How can you get a GST certificate made for your business?

Posted on Thursday, June 6th, 2024 | By IndusInd Bank

Staying compliant with regulatory norms is of paramount importance in the dynamic landscape of business operations. One such crucial requirement is obtaining a Goods and Services Tax (GST) certificate, especially for businesses operating in India. It basically serves as a proof of registration under the GST regime. Just like a current account, a GST certificate is of equal importance facilitating smooth business transactions within the country. In this blog, we break down the steps to simplify the process for you to grasp the basics of GST. 

Understanding GST 

Before delving into the application process, it’s essential to grasp the basics of GST. GST stands for Goods and Services Tax and is a comprehensive indirect tax charged on the supply of goods and services in India. It has replaced multiple indirect taxes such as VAT, excise duty, and service tax with a single unified tax structure.  

• Scope: GST is applicable on the sale of goods and provision of services across the country and encompasses stages of the supply chain. 
• Registration and Compliance: Businesses exceeding the specified turnover thresholds are required to register and file regular returns under GST.  
• Tax Rates and Classification: GST has multiple tax slabs (0%, 5%, 12%, 18%, and 28%) for different categories that are determined based on factors such as essentiality, luxury, and public welfare. 
• Eligibility Criteria: Businesses with an annual turnover exceeding a specified threshold should register for GST.  

The Process of GST Registration 

Generally, the GST registration process is conducted online through the GST portal (www.gst.gov.in). All you need to do is create an account on the portal and proceed with the registration process. Simply fill out the form (GST REG-01) with accurate information and upload the required documents. After the submission of your application, the verification process get initiated by the GST portal. Any discrepancies or additional information required, will be communicated through the portal. The GST certificate is issued electronically through the GST portal upon successful verification of the application in compliance with all requirements. The certificate will include crucial information such as the GSTIN (Goods and Services Tax Identification Number) and the effective date of registration. Timely filing of GST returns and tax payments helps maintain compliance and avoid penalties. 

Listed below are a few common documents that are required for the process of GST registration: 

• PAN (Permanent Account Number) of the business entity 
• Proof of business registration or incorporation 
• Address proof of the business 
• Business bank account details 
• Authorized signatory’s photo identification & address proof 

GST Certificate & Online Current Account for Smooth Business Operations 

Open your IndusInd Bank Online Current Account with an active GST certificate issued before 3 months from today. IndusInd Bank offers tailored account varieties like Indus Tarakki, Indus Premier and Indus Select amongst others. Retailers, traders and merchants can enjoy seamless digital collection via the Indus Tarakki Current Account. Indus Premier Current Account matches the needs of medium-size businesses whereas Indus Select Current Account helps businesses to create more value. Open your current account online in less than 20 minutes without the hassle of paperwork and long queues. 

To Sum it Up 
A GST certificate for your business is pivotal towards compliance with India’s indirect tax regime. Business owners can navigate the registration process seamlessly by understanding the process and following the outlined steps diligently. Being compliant with GST regulations not only fosters smooth business operations but also reflects positively on the credibility and reputation of your business. So, stay informed, and propel your business towards success in the GST era. 

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own 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 taking any financial decisions based on the contents and information.