Q. What is the process for applying for the GST? If so, what is required for the GST? Shreya Ghosh
A. The following documents are required to complete the registration process under GST:
- PAN of the applicant
- Aadhaar ID of the applicant
- Passport size photograph of the applicant
- Details of the applicant’s bank account
- Address proof of the applicant
Here is a step-by-step procedure to complete your registration on the GST portal:
- Visit gst.gov.in(the GST portal)
- Click on ‘Services’, then ‘Registration’ and finally ‘New Registration’.
- Enter the required details and upload the scanned copies of the aforementioned documents wherever required.
- Enter your mobile number and email ID and submit the application.
- A provisional ID will be sent to your registered mobile number and email ID. The confirmation of the GST Number will be sent to you once verification has been completed by the Income Tax Department.
At the time of registration, you will have two options, viz. regular scheme and composition scheme. The turnover limit for the composition scheme is Rs.1.5 crore, and GST registration is mandatory if your turnover exceeds Rs.40 Lac in a financial year.
Have a question on personal finance? Ping me on Twitter at @adhilshetty with the hashtag #AskAdhil. The writer is CEO, BankBazaar.com, an online marketplace for loans and credit cards.