GST is the biggest tax reform in India, which came into effect on July 1, 2017.
GST was introduced to simplify tax administration and make it more effective by reducing paperwork and providing a uniform tax rate across all goods and services were taxable under this new system.
GST registration is easy.
You can apply for GST registration online by entering the relevant details of your business and paying the taxes. GST registration requirements are PAN number, Aadhaar number, and bank account details. If you don’t have a PAN or Aadhaar card but have a bank account with an authorized bank, then this information may also be required to complete your application process.
The process takes anywhere between three days up to seven weeks depending on how quickly you submit it (and whether there are any issues along the way). The verification process usually takes about two weeks after which you’ll receive an SMS confirming that your application has been approved or rejected by us (the government).
Conclusion
The GST registration number is a necessary document to avail any of the services under GST. The tax administration requires it for checking accuracy in filing and payment of taxes. If you are running a business, then you have to get your GST registration number before starting your business.
Read More:-
- Is Interest On Loan Taxable Under GST?
- Things To Know About GST Filing
- Issues With GST Implementation In India
