Lifehacks

What is the next step after GST registration?

by Ellenor Mcfarland

What is the next step after GST registration?

Obtained New GST Number – What to do next?

  1. Enable Digital Signature Certificate (DSC) or EVC (Electronic Verification Code ) for time-bound interactions :
  2. Charge GST and file GST returns duly on time :
  3. Claim Input Tax Credit:
  4. Maintain proper records and accounts :

How many days take after GST registration?

GST registration in three days now with Aadhaar authentication. Businesses which will provide Aadhaar number while applying for registration under the Goods and Services Tax will get the approval in three working days.

What should a business do after being registered for GST?

After registering for goods and services tax (GST) you must:

  • include GST in your fees and sale prices (except for GST-free sales )
  • make your invoices tax invoices (for sales over $82.50 including GST)
  • choose your GST reporting method.

How do I get my GST certificate after registration?

Step 1 – Login to GST Portal.

  1. Step 2 – Go to ‘Services’ > ‘User Services’ > ‘View/ Download Certificate.
  2. Step 3 – Click on the ‘Download’ icon.
  3. Step 4 – Open the downloaded PDF document and take a printout.

Is it OK to share GST certificate?

According to the GST Act, “Every registered person shall display his Goods and Services Tax Identification Number on the name board exhibited at the entry of his principal place of business and at every additional place or places of business.”

Do I have to pay tax if I register for GST?

Registration issued to such a person is valid for a period of 90 days. Person required to pay tax under reverse charge mechanism. Reverse charge mechanism means where the person receiving the goods/services has to pay tax instead of the supplier.

Can I get GST number same day?

GST Registration Online Services | Get GSTIN in 1 Day at Rs. 499 Only.

Is current account mandatory for GST?

To carry out any financial transaction for your business, you require to set up a Current Account. However, GST is not mandatory to open a Current Account. There is no GST on Current Bank Account.

Is GST tax deductible?

Example: businesses registered for GST Alice can claim a GST credit of $2 on her activity statement and $20 as an income tax deduction on her tax return. If you’re not entitled to a GST credit, claim the full cost of the business purchase, including any GST, as a deduction.

Who needs to pay GST?

In general, the registered supplier of goods or services will need to pay GST. However, in specified cases like imports and other notified supplies, the liability will lie on the recipient under the reverse charge mechanism.

How much does it cost to register for GST?

No charges are levied to complete the GST registration process. In case businesses do not complete the registration process, 10% of the amount that is due or Rs. 10,000 will be levied.

How do I know when to register for GST?

You can follow the below steps to find the status of a GST Registration application:

  1. Step 1: Go to GST Portal.
  2. Step 2: Enter the ARN Number.
  3. Step 3: GST Registration Application Status.
  4. Step 1: Go to GST Portal.
  5. Step 2: Enter the GSTIN Number.
  6. Step 3: GST Registration Application Status.

When do I need to register my business under GST?

If you supply goods or services in events/exhibition & you don’t have a permanent place of business, you need to get online GST Registration. The validity of causal GST Registration is 90 days One should register under GST if any supplier of goods or service provider involved in any other state.

Where do I display my GST registration certificate?

1. Display of registration certificate and Goods and Services Tax Identification Number on the name board The first step after taking GST registration, every registered person must display the GST Registration certificate at a prominent location at his principal place of business and at every additional place of business.

What happens if I do not file GST return?

If a registered person does not file GST returns or does not comply with the statutory provisions, s/he will lose his/her GST registration.

How is input tax credit claimed after GST registration?

The buyer claims the input tax credit on the basis of the GST invoice. After obtaining GST registration, the taxpayer must start issuing the valid invoice that is complying all the invoicing rules. GST invoice is issued in case of taxable supplies whereas the bill of supply is issued for exempt supplies.