.
  • The uniform application of GST laws, processes, and tax rates helps businesses keep compliance costs low.

Now that you know about the fiscal rewards of GST, let's show you how you can get along with the GST registration process.

GST registration is required for everyone who wants to be or needs to be registered for the Goods and Service Tax (GST).

How to apply for GST registration online?

Here are some easy steps you will have to follow if you want to apply for GST registration online.

Step 1: Through the GST Portal, you can process the GST registration procedure.

Step 2: After applying, you will see the OTP Verification page. 

Step 3: After the OTP verification, the portal generates a TRN.

Step 4: You can complete and submit the GST registration application using the TRN.

Step 5: Enter the generated TRN and the captcha text in the GST Portal's Temporary Reference Number (TRN) field.

Step 6: You will have to upload various business-related information. In the case of proprietorship, the proprietors' data must be submitted.

Step 7: You have to submit authorized signatory information.

Step 8: You must give information about your central business location in this section. It refers to the place where you conduct your business.

Step 9: If you have a second location, fill in the property details in this tab. 

Step 10: In this section, you have to provide the details of your goods and services.

Step 11: Enter your total number of bank accounts in this section. Enter 5 if there are 5 accounts. Then give account information such as account number, IFSC code, and account type. Now you have to upload a copy of the bank statement or your passbook.

Step 12: Before applying, double-check the information you've provided. Select the authorized signatory's name from the Name of Authorized Signatory drop-down list. Fill in the form's completion location. Make use of your Digital Signature Certificate to sign the application digitally. 

Step 13: Once you sign the application, the acknowledgement will be sent to the e-mail address and mobile phone number that you have provided during registration. 

Upon completing the registration process, the Goods and Service Tax Identification Number (GSTIN) is provided.

How to check GST registration status online?

If you want to check your GST registration status online, the following steps are necessary.

Step 1: Log in to the GST portal and go to Services > Track Application Status option. 

Step 2: Select the option from the drop-down menu.

 Step 3: You can also know the application status from the ARN or SRN or submission date.

Step 4: Click on the "download" to obtain the acknowledgement.

How to surrender your GST registration?

If you choose to surrender your GST registration, follow the steps below: –

Step 1: You have to login into your account on gst.gov.in

Step 2: Go to Services >> Registration >> Application for Cancellation of Registration.

Step 3: Fill in the Address for future communication or select the option of Address same as above and then go to the Cancellation Details tab.

Step 4: You have to provide the reason for your cancellation along with the cancellation date. 

Step 5: Your ARN will be produced when you validate using EVC or a digital signature in the verification tab.

Concluding remarks

Depending upon the framework of your business, GST has its advantages. Hence, GST has positively exaggerated assorted areas of the Indian economy. With this unifying tax mechanism, resolve all your worries. Gain better buoyancy! Hope this information gives you the inside scoop on anything you should know about GST and its registration process.


 


Author : Sakshi

Date     : 04-Jul-2022


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