{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.indusind.com\/iblogs\/current-account\/gst-number-required-for-msme-registration\/#BlogPosting","mainEntityOfPage":"https:\/\/www.indusind.com\/iblogs\/current-account\/gst-number-required-for-msme-registration\/","headline":"Do You Require a GST Number to Register an MSME?","name":"Do You Require a GST Number to Register an MSME?","description":"Micro, Small and Medium-Sized Enterprises (MSMEs) drive the economy by generating employment, fostering innovation, and contributing to the nation\u2019s GDP. They have the potential to grow through digital transformation, access to quick funds, and supportive regulatory frameworks offered by the government. However, to avail these benefits, an MSME certificate registration is necessary. You may wonder...","datePublished":"2024-10-16","dateModified":"2024-10-16","author":{"@type":"Person","@id":"https:\/\/www.indusind.com\/iblogs\/author\/vinayak\/#Person","name":"Vinayak","url":"https:\/\/www.indusind.com\/iblogs\/author\/vinayak\/","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/83880c90630f0d98ec7d461acb74bdf6?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/83880c90630f0d98ec7d461acb74bdf6?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"IndusInd","logo":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/logo-2.png","width":201,"height":86}},"image":{"@type":"ImageObject","@id":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/Do-you-require-GST-number-to-register-an-MSME.jpg","url":"https:\/\/www.indusind.com\/iblogs\/wp-content\/uploads\/Do-you-require-GST-number-to-register-an-MSME.jpg","height":288,"width":764},"url":"https:\/\/www.indusind.com\/iblogs\/current-account\/gst-number-required-for-msme-registration\/","about":["Current Account"],"wordCount":1197,"keywords":["gst registration","msme gst registration"],"articleBody":"Micro, Small and Medium-Sized Enterprises (MSMEs) drive the economy by generating employment, fostering innovation, and contributing to the nation\u2019s GDP. They have the potential to grow through digital transformation, access to quick funds, and supportive regulatory frameworks offered by the government. However, to avail these benefits, an MSME certificate registration is necessary.You may wonder how to go around the MSME registration process and whether online GST registration is crucial for this process. This article deep dives into these questions and more. Is a GST Number Mandatory for MSME Registration?A GST number is not mandatory for the MSME registration process for businesses or entities that do not need GST registration. However, enterprises or businesses with turnover over a particular threshold are taxable entities and need a GST registration number. The threshold limits for the online GST registration depend on the type of supply (goods or services or both) and the state in which the business operates. Here\u2019s a detailed look at the threshold limits: For suppliers engaged exclusively in the supply of goods\u00b7       In the states of Tripura, Mizoram, Manipur, and Nagaland, the threshold limit is \u20b910 lakh.\u00b7       In Uttarakhand, Sikkim, Arunachal Pradesh, Puducherry, Telangana, and Meghalaya, the threshold limit is \u20b920 lakh.\u00b7       For other states, the threshold limit is \u20b940 lakh.For suppliers engaged in the supply of services or both goods and services \u2013\u00b7       In the states of Manipur, Tripura, Mizoram, and Nagaland, the threshold limit is \u20b910 lakh.\u00b7       For other states, the threshold limit is \u20b920 lakh.Further, the Udyam Online Registration Portal for MSME registration, linked with income tax and GSTIN, will automatically gather PAN and GST details of businesses surpassing a specific annual turnover from government records. This prevents you from undergoing the process of GST number check.  MSME Registration ProcessIn 2020, the Central Government introduced the Udyam Registration portal. As per the rules, new businesses can register using their Aadhaar number and self-declaration. The business\u2019s details can be verified through GSTIN or PAN. Steps for Udyam Registration include \u2013\u00b7       Visit the Udyam Registration website.\u00b7       Click on the Udyam Registration form \u2013 for new enterprises not registered as MSMEs link.\u00b7       Provide the entrepreneur\u2019s name and Aadhaar number.\u00b7       Authenticate and generate OTP to proceed.\u00b7       Select the enterprise type and fill out the necessary details.\u00b7       Submit the form and receive a confirmation message on your registered email and mobile number.\u00b7       The Udyam certificate will be mailed to you.Is a Current Account Essential for MSME Registration?A current account is essential for MSME registration as it helps streamline financial transactions, offering a clear record for auditing and tax purposes. One such current account you may consider is the Indus Select Current Account by IndusInd Bank.This premium account is particularly tailored to offer a blend of scale and convenience to help businesses create more value. Here are some of the attractive benefits \u2013Grouping of accountsCan add business accounts at no additional balance requirementDynamic cash deposit limitsAnywhere free cash deposit of up to eight times of previous month\u2019s maintained Average Monthly Balance (AMB) or \u20b920 lakh, whichever is higherAuto-sweep depositsAuto transfer of excess balance from current account into fixed depositsDoorstep bankingFree cheque pick-up\/delivery services right from your doorstepAlso Read: Understanding Current Accounts: What You Need to KnowEnding NoteWhile a GST number is not mandatory for MSME Udyam registration for businesses below an annual turnover threshold, it becomes necessary for taxable entities. The GST and MSME registration processes are simple and can be done online with the necessary documents.Moreover, having a current account, such as the Indus Select Current Account by IndusInd Bank, can greatly benefit enterprises by offering seamless banking services and other financial conveniences. So, hurry and open a current account online with IndusInd Bank today. Apply now!Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct\/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.Share This:"}