GST Registration Online & New GST Registration Number by Company Setup India

GST Registration Process

1. Fill Part A of Form GST REG-01 on GSTN Portal.

2. The GST portal verifies the submitted details using the One Time Password (OTP).

3. You are expected to acknowledge the temporary reference number (TRN) sent to the registered mobile number and e-mail address through the GST REG-02 Form.

4. Fill up Part- B of the GST REG-01 form and mention the TRN. You need to attach all the necessary documents in this part. After submitting Part-B, you will receive the Application Reference Number (ARN) through an e-mail or SMS. It can be used later to track status of your application.

5. If you miss to fill any information or any other extra information is required, then you will receive GST REG-03. This is to be replied through the GST REG-04 form with all the additional information within seven working days of receiving the GST REG-03.

6. After submission of all the details through the above mentioned forms, you will receive GST REG-06, this contains the registration certificate issued for the principal place of business and other additional places of business. If there are several different business verticals within a single state, then, one has to file different and separate applications under GST REG-01 for each individual vertical.

*The authority may also reject your application if they find the details provided to be unsatisfactory. You will be informed about this in Form GST REG-05.

*If you are required to collect TCS or deduct TDS, you are required to submit an application through GST REG-07 for the same.

Documents Required in the Process of GST Registration

Copy of PAN
Copy of Aadhaar
Business address proof (Electricity bill/ Rent agreement / Tax paid receipts / Municipal Khata copy)
Description of top 5 goods / services to be dealt in.

The proof of constitution such as partnership deed / Memorandum of Association (MOA) / Articles of Association (AOA) / Certificate of Incorporation (COI).

Details of authorised signatory such as list of partners along with their address and identity proof in case of partnership firm or a list of directors with their address and identity proof in case of a company.

A cancelled cheque of your bank account showing the name of the account holder, IFSC code, MICR code and bank branch details

Board resolution or letter of authorisation in respective cases of company and partnership firm.
With highly qualified & skilled professionals, we can assist you in a speedy GST registration process.

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Will Try to Get 99% Items in 18% Slab or Lower, says PM Narendra Modi

GST Registration Services

Prime Minister Narendra Modi said on Tuesday the government would make efforts to bring 99 per cent of items under the goods and services tax (GST) into the 18 per cent slab or lower. The next GST Council meeting is four days away.

“Only 0.5 to 1 per cent of the items — luxury goods such as aircraft, cigarettes, alcohol and SUVs — will be taxed at 28 per cent,” Modi said.

Currently, 39 items, or about 3 per cent, of about 1,280 items that draw the GST attract a levy of 28 per cent. If Modi’s announcement turns into reality, only up to 13 items would remain in the 28 per cent bracket, pushing goods such as two-wheelers, cars, cement, and computer screens into the 18 per cent slab.

However, this announcement has drawn severe criticism from finance ministers (FM) of Opposition-ruled states. Manpreet Badal, finance minister of Punjab, said that a suo motu announcement by the PM without the approval of the GST Council, a constitutional body, was unwarranted. “The PM should not make unilateral announcements like this… since even the agenda for the coming GST Council meeting is not yet finalised,” he said.

Badal Criticised the Union Government’s Frequent Changes to GST Law. 

The New GST Test

“This is a badly designed GST, difficult to fix. The Congress viewpoint is that if we come to power, we will bring in GST 2.0,” he added.

Experts have voiced a concern that rate cuts might not be the only solution to make the GST seamless. “Taxing nearly all items at less than or equal to 18 per cent will be challenging. Businesses also want simplicity of return filing and ease in claiming input-tax credit refunds,” said Archit Gupta, founder and chief executive officer of ClearTax.

M S Mani, Partner, Deloitte India, pointed out the reduction in revenue after cutting rates remained a concern. “The move would surely herald the movement to fewer rates in future, but then there might be headwinds in revenue collections. The overall collections would reduce in the short term, but lead to tax rationalisation on the one hand and fewer disputes on the other,” he said.

Kerala Finance Minister Thomas Isaac also voiced these concerns on Monday

Will make efforts to bring 99% things in sub-18% GST slab, says PM Modi Badal said the Union government should be patient and wait for issues arising out of GST implementation to stabilise. Modi, however, said the exact opposite.

“The GST as a system has stabilised and as a result, we are reaching a situation where 99 per cent of the items can be brought within the tax bracket of up to 18 per cent,” he said at the Mumbai event.

He added the number of registered enterprises rose from 6.6 million before GST roll-out to 12 million now, justifying the rate cut.

