What Facts must you know about the GST Number?

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Undoubtedly, the GST is the biggest tax reform hit in India with such big participation of the people, despite process being difficult, in such a short period of time. Else it takes years for the government to implement any scheme on such big scale and receive full enthusiasm from the receiver’s end as well. But the government and GST Council’s strategies gave the GST, we’d not say a mind-blowing appeal, but a genuine head-start for the process to grow and evolve as the people adopt it and implement and integrate with their businesses and taxation routines.

And as you know, it’s been more than a year now that the new taxation regime has been implemented, it has brought in some new words into everyone’s lives that you might be familiar with as well. And due to the compulsion of the Goods and Services Tax, you are bound to, if not to learn by heart, then, at least know about them. But how many are they? Well, if you were to read a GST guideline book or its electronic format, you’d start hitting the roof. But out of all, there’s one that you must remember and even know a little about. And it doesn’t actually hurt. Neither to the arms or legs nor to the brain. It’d rather make you sound resourceful in front of your clumsy friends with infinitesimal knowledge of the GST.

GSTIN- GST Identification Number

GSTIN, for obvious reasons, is the key to all the locks on the doors of the new taxation regime. And to get the key is quite easy as it requires a small effort and a little use of technology. All you need to do is:

  1. Go to the online GST portal.
  2. Tap on the ‘new user registration’ tab.
  3. Fill up the form with the correct details of yourself and your business as well.
  4. Upload all the required documents like PAN Card, paperwork verifying the business and its location, bank account details, the business proprietor/trustee’s details, and some documents assuring the jurisdiction status of your business.
  5. Once you are successfully registered, apply for GST number online.
  6. After the entire process is complete, the government will issue a unique Goods and Services Identification Number.

Well, that might look like a whole lot of documents, but believe us these documents are readily available with any person or any business owner all the time. And if not, then no offense, but something is fishy with the person’s business sense. Agree?

Don’t rush but don’t crawl either

Take your time to realize and understand the basics of the new taxation regime first. Rushing into the system would be nothing but a false step. So better to dwell on the process and initiate comprehending the registration and getting yourself a GSTIN number. Then to comply with other factors of the process, you could, if required, hire an external agency or use a GST software as well. But first, you must be well aware of your position on the GST platform.