GST Registration for Small Business in India
GST Registration for Small Business in India
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As a small business owner, you might have many essential things to focus on, but GST registration is one of them that should not be ignored. It will have a positive and incremental value impact on your business in the long run. It will make your business efficient and reduce compliance worries.
Currently, only those businesses that have a turnover of Rs 40 lakh or more in the manufacturing sector and Rs 20 lakh or more in the service sector, including e-commerce, need to register for GST. But, the GST process has now been simplified and streamlined, thereby making it much easier for startups and small businesses to obtain their GST number.
You can register for GST online by visiting the GST website and clicking on 'Register' under the Services menu. Select 'I am a tax payer' from the drop-down menu and enter your PAN card, mobile number, and email ID. You will be sent OTPs on your email and mobile number, which you need to enter in the boxes provided to proceed further. Once you've verified your details, you will receive a Temporary Reference Number (TRN), which you need to save and note down for further use.
It is also recommended that you ensure that your accounting software is GST compliant. This will enable you to create GST compliant invoices for your customers and keep a track of your business expenses, all in one place. It will also help you file your GST returns with ease.
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