GST is about to create a revolution in the Indian tax structure and improve the economy of the country. It is said that the GST registration of restaurants can create a significant impact on the growth and development of the restaurant industry. GST reforms would be beneficial to both the owners and customers of your restaurant. GST registration is a legal aspect that should be done by every business, and it plays a vital role in the catering industry.
Here you would know about the GST registration process to be followed for your Catering Services.
Fill The Enrollment Form
When you’re about to complete the GST registration for your restaurant, you have to visit the GST portal. Here the enrollment form is available, and you have to fill it. You must go for GST registration when the annual turnover of your restaurant exceeds Rs.20 lakh annually. The process of registration is simple and smooth. The enrollment is universal for both state and central GST. The enrollment for GST registration should be done within the last date specified in the GST portal. If you have not completed the enrollment within the last date, do not panic as the GST window would be available up to 31st January. The last date for the registration varies for various states.
A business owner should submit the following documents for completing the GST registration process legally. Make sure that you own a valid mobile number, an email address, a bank account, IFSC code of your bank account, Provisional ID and Password from state and central authorities. You must also provide your PAN card when receiving the GSTIN for your restaurant.
Complete the enrollment form and upload the required documents in the GST portal. Click on submit, and you would receive an acknowledgment number. This number should be saved for future reference. The documents should be uploaded in the JPEG or PDF format. The size of the file should not exceed 1MB. When you make mistakes in filling the enrollment form, you would have to pay an ample amount of penalty.
Impact Of GST
GST has created a significant impact on the restaurant owners and customers who visit restaurants. The total tax to be paid under GST is less when compared with the VAT regime procedure of the past. This is because of the reduced rates of GST. This directly enhances the working capital of the restaurant owners. GST is, of course, beneficial to consumers and restaurant owners. Thus, people can visit their nearby restaurants and treat their taste buds. To Know more about the clarity on GST for caterers – you may check out reliable websites.
Several popular restaurants like Nellai Saravana Bhavan work with professional lawyers who help to tackle the impact of the GST regime. Popular restaurants take proper steps to ensure that the new GST tax reforms do not affect their business.
The above are the legal procedures to be followed to complete the GST registration for restaurants.