What is GST?
Known as one of the biggest reform indirect tax in India, GST stands for Goods and Services Tax. Well, it’s a single tax which applies on the good as well as services which are also based on destination tax. There are taxes that are subsumed in GST which includes Service tax law, Central excise law, VAT, Entry Tax, etc. well, there is no doubt that it’s a biggest indirect tax which is expected that will bring the state of economies together and also improve the growth in economic results. Also, the tax is comprehensive on different things based on the national level includes sales, manufacturing, and consumption of goods as well as in taxes.
GST also replaces every kind of taxes that are levied by the center and states on the goods and services of the nation. Also for the businesses, they have to get an identification number in GST from the state where the company is registered. Apart from the nation, there are 160 more countries around the globe where GST placed. In another word it’s a tax on goods and services both are consumed, also the taxes are collected by the states.
Impact of GST and How it Worked till now:
Introduction of this tax was known as the biggest step that is taken which brings the uniform when it comes to the Tax system. However, because of the new tax, there are different sectors which get affected in a positive way. Here is what you need to know about that
- The economy of the nation:
The first place where the effect of introducing the GST noticed is the economy of the nation. The tax introduction created a common market where the foreign investors also invested. Not just that, it also helped in boosting the manufacturing different activities as well as work which helps in the growth of the economy. Not just that it also helped in decreasing the poverty and also generated jobs for unemployed people.
- The consumers:
Consumers of the nation also enjoyed the benefits as it reduced lots of taxes. Not just that, it also reduces things like double taxation and also turns the entire system transparent. This helped consumers to know more about how everything works. Due to creating a common market, the jobs and opportunity increased which also help the unemployed people for getting the steady job and uplifting their standard of living.
- The traders:
There are some impacts on traders as well which help them. Well for the trader it was helpful as there are lots of taxes that they had to pay before GST was introduced. But after that, they got rid of those taxes. Instead of paying for lots of things, now they have to pay for one thing. The tax regime is also getting simple and easy which helped lots of traders to understand everything without getting confused. Along with that, there is no distinction when it comes to good and services.
Well, there is no doubt that GST surely brings lots of positive affects indifferent sections. Not just that GST turn the whole taxation system and make the process easier and simpler for the common people. A trader can get a better idea about what they are paying and for what whereas the consumers have the clear picture of where the tax is going. GST surely bring the change that turns the clumsy process into transparent work.
However, GST has its own parts which are important to understanding. There are different types, rules, and factors. GST work differently as compared to another tax system in the nation. Along with that, there are various points in GST which is important to know when it comes to understanding better about this destination based tax. Not just that, these points play important role in conducting the work much better and simple. For knowing more, here is what you must know about GST or Good and services tax.
How to Register/ Create an Account on GST Portal?
Well, it’s crucial for the seller to make sure that they enroll themselves for GST if they want to sell their services or goods in the country. However, it depends on if the items for selling purpose don’t come under the categories. For enrolling first they have to go with the basic steps, also the complete work of enrolling in GST is paperless which means all procedure is done online or digital. Along with that, there is no use of hard copies or prints out.
For understanding better, here are the procedure explained which help in doing the work much better, smoother and also simple. Even if you are going for the first time, it will help in getting the better and clear picture about what you have to do and exactly when.
Part A: Generating your application form for GST:
The first step in the procedure includes TRN obtaining which also stands for Temporary Registration Number. For this, you are going to require a few things such as your mobile number, the address of your email and PAN number (also refer as Permanent Account Number). For understanding how you can get the TRN, here are the steps that you must follow.
- The first thing is to visit the official page of GST portal
- Second is to click on the service tab where you get to choose services in option. Click that and the next option you will get is registration. Once you click there, you will get a new registration option.
- Click on that and it will land you on a forum where you have to submit information including the email address of yours, mobile number and PAN number
- Once you filled information, click the option proceed. You will get two OTPs for your email address verification and mobile number verification; however, the number will be different in OTPs. The number is only valid for the next 10 minutes. In case you didn’t get or you failed to submit the OTP, you can easily regenerate the number again.
After everything is done you will get a TRN number that you are going to require for completing the further process. For getting the application, here is what you have to do
- You can use the TRN number for login, for that go to the services tab and click on registration and then new registration option.
- There you will get a TRN login option where you have to enter the number you got and also have to fill captcha
- For confirming, you will get another OTP on your number
- After submitting the OTP number the page will land you on ‘My saved application’ page. There you will get an application that you have to fill within 15 days. Once you crossed the given time, your information will be deleted as well.
Part B: Fill the GST application form:
Well, this section is little lengthy as well as it’s important to make sure that everything is going good so you don’t have to face problem in future. The GST form has 10 different sections in contain. However, you should also consult with the CA, GST practitioner or Tax consultant before you submit the form.
What are the Documents that you are Going to Need?
For processing the application form process, there is a list of important documents that you are going to need. As the complete process is digital, you are not going to need any hard copy, the documents should be scanned. Well, here is what you are going to require:-
- Your Bank Account Number and IFSC code
- Proof related to the business constitution or the incorporation, well if you have partnership firm then you should have the deed of partnership. If you are other types of business, then you should have certified of registration related to your business.
