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Practical guide on GST (Goods & Service Tax) Registration in India

The Government of India has made GST registration mandatory for businesses since 2017. GST is an indirect taxation system introduced in the Indian economy in the year 2017. It is an acronym for Goods and Services Tax. GST replaces a number of separate taxes on goods and services including Value Added Tax (VAT), Service Tax, Central Excise Duty, etc.



GST is the unified version of all the above mentioned indirect taxes. It is a simpler and more transparent system of taxation. The GST registration procedure has also been simplified with the help of technology. Anyone can register their business for GST by visiting their online portal.

France was the first country ever to adopt the GST system of indirect taxation in the year 1954. Since then, more than 160 countries have adopted GST format.

This article includes a complete guide to GST registration procedure in India.

Advantages of GST

Simple: GST is the condensed version of different taxes into a single taxation structure. This makes it simpler than its multiple previous counterparts.

Transparent: It is easier for taxpayers to know the amount of taxes they are liable for and on what basis.

Removes cascading effect: Cascading effect is the payment of tax on tax. The introduction of GST eliminates this effect.

Reduces production cost: The cost of production is reduced because the taxes will be borne by the end-consumer and not the manufacturer.

Boost to economy: The Government of India has leveraged this tax to increase its revenue. It has been reported that GST has improved GDP growth rate by 1% to 2%.

Reduces the tax burden on common men: GST has reduced the burden of tax on the consumers.

GST is hailed as an effective way to collect indirect taxes by many financial experts around the world. They predict a prosperous economy for India thanks to this system.

Many banks and non-banking financial companies & NBFCs have made GST registration mandatory to apply for a business loan. NBFCs like Bajaj Finserv provide such loans borrowers against easy-to-meet eligibility criteria and attractive EMIs.

They also provide pre-approved offers that make availing loans quick and easy. These offers are available on numerous financial products including secured credits such as home loans, unsecured credits like personal loans and business loans, etc. You can take a look at your pre-approved offer by providing your name and phone number.

GST registration process

Visit the GST registration portal in the official GST website controlled and authorised by the Government of India.

Provide your PAN number, mobile number and e-mail id in form GST REG-01. Fill out the form with the required details.

Your e-mail and mobile will be verified via OTP followed by your PAN details.

After verification, you will be provided with an automatically generated Temporary Reference Number (TRN).

Once TRN is generated, you begin your application process. Enter the TRN in the required field and fill out the captcha text to proceed to part B of the GST registration process.

In this part, you have to provide information about your business, yourself and promoters as asked for in form GST REG-03.

Provide documents of proof for the information provided, viz. –

PAN Card and Aadhaar Card as well as those of your partners and promoters.

Photographs of authorised signatories or stakeholder(s) of the business.

Address proof of principal place of business. These include electric bills, property tax receipts, municipal khata bill, etc.

Bank account details of the business including account statements, cancelled cheques and the first page of your pass-book.

Sign the application digitally with your Digital Signature Certificate (DSC).

After successful digital signature verification, an Application Reference Number (ARN) is sent to your e-mail address. It can be used to track your registration status until approval. Approval generally takes around 15 days.

After completing the registration process, you will be assigned a GST identification number. It has 15 characters including both numerical and upper-case letters.

This identification number is often referred to as GSTIN. Once you receive it, you are registered for GST and are therefore liable for its payment. Pay your taxes easily through the online portal.

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