GST or goods and sales tax has become a mandatory tax for businesses in India. Introduced by the central government on 1 July 2017 GST is a major tax reform measure. It aims to regulate and streamline tax collection in the Indian economy.
What is GST Number and Why Is It Important for Businesses?
1.GSTIN or goods and sales tax is a unique 15-digit alphanumeric code given to every business, firm, company or individual registered under the GST tax regime.
2. GST registration Online is a government’s attempt for transparency with zero corruption tolerance.
3. The first 2 GSTIN digits represent state code according to the 2011 census.
4. The following 10 GSTIN digits are the PAN number of the business entity.
5. The 14th GSTIN digit is Z by default.
6. The 15th GSTIN digit is the Checksum digit as an automatic calculation of the other 14 digits.
Easy Steps to Get GST Number for Business
It must be noted that to get the GST number these proofs and business details must be furnished and verified before submission. These are crucial and vital steps to getting a GSTIN business number relatively fast.
1. Go to Government GST Registration Portal
2. Fill PAN, mobile, e-mail
3. A temporary OTP reference number is sent on submitted mobile and e-mail.
4. Fill part B of form GST REG attached with relevant document proofs.
5. Acknowledgment is generated
6. For missing document proofs form another form GST REG is required. missing documents must be submitted within 7 working days.
7. If there’s poor registration details compliance intimation is given.
8. A certificate of registration is issued after approval and verification.
Mandatory Proofs for Seamless GST Registration Online for Businesses
1.PAN Card of the Business and Applicant
2. Business Location Proof and Address
3. Valid Indian bank Account Number
4.Miscellaneous Details: List of Goods and Services, Authorised Signatory (Authorisation Letter / Board Resolution/Authorised Signatories Photo Proof), Incorporation Certificate, Regulatory Registration, Digital Signature.
5. Valid Rent/Lease/Ownership of Business Premises
6. Latest Proofs
GST is an indirect tax levied in Indian businesses that incorporates various taxes into one tax regime including service tax, excise duty, VAT, entry tax and customs duty. Whether it is central, state and integrated GST tax, GST aims to curtail and reduce complex and hard compliance norms related to doing business for all businesses across India.