Even though the Indian Government announced the GST Filing Services in the country a few years ago, it is still a new avenue for many businesses. Both new and existing businesses often find it troublesome to go through the GST Registration in India and wonder how it is beneficial for their business. Registering for GST not only helps your business be safe from cascading effects of tax but also provides improved efficiency in the logistics of your company.
Benefits of GST Registration in India
If you are wondering how GST registration in Bangalore or anywhere in India could be helpful for your business, here are some key benefits you might like to look at:
- Establishing Your Presence: It goes without saying how competitive the business market is in India, making it impossible for new businesses to establish their identity. Registering for GST and having a GST number puts your business at the forefront and people automatically connect your business to be making a sizeable revenue when you are registered for GST.
- Higher Threshold: If your business is registered under GST in India, you are required to pay service tax only when your business has a turnover of Rs 20 lakh or more. However, the threshold might vary state-wise, but it might still exempt many of the small traders and service providers.
- Composition Schemes: If you are a small business owner, who is registered for GST, and has a turnover between 20 to 75 lakhs, you will be able to utilize the composition scheme. The composition scheme allows small business owners to lower their taxes thus bringing down the compliance burden in many cases.
How to Apply for the GST Registration Process in Bangalore
You can apply for the GST registration process in Bangalore by following a simple online procedure. Many GST consultancy services have made the GST registration and filing process easier and easily understandable by every business owner. The GST registration fees in Bangalore are also affordable for businesses of all sizes. Here is how you can easily apply for the GST registration process in Bangalore, online with or without help:
- The first thing you would need to do to register for the GST is to collect all the necessary documents. Depending on the kind of business you possess, you will be required to submit one or more of the below-mentioned documents:
- PAN Card of your business as well as of the applicant and partners if any
- Photographs of the applicant and partners if there are any
- Identity and address proof of the applicant and the partners if there is any
- Bank account statement of your business or a canceled cheque
- Business registration document as well as business location proof
- Applicant’s Digital signature certificate
- Letter of authorization and lastly
- Adhaar card of the applicant and partners if any
- Once you have all the necessary documents, you can go to the official website of the GST registration, if you are not taking the help of any GST consultation service providers.
- Once you open the website at www.gst.gov.in you can select services, the registration, and the New Registration.
- The next page will ask you to enter some information, select ‘taxpayer’ as the option in the drop-down menu of ‘I am a’. Select your state and enter all the necessary details as asked.
- Once you enter the details and submit them, you will receive a TRN or a Temporary Reference Number that you will need later, so make sure to write it down or save it.
- You will be again asked to visit the official website of the GST and enter the TRN as well as a CAPTCHA.
- The registration screen will again open on the window and you will be required to enter the remaining details, as well as a ‘principal place of business and ‘commodity details’ to complete the process.
- Once you click on the ‘Continue & Save’ button you will be asked to enter your HSN Code and Bank details. The next step is to upload the scanned documents when the screen prompts you to do so.
- Select the verification box and select an option of your choice as to how you want to verify and submit the application.
Depending on which state you are in, it might take up to 7 days for you to get your GST number, which you will need to mention in all your invoices going forward.
If you are unable to follow through with the entire process yourself, you can always opt for GST consultancy service from My Legal Clinic Experts at My Legal Clinic who have years of experience in registering and filing GST for businesses. All you would need to do is provide them with the necessary documents and anything they want to ensure that the process is successful in the first attempt. You can get in contact with consultancy services via their official website or send them an email with your GST - related concerns.