When you invest or start-up a business, all you wish for is a smooth run and lots of profit. But, business is always about taking risks. You will always come across various factors that might harm your business and you have to look for a certain way to prevent your business from the effects. Previously, when the taxation system was segregated into multiple sub-taxes, the business was very lenient then. Although, it was the exploitation of rights of the people in a way that people didn’t notice the negative effects it created on the economy.
The government realized this fussy situation and introduced a much sorted form of the taxation that is Goods and Services Tax Act. We agree that a sudden shift from one system to another can’t happen without a few bumps. It would be like asking a cricket player to play soccer and that too without making any fouls. Yeah, he might score one goal but fouls are sure because he is not aware of the rules and regulations of the game.
Hence, people also need time to adapt. You cannot just wake up the next morning and be a GST proficient. Although, if you want to reduce the strain of the process then you should first apply for GST number. You would be glad to know that the initial process of the Goods and Services Tax is absolutely easy. Easiest of all the other GST processes.
All you need to do is this:
Make a juicy file of these following documents first, both soft and hard copies.
- Your permanent account number (check the validity)
- Your mobile number along with a valid email address
- The address proof of your business with the rent/lease agreement and electricity bill
- The details of the business partner, a third party guarantor and valid documents of the guarantor
- An Indian bank account number and photocopies of the passbook of that particular bank
Once you submit these documents on the government-provided website, it will be reviewed, processed and then the application would be either passed or declined, depending upon the credibility of the documents. But you are not unfortunate if your application will get rejected.
So, guess what? Huzzah! You are a registered member of the GST now. You will be provided with a certificate and a unique identification number by the government in order to authorize your business. Now you must know, that the unique identification number is very important for your business to comply with the GST rules and regulations in India.
This number is also known as the GSTIN. It must be visible at the entrance of all your business buildings and offices. It’s not just what we are saying, it’s a full-fledged rule in the GST. By doing this you complete your GST registration and can start paying tax and filing for the returns through electronic means as well. Yes, returns. The ultimate key to success. Now let’s begin with how to use this key.
Shall we make this part easier?
FYI, this blog is not to promote or advertise any specific company or its services, but a general viewpoint on the topic. And with this general viewpoint, we’d say that besides the government authorized websites, if there is an ironclad process to help you in filing returns, is the GST return filing tool available online.
To be frank, you will save a huge amount of time and the process will become easier. These platforms basically will perform all the filing-related tasks for you and will charge a genuine amount in return for the entire work. Your role will be to provide required documents to them.
And this is not something out of the blue, as the existence of such services has been there for a while, but now the demand is more and that’s why you hear them off more frequently. It is same like going to the chartered accountant or a financial advisor but a lot cheaper.
What services will you get?
- The overall GST preparation
- The software automated filing
- An accord of all the invoices
- Well-maintained archives of documents
- All jurisdiction requirements fulfilled
- Supported with government forums
To make the process safer than it already is, you will also find the presence of login integration in software used. This software-based filing for the GST returns can add a lot of value to your business as you will be able to accomplish any loophole and would also foresee your input tax credit value with the help of the GST software.
Again, check the credibility of the software along with the type of services provided and you are good to go. Get registered and start filing the GST returns. Have a flourishing business and income.
Read Also: 5 Ways to Prepare your Business for GST