“All successful big businesses were started small in the beginning”.
For any businessperson, beginning a business isn’t a cup of tea. It takes plenty of passion, determination and also the most vital issue, registration. You may prefer starting a business in production, marketing or service providing, little business registration is that the opening move before beginning out.A series of reforms have created it easier for corporations to get construction permits, trade across borders and pay taxes. Especially for little businesses, registration is important. For this, initial you have got to settle on the correct style of organization. Registration could seem sort of a long, exhausting method and tons of individuals are usually confused concerning what documents are needed or what precisely the whole method entails. If you are looking for GST registration in Chennai we have top professional GST Consultant who can make your job easier.
Basic points to start small business and documents
- The first and very important documents you should hold to make any business registration are the PAN,Current account and Aadhar ID.
- Digital signature is the first identity for any business;it includes online trading, annual return, income tax e-filing etc.
- DIN-Director identification number is a unique eight digit number which is very easy to apply online.
- Unique and secured name for your company is very important to have a brand outlook and clear reach among the customers. There is a form named INC-29, through which you can give your company name and also check for duplication.
- Need to prepare memorandum and articles of association to document the shareholders details, business nature, main object and registered office details.
- Also apply for TAN number for online tax payment; this can be allotted by the income tax department by the particular state.
Why do you need to register for GST?
One may also think for not registering his small business, but if you look at the advantages you will not think so on registration your business.
- The tax you pay to the government will come back down, as you merely got to acquire the value-addition done by your business, and not incur alternative “tax on tax.”
- The GSTIN could be an image of credibility for your shoppers, e-commerce platforms, government tenders, banks and money establishments, MNCs and additional. While not a GST registration, these entities can refuse to collaborate with you.
- Since there’s just one come to be filed below GST, there are several compliances you would like to follow.
For e-commerce brands, GST has specific provisions on the inter-state movement of products, that weren’t antecedently outlined
Who is Liable for GST REGISTRATION?
- If you own any manufacture business and your turnover is more than Rs.40 lakhs then you are liable to register.
- For service providers the threshold is more than Rs.20lakhs.
- If you have business in other location or state
Web portal screens for your easy navigation
Initially login the e-portal and follow the given navigation below
After selecting the New registration option you could find the below screen were the details like business name, location and personal details needed to be entered
New registration>>select the “Taxpayer” in the dropdown
Click on Proceed to continue and get the OTP for further move
- You will receive an OTP via phone or email as per your request in the previous screen, if in case OTP is not received it may be due to any network issue, so please press the RESEND OTP button to receive again
If you have received the OTP successfully at the first go, then the process goes on by receiving the TRN that is temporary reference number, based on this number you may login and proceed filling the application
- Fill the application with all required details and attach the documents along with it, based on this completion you will receive an ARN to track you application status to check on your application status.
- The GST registration officer will go through all your details and provide you the unique GSTIN, which you must include in all your further invoices.
Applying for multiple GST
There are few reasons for applying for more GST under the following cases
- If your business is working from over one state – e.g. delivering product to many states – then you would like a GST registration for every state.
- If your business is working from one state however has several verticals, then you’ll register for multiple GSTs to modify your accounting method
- If a business is working from one state however is delivering product and services to any or all states of Asian country, then it needn’t apply for multiple GST registrations.
GST Composition Scheme
The Composition policy was designed to assist little business owners and taxpayers, whose turnover doesn’t exceed Rs. 1.5 crores.
- They can file only 1 come per quarter rather than filing monthly returns like different taxpayers.
- They have restricted liabilities.
- They have less compliance to follow, in terms of books and records, invoices, etc. But the theme has its flip facet too:
- Taxpayers cannot get associate input diminution.
- They cannot educate a tax invoice.
- They cannot perform inter-state transactions.
- The service providers
- Trading on e-commerce platform
- Supplying of non-taxable goods
- Doing interstate business with limited threshold
- Acquainted goods manufacturers
Finally, GST registration permits your business to operate lawfully and positions you’re complete as a trustworthy, authentic one. With the GST portal having simplified several processes, ranging from application to filing returns, GST registration is that the beginning to managing your company taxes with efficiency’s GST registration in Chennai has nowadays become a cake walk by many of the top professional GST consultant in chennai, tambaram who may understand, counsel and explore your business one step ahead.