How to Register a Company for GST

A business that generates more than $75,000 in annual revenue, or is expected to do so soon, must register for goods and services tax (GST). GST is a value-added tax that businesses pay on the products and services they purchase, and then pass on to their customers. This way, the Australian taxation office can track whether a business is collecting the right amount of taxes.

A registered company must collect and record GSTĀ register company for gst on every sale it makes. This information will then be sent to the ATO, which will verify that the correct amounts are being collected and remitted to the government. This will also help the ATO catch any fraud or non-compliance issues. In addition, businesses can claim back the GST they paid on their purchases through an annual rebate.

When Is It Time to Register for GST?

If you are a new business and have not yet crossed the GST threshold of $75,000 in annual revenue, you can choose to register for GST voluntarily as a precaution. This will allow you to start collecting GST and claiming back any GST you have paid, while still keeping your current and projected turnover under the threshold limit.

There are a few different ways to register for GST, depending on your circumstances. The most common method is to use the online myIR portal. This is the fastest and easiest way to register. You can also register through the ATO website or by completing an ATO form.

The first step in the process is to determine which type of GST registration applies to your business. The type of GST registration that applies depends on whether you are applying retrospectively (your business has already exceeded the threshold limit) or prospectively (voluntary registration based on projections).

After selecting the relevant option, you must enter your business details. This includes your trade name, business constitution, and district. You must also select whether you want to opt-in or out of the composition scheme, if applicable.

You will then need to upload supporting documents, such as your bank statement and your Aadhaar number. You can also add additional places of business or an authorized signatory at this stage. The authorised signatory must be a resident of India.

Once you have uploaded all of the required documents, you can submit them to IRAS. You will then receive your GST registration number within 10 days. If you have any questions about the process, contact Timcole, and we will be happy to assist.

Once you have your GSTIN, you can begin filing your GST returns using the myIR portal. You can also access your GST return history, which will help you identify any errors in the previous returns. You must file a GST return at least once per year. For more information about filing a GST return, visit our blog post: How to File a GST Return in Singapore.