- Business place primarily proof
- Also, you are going to need a photo. However it depends on which category you come, the list includes promoter, partner, and director, HUF or Karta of Hindu Undivided Family etc.
- Appointment of signatory which is authorized
- Authorized signatory photo
- Also, you are going to need the front or the first page of your bank‘s passbook where the information like bank account number, branch address and account holder address is mentioned. Apart from that, the details regarding the last transaction are also important.
After you got all the documents scanned and checked, you are all set for starting the enrolling option in GST. Here are the steps that you have to follow:
Step 1: The form you got last time after login using the TRN number, fill the tabs that are given. Before saving the information make sure you check everything.
Step 2: there will be a section related to business and the partner or promoter where you have to fill the details. However, you should fill the mandatory sections if you don’t want to fill each and every section. Not just that also do provide the constitution of your business as the proof.
Step 3: Also fill the information with the name Authorized Signatory. One more thing that you must remember is for e-signing the form, your mobile or email address will be used. If not then you can use PAN and DSC for a sign, but make sure that you link your authorized signatory with the DSC
Step 4: apart from all information tabs, also make sure that you do compete the tabs related PPOB also tabs for Primary Place of Business. Along with that, don’t forget about Good & Services and Bank account tabs as well.
PART C: Registration of your certificate of Digital Signature or DSC:
This part is important when it comes to verifying the application as you are going to sign digital, however before that it’s important to note a few things.
- It’s important as well as compulsory for every companies and LLPs.
- The registration is possible with the use of DSC which is specified on your authorized signatory application form in GST.
- For signing the form, you are going to need emsigner installation.
PART D: GST application verifying and submission
There are basically three methods that you are going to get in verification of the GST application
- Verifying with the help of DSC
- Verifying with the help of EVC
- Verifying with the help of e- signature
Procedure to Login into GST Portal??
Well the impanation of GST was real quick which actually confuse a lot of people about how they supposed to log in and what are the other things that they should know. Here is the complete process related how you can do the Login in GST portal without getting confused or facing hassle:
- The first step that you are going to take is visiting the GST website
- On right top hand side, you will get a tab for log in where you have to go
- Once you clicked on the tab, it will redirect you to a different page.
- Fill the information such as your username, password, and captcha which is given
- Again it will redirect you to another page which is a dashboard where some options that you have to choose for processing the request.
What are the Services Available in GST Portal Login?
There are lots of services that are available in the login portal of GST. Not just that, the services are for making the work much simpler and easier. Not just, it also helps in understanding the whole work much better and faster. Here is the list of services that are available
- Normal Taxpayer, ISD and casual dealer application for registration
- GST practitioner application
- Filing GST returns
- GST CMP – 04 OR composition scheme opting out
- GST CMP – 02 OR composition scheme opting
- GST CMP- 03 OR composition debaters stock intimation
- E-Legers viewing
- GST payments
- Export refund
- Transaction forms or TRAN 1, TRAN 2 and TRAN 3
Guide on How to login to Government GST Portal India:
For login to portal India for GST, you have to visit https://www.gst.gov.in/ as every action which is related to the GST is done. However, the basic things that you are going to get are GST registration, Payment of taxes, application of refund and return filling. Apart from this, there are many other things that you will get in the portal.
- For login, go to the homepage and click the log in option
- You will get the page open with a form asking question related your username and password. Also, you will get a catch to fill for proceeding. If you are done with that, click the log in option
- This will take you to the dashboard after you get the login successfully. Here you can get the information and summary related the credits of your GST and other lots of things.’
How to Reset GST Portal Login Password?
Lots of people sometimes forget that password for the GST portal. Well, it’s not hard to set the old one to the new one; however, it takes a few steps that you need to follow. The steps are easy and simple, and you will get the new password without facing any kind of a hassle
- Go to the homepage of GST portal Login
- Click the login option for the users who already exist
- Here you will get the login page where same questions will be asked but for resting the old password, click to forget password option
- The page after clicking the forget password will display different things like username that you created, username filed and other things
- Fill the captcha and enter the characters that you are getting on your screen
- Once you are done, click the generate OTP option. The OTP will be sent to the number and email address that you submitted at the time of login
- After getting the OTP, fill the digits to the field
- You are all done now, just click the continue tab
- After confirming the OTP, you will get a page where you can change the password
- Re-confirm before you proceed for next
- Make sure that the characters of the password is strong and also you can easily remember so you don’t forget next time
- When you click the proceed option, there will be some question which is for security purpose. The questions will be the same that you have answered when you are enrolling for the first time
- After completing the questions, click the continue option
- Now you got the new password that you can use when you want to log in. However, make sure that you take care of the new reset password for a different reason and mainly for security reasons.
GST or Goods and services taxes are no doubt one of the revolutionary taxes that ever introduced. The step not just changed the economic system but also affected lots of things. Well, there are different hidden profits that GST brings with itself for the business sector, consumers sectors etc. GST not just created equality but also reduced lots of hassle and that’s why it’s known as biggest reform for indirect taxes.