GST (Goods and Services Tax): GST, or Goods and Services Tax, is a comprehensive indirect tax levied on the supply of goods and services in India. It has replaced various other indirect taxes like VAT, excise duty, service tax, etc. GST is designed to simplify the tax structure, eliminate cascading taxes, and create a unified tax system for the entire country. It is based on a destination principle, meaning that the tax is collected at the point of consumption.
Under GST, goods and services are categorized into different tax slabs – 5%, 12%, 18%, and 28%, with some essential items attracting a 0% tax rate. The GST system has brought greater transparency, efficiency, and accountability to the taxation process.
Applying for GST Number for Pharma Franchise Business
If you’re starting a pharmaceutical franchise business in India, you’ll likely need to apply for a GST number, also known as a GSTIN (Goods and Services Tax Identification Number). This number is required to carry out any business activities liable for GST.
Here’s how you can apply for a GST number for your pharma franchise business:
Step 1: Visit the GST Portal: Go to the official GST portal – www.gst.gov.in.
Step 2: Click on “Services” and then “Registration”: On the GST portal’s homepage, click on the “Services” tab in the main menu. From the drop-down menu, select “Registration.”
Step 3: Choose “New Registration”: Under the “Registration” tab, select “New Registration.”
Step 4: Fill in the Required Details: You’ll be prompted to enter various details about your business, including your legal name, PAN (Permanent Account Number), email address, mobile number, and state.
Step 5: OTP Verification: You’ll receive an OTP (One-Time Password) on your mobile and email for verification. Enter the OTP on the portal.
Step 6: Temporary Reference Number (TRN): After verifying your OTP, you’ll receive a Temporary Reference Number (TRN) on your mobile and email. Note down this TRN as you’ll need it in the next steps.
Step 7: Continue Registration with TRN: Return to the “Services” > “Registration” section and click on “New Registration” again. This time, select “Temporary Reference Number (TRN).”
Step 8: Complete the Application: Enter the TRN you received and the captcha code. Then click on “Proceed.” Complete the application by filling in all the required details about your business, including the nature of your pharma franchise business, premises details, partners/directors details, etc.
Step 9: Attach Required Documents: Upload the necessary documents, including proof of business ownership, address proof, bank account details, PAN cards of partners/directors, and more.
Step 10: Verification and Submission: After providing all the required information and documents, submit your application. The application will be verified by the GST authorities. