GST Payment Steps | GST Details
As the GST bill has been passed, there are various doubts amongst all as to what is GST, GST Details, Challenges, clauses, and other sections pertaining to GST. This tutorial seeks to provide a detailed explanation and more GST Details.
The full form of GST is Goods and Services Tax. At present there are varied kinds of indirect taxes such as Luxury tax, VAT, Service Tax etc but GST is one of it kind. GST has brought a reform in the taxation system. GST is an indirect tax levied when consumers buys goods and services. There are three components of GST
- Central GST
- State GST
- Integrated GST
Let us now discuss the steps of GST Payment process in details.
- Filling and verification of prelim details – This Step involves creating a login account on the GST website and initiates the registration process. A person has to submit his email or mobile number and PAN on the portal. The PAN will be verified automatically online itself. The mobile number and email will be verified through an OTP validation system. These details are supposed to be filed in form part 1 of GST REG-01.
- Submitting the Application form – After filling the basic information’s and once the details are verified, the applicant has to fulfill other requirements and duties of filling and uploading the documents consisting of photograph, taxpayer deed, bank account details and proof of business. Application is then submitted online through FORM GST REG – 02
- Verification is conducted by GST officer – An application is then forwarded to the officer who is given 3 days time to verify the documents and details furnished by you, any deficiency would be communicated to the applicant within three days time.
- Certificate Registration – Under FORM GST REG-06 after the approval of the application certificate is granted. Which the applicant can download easily