GST is also known as Goods and Services Tax. It is implemented by the Government of India from July 1, 2017. This is just to widen the benefits of tax for the whole country. For the successful GST implementation in the whole country, it is necessary that all the accesses of the Central Excise and Service Tax must shift to GST by enrolling themselves on the GST Portal.
All those people who have their turnover that is more than 2 million in the financial year must do their enrolment according to the GST. It is also a necessary act for all those people who are selling product through e-commerce sites and there is no threshold limit that is fixed for these taxpayers.
Guide to GST Registration
Below we are going to guide you about the GST registration in India. Let’s have a look.
- All the accesses must have to provide their provisional ID and password and it is allocated by the Central Board of Excise and Customs. It is necessary to log on the GST portal. Here they have to fill the form 20 completely and they will also provide all the necessary documentation.
- You can follow the link to get the Provisional ID and password and you can also search it in the menu.
- It is important that you must note the password and ID that is being provided so that you can get it if it is being forgotten. If there is any doubt then you can call the customer helpline.
- After getting the Password and ID you have to log into the portal. You will also find a manual on how to fill the form 20.
Claiming the Input Tax Credit
Once you are registered under GST then it will be easier for you to claim the input tax credit. It means that at the time of paying the GST that is being collected on the sales the person can reduce the amount of GST that they have paid on the inputs used for their business. The tax department said that if you are not registered for GST then the business that will get you supply can make compliance on your behalf and they can also discourage the deal with you if they want. So registration for the GST is an important deed.