GST Registration for Small Business in India
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If you are an entrepreneur running a small business in India, you need to have a GST number. This tax will help you to keep a track of your financial data, ensure smooth transactions and make your business more progressive. While it may seem like a burden initially, with a little effort and guidance, you can get your business GST registered easily and reap more benefits in the long run.
According to the GST act, businesses with a turnover of more than Rs 40 lakh must have a GST number in the manufacturing and service sectors. Moreover, people who are involved in e-commerce are liable for GST registration Consultant in all states where they operate. However, if your turnover is less than this limit, you can register yourself under the composition scheme which allows you to pay only a fixed percentage of your total income as GST.
To register yourself under GST, you will need a valid PAN, Aadhaar, e-mail address and mobile number. You will also need documents that prove your identity and address such as a cancelled cheque, bank statement, rent agreement or ownership documents. Moreover, you will need to provide a digital signature for online GST registration.
You will then receive an OTP in your registered mobile and e-mail address to authenticate your details. Once you have entered these details, your application will be submitted and you will receive a temporary reference number (TRN) which you need to use for filing GST returns.
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