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Goods and Services Tax (GST) is the biggest tax reform in our country. It is impressively improving ease of doing business and increasing the taxpayer base in the country. This is done by bringing in millions of small businesses together. This tax regime reduces the tax complexities and increases the tax base. This is done by abolishing and subsuming multiple taxes into a single system.
Under the new GST regime, the entities required to be registered for GST are all those entities involved in buying or selling goods or providing services or both. Those organizations which do not have GST registration are not allowed to collect the amount of GST from the customer and even can't claim input tax credit for the same. If they do so then they could be penalized as well. However, what happens if you do not register for GST? Registration under GST is mandatory. For the entities, a minimum turnover is set. If any entity crosses this minimum limit turnover or starts a new business that is expected to cross the prescribed turnover, it is required to be registered under GST.
In the GST Regime, entities whose turnover exceeds Rs. 20 lakhs (Rs 10 lakhs for NE and hill states) are required to register as a normal taxable person. This process of registration as a normal taxable person is called GST registration.For certain businesses, registration under GST is mandatory. Goods and Services Tax registration in Kolkata usually takes between 2-6 working days. Entities required to register for GST as per regulations must file for GST application within 30 days from the date on which the entity became liable for registration under GST. GST Registration of a business with the tax authorities implies obtaining a unique, 15-digit Goods and Service Tax Identification Number (GSTIN) from the GST authorities so that all the operations of and the data relating to the business can be collected and correlated.
Kolkata derives its name from Kalikkhetro which means field of (Goddess) Kali. Kolkata is also known as Calcutta. The Britishers used this term ‘Calcutta’ during the colonial period. This term was used till 2001 after which the government changed its name from Calcutta to Kolkata because the later term matched with the Bengali pronunciation. Another theory behind the name Kolkata is that it is derived from the name of a famous temple ‘Kalighat’.
The need and reasons for Goods and Services Tax registration in Kolkata are the benefits derived from it. These benefits are as follows:
Benefits to the Common Man
Benefits to the Economy
Benefits to Industry and Trade
The next question that would venture your mind is with regard to the process of Goods and Services Tax registration in Kolkata. Follow the steps below:
Step1– Go to GST portal and click on ‘Register Now’ under Taxpayers (Normal).
Step 2– Enter the following details in Part A –
Step 3– If the OTP is not received by you then click on Resend OTP, otherwise click on continue.
Step 4– You will receive the Temporary Reference Number (TRN) now, which will also be received by you in your email and mobile. Note down the TRN.
Step 5– Once again go to GST portal and Click on ‘Register Now’.
Step 6– Select Temporary Reference Number (TRN). Enter the TRN and the captcha code and click on Proceed.
Step 7– You will receive an OTP on the registered mobile and email. Enter the OTP and click on Proceed.
Step 8-You will see that the status of the application is shown as drafts, click on Edit Icon.
Step 9– Part B has 10 sections. Fill all the details and submit appropriate documents.
Here is the list of documents you need to keep handy while applying for GST registration-
Step 10– Once all the details are filled in, go to the Verification page. Tick on the declaration and submit the application using any of the following ways –
Step 11– A success message is displayed and Application Reference Number (ARN) is sent to registered email and mobile.
You can check the ARN status for your registration by entering the ARN in GST Portal.
The following are the documents required for GST registration:
The following are the criteria for GST registration in Kolkata.
Registration under Goods and Services Tax (GST) regime will confer the following advantages to a business:
Within 30 days from the date when your liability arose. In case of a Casual Taxpayer or Non-resident taxable person, 5 days prior to the commencement of the business.
Before you apply for a GST Registration in India as a normal taxpayer, it is mandatory to obtain a PAN except for TDS registration which is possible through TAN.
Yes, it is available in 18 languages.
No, submission of hard copies is not required as it is a paperless registration process.
Yes, you will be sent One Time Passwords (OTP) on your mobile number as well as your e-mail ID that you give in PART A of the New Registration Application. Please ensure you have access to both when you apply online.
You can access the previously saved application for a period of 15 days from the date your Transaction Reference Number (TRN) is generated.
GST registration does not have any expiry date.
Yes, GST registration is required to be obtained for each branch of the business.
The copy of the same can be downloaded from the GST common portal.