What is GST?
Goods and Services Tax or GST is a single, destination-based indirect tax levied on the value added to goods and services at each stage of the supply chain. The main objective behind levying such a tax is to consolidate multiple indirect tax levies into a single tax.
The goods and services tax is a value-added tax levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it is remitted to the government by business owners selling goods and services.
What is a GST Registration certificate?
GST registration certificate is a substantial record for confirmation of getting enrolled under GST in India. Each taxpayer who has effectively registered under GST is given a GST registration certificate in the structure GST REG-06. The registration certificate is accessible for download on the GST Portal, and the government doesn’t provide any actual certificate.
The taxpayers include regular; TDS & TCS candidates under GST; people responsible for acquiring a unique Identity Number under Section 25(9) of the CGST Act; non-residents (including those that are giving OIDAR services) and the taxpayers who moved from the pre-GST laws.
What are the uses of a GST registration certificate?
The taxpayer must show this certificate at his primary business environment, just as other extra business environments recorded in the Form GST REG-06. This is set down in CGST Rule 18, and any failure can draw in punishment of up to Rs.25,000.
The certificate doesn’t have any time limit for expiry whenever gave to every one of the regular taxpayers. However long the GST registration is legitimate and not surrendered or cancelled, it stays substantial. For a casual taxable person, since the GST registration stays legitimate for a limit of ninety days, the registration certificate turns invalid after that. Notwithstanding, the taxpayer can broaden its validity or renew before the finish of the validity time frame.
At whatever point there is any amendment to the GST registration specifics, the GST portal permits the taxpayer or client to download the new GST registration certificate with the changed points of interest.
Advantages of registering under the Goods and Services Tax
Registration under the Goods and Service Tax (GST) system will give the accompanying benefits to the business:
- Legally perceived as a supplier of goods or services.
- Accurate bookkeeping of taxes paid on the input goods or services that can be used for GST payment because of the supply of goods or services or both by the business.
- Legally authorised to gather charge from his purchasers and pass on the credit of the taxes paid on the goods or services provided to purchasers or recipients.
List of contents of a GST Registration certificate
Following are the contents of the GST registration certificate:
- The GSTIN of the taxpayer.
- Trade Name and Legal Name.
- Type of Business Constitution (Eg: Partnership, Company, Proprietorship, Trust, etc.).
- Address of the Principal Place of Business.
- Date of Liability.
- Period of Validity. Usually, there is a date mentioned for ‘From date’. However, regular taxpayers will not have a date mentioned for ‘To date.’
- Type of registration.
- Particulars of the Approving authority- Name, designation, jurisdictional office, and signature (usually digitally signed).
Steps to obtain the GST registration certificate
Step 1- Login to GST Portal.
Step 2 – Go to ‘Services’ > ‘User Services’ > ‘View/ Download Certificate.
Step 3 – Click on the ‘Download’ icon.
Step 4 – Open the downloaded PDF document and take a printout.
Step 5 – Display the printed certificate prominently at all your places of business in the State or UT.
How does myBillBook cater to your GST related needs and more?
A software like myBillBook allows retailers to bill faster and produce various invoices much more efficiently than creating manual bills and invoice while also keeping data accuracy in check. What’s more, myBillBook invoicing software lets you access all your data through the web at any given time that you need it, for no extra charge.
- Billing software gets started on creating GST and non-GST inclusive invoices (as per your preference) within seconds. All you need is:
- GSTIN of both parties (if applicable for the party).
- Billing and shipping address of the party.
- Consecutive invoice numbers.
- Date of issuance.
- HSN code of items.
- CGST/SGST/IGST on items (as applicable).
- It projects a professional and sophisticated image with professional-grade paper bills.
- You get regular notifications on the status of payables and receivables using our free accounting invoicing app,
- It provides 24×7 access to sale and purchase orders and allows you to monitor them till they’re delivered/received by relevant parties.
- myBillBook paid invoice app helps you save warehouse space by assessing the demand for the various stocks to make purchasing decisions accordingly.
- You receive 10+ exclusive reports that ensure smooth functioning of the business, including:
- Sales summary
- Profit and loss reports
- Party statements
- Stock summary
- GSTR-1 (Sales) [paid feature]
- GSTR-2 (Purchase) [paid feature]
- GSTR-3B [paid feature]
- Protect your data with daily automated backup and sync your mobile app with your desktop software. This way, you can access all your records on the go through your mobile phone.
- Create purchase vouchers, payment receipts, quotations (estimates/sale orders), purchase orders, sale returns, purchase returns, delivery challans, and expense vouchers from your mobiles.
- You can upload an entire inventory of the stocks by transferring items from other accounting apps or with the use of excel sheets and images.
- As an additional feature, myBillBook has a feature for automated purchase orders. So, if a particular stock is about to reach its lower limit, myBillBook places an order to maintain the inventory.