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What are the GST Registration Procedure GST Return and GST Rates


What are the GST Registration Procedure GST Return and GST Rates

GST Registration

Here is the GST Registration procedure for taxpayers:

  • Keep your GSTIN and your registered mobile number on hand.
  • Visit ewaybill.nic.in.
  • If you are first-time taxpayer, you will have to click on ‘E-way bill registration’ to register.
  • You will then have to enter your GSTIN number and hit ‘Go’ to submit your request.
  • You will then be redirected to a new screen where certain details such as the name of the applicant, the Trade name, the mobile number and address of the applicant will be auto-populated. You will then have to select ‘Send OTP’ and enter the OTP you receive on your registered mobile number and verify the same.
  • Once the OTP is verified, you will have to provide your preferred User ID through which you can operate your account.
  • You will then have to create a password for your account after which your registration on the GST portal will be complete.

GST Return

A GST Return is basically a document that contains information regarding the income that a taxpayer must file with the authorities. This information is used to compute the taxpayer’s tax liability. Under the Goods and Services Tax, registered dealers must file their GST returns with details regarding their purchases, sales, input tax credit and output GST. Businesses are expected to file 2 monthly returns as well as an annual return.

 GST Rates

The GST Council has assigned GST rates to different goods and services. While some products can be purchased without any GST, there are others that come at 5% GST, 12% GST, 18% GST, and 28% GST. GST rates for goods and services have been changed a few time since the new tax regime was implemented in July 2017. The last GST council meeting was held in February this year and was chaired by then Finance Minister Mr. Arun Jaitley.

 


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