Step by Step Procedure for Gst registration in Telangana
GST Registration is the process of obtaining a unique GST Identification Number (GSTIN). This number is essential for businesses to collect and pay Goods and Services Tax (GST) on their sales (outward supplies) and claim GST input tax credit on their purchases (inward supplies). Let’s break it down:
Who Needs to Register for GST?
- Every dealer whose annual turnover exceeds Rs. 20 lakh (or Rs. 40 lakh or Rs. 10 lakh, depending on the state and type of supplies) must register for GST.
- The registration process is online-based and is carried out on the government website gst.gov.in.
Steps for GST Registration:
- Visit the GST portal and click on Services.
- Select New Registration and fill in the required details:
- Choose “Taxpayer” under “I am a”.
- Select your State and District.
- Enter your Business Name, PAN, Email Address, and Mobile Number (if not linked with PAN).
- Verify the OTP received on your email or mobile.
- You’ll receive a Temporary Reference Number (TRN).
- Within the next 15 days, complete the remaining details in Part B of the application.
- Use the TRN to continue the registration process.
Recent Updates:
- From 1st January 2022, aadhaar authentication is mandatory for applying to revoke cancelled GST registration.
- If your GST registration was cancelled between 1st March 2020 and 31st August 2021, you have until 30th September 2021 to revoke it.
- The time limit for actions related to GST rules has been extended for certain periods1.
Remember, GST registration ensures that your business complies with tax regulations and allows you to smoothly conduct transactions within the GST framework. 🌟
Key Requirements for GST Registration: To obtain GST registration in Telangana, businesses must fulfill certain requirements, including:
- Business Details: Provide information about the nature of the business, including the type of goods or services supplied.
- PAN (Permanent Account Number): Submit a valid PAN issued by the Income Tax Department in the name of the business entity.
- Aadhaar Authentication: Authenticate the identity of the primary authorized signatory using Aadhaar-based verification.
- Proof of Address: Furnish documents verifying the principal place of business, such as rental agreement, electricity bill, or property tax receipt.
- Bank Account Details: Provide bank account details, including the account number, IFSC code, and branch details.
How Invention Tax Solutions Can Help: At Invention Tax Solutions, we understand the complexities involved in GST registration, and our experienced team is dedicated to simplifying the process for our clients. Here’s how we can assist you:
- Eligibility Assessment: Our experts assess your business’s eligibility for GST registration based on turnover and other relevant factors.
- Documentation Assistance: We assist in gathering and preparing all necessary documents required for GST registration, including business details, PAN, Aadhaar authentication, and proof of address.
- Application Submission: We handle the entire application process on your behalf, submitting the required documents to the GST portal and ensuring accurate and timely processing.
- Follow-up and Resolution: Our team follows up with the GST authorities to track the progress of your application and address any queries or issues that may arise during the process.
- Continued Support: Even after obtaining GST registration, we provide ongoing support and guidance to ensure compliance with GST regulations and facilitate smooth tax compliance.
Conclusion: GST registration is a fundamental requirement for businesses in Telangana to operate legally and efficiently in the modern tax regime. With Invention Tax Solutions as your trusted partner, you can navigate the GST registration process with confidence and ease, enabling your business to thrive in the competitive market. Contact us today to learn more about our GST registration services and let us help you simplify your business operations in Telangana.