The November 2017 meeting of the GST Council — which preceded Gujarat assembly elections — had reduced the tax rate on items in the top slab. Eight months later, the July 2018 meeting chaired by the interim FM Piyush Goyalhad too generously pruned the 28 per cent slab.

Union Finance Minister Arun Jaitley Had Lauded the Move, Back Then. 

Multi-State GST, Input Tax Credit fraud worth Rs 2 billion detected “The GST Council within a record period of thirteen months has almost phased out the 28 percent category items remaining in this category are only luxury items or sin goods. It is only a matter of time that the final obituary of the ‘Congress Legacy Tax’ is written,” he had written in his blog.

Giving Excess Reserve to Govt may Pulldown RBI Credit Rating, Warns Rajan

Former RBI Governor Raghuram Rajan has cautioned that transfer of excess reserve to the government may bring down rating of the central bank.  Ratings downgrade of the RBI from 'AAA' would make borrowing costlier for the central bank and will have implication for the entire economy. Asked if the transfer of excess reserve by the RBI to the government could lead to a downgrade of the rating, Rajan said: "It could...it depends on how much. It may not be an issue now...may be an issue at some point of time. That's one concern". This is something both the government and RBI should discuss before reaching some conclusion, he told NDTV news channel in an interview.

"We are 'Baa' country. We are barely investment grade. Sometimes, we need to undertake international transactions which require a really high credit rating. For example, swap we did in 2013. So, for that, we need unimpeachable balance sheet. Why don't we keep the RBI as an unimpeachable balance sheet with AAA credit rating that requires certain amount of equity," he said. Highlighting that profit of the central bank largely comes due to devaluation of Indian currency, Rajan said keeping a portion for the contingency reserves, RBI usually pays entire profit.

"RBI can pay profit and not whatever it holds for contingency reserves for movement up and down. For example, rupee that depreciated could also strengthen...so we should accommodate for that," he said.There seems to be a tussle going on between the RBI and government over various issues, including the transfer of excess capital of the apex bank. Last month, the RBI board decided to set up a high-level committee soon for examining the Economic Capital Framework (ECF) to determine the appropriate levels of reserve the central bank should hold.

Asked whether he also faced pressure when he was the governor, he said there is always a pressure on the central bank to pay the government more. "I had it as well. I wrote a letter to the RBI when I was Chief Economic Advisor saying perhaps the RBI should look at how much it needs to hold. When I came to RBI as governor I set up a committee which essentially said we have enough capital to pay out our entire profit." "The three years that I was Governor, we paid the highest dividend in RBI's history to the government. The issue at stake is not that anymore. The issue is more than that. It's not just the profit, they want the excess. And the Malegam Committee had opined that you cannot pay more than the profit," he said. Rajan, who was RBI governor for three years till September 2016, is currently teaching at the Chicago Booth School of Business.


The Business Standard, 18th December 2018

No Deadline Extension to File GST Returns for ITC

GST Registration Services in Delhi India

The due date for filing of return for availing input tax credit for financial year 2017-18 is Saturday as the government has turned down corporate India’s plea for an extension. The finance ministry, however, clarified that filing of details by suppliers and the facility to view it did not impact taxpayers’ ability to avail input tax credit (ITC 1.05 %).

“It is clarified that the furnishing of outward details in Form GSTR-1 by the corresponding supplier and the facility to view the same in GSTR-2A by the recipient is in the nature of taxpayer facilitation and does not impact the ability of the taxpayer to avail the ITC on self-assessment basis in consonance with the provisions of the Section 16 of the Act,” the ministry said in a statement on last Thursday.

The statement said the apprehension that ITC can be availed only on basis of reconciliation between Form GSTR-2A and Form GSTR 3B for September 2018 is “unfounded” as the exercise can be done thereafter also.

Tax analyzers said the government should allow for rectification of the return form at least once after the due date considering that hundreds of crores of rupees are at stake “While the press release says reconciliation between GSTR 2A (vendor’s invoices) and GSTR 3B is not needed, the law does clearly state that input credit will not be allowed unless vendors have paid tax and filed their returns,” said Pratik Jain, national indirect taxes leader at PwC.

Sachin Menon, national head, indirect tax, KPMG in India, told, “The government release seems to be hinting that the receiver of taxable supply shall claim all input credits even in anticipation of potential uploading of invoices by suppliers post the filing of September 18 returns. Being the first year of GST, even to figure out missing invoices through reconciliation is time consuming and hence industry expects government to be lenient.”