GST Registration for Small Business in India


GST Registration for Small Business in India

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If you run a small business in India, you need a GST number to be recognised as a supplier of goods or services. Though the initial stress of getting registered under GST might seem heavy on the entrepreneur, it has a lot of benefits that will help in your growth and overall operations.

According to the GST act, businesses with a turnover of more than Rs 40 lakh must have a GST number in the manufacturing and service sectors.  You will have to file only one return under GST as opposed to multiple filings under the previous tax regime. Also, the process of filing is quite convenient and can be done through the GSTN portal. As a result, the compliance burden on SMEs has come down. SMEs can also benefit from the composition scheme which provides them with a lower tax rate.

Once you have all the required documents, go to the GST website and click on 'New Registration'. You will be presented with 10 tabs with different sections to fill in your details. Fill in the relevant information and click on 'Save and Continue'. You will be asked to provide the information of your promoters/partners and authorized signatory along with their Aadhaar details for authentication. You will be issued an Application Reference Number (ARN) which you should keep safely.

For businesses that have a turnover of more than Rs 40 lakh, it is mandatory to register under normal GST. If you have a turnover of up to Rs 1 crore, you can get registered under the GST composition scheme and enjoy the benefits it brings.

 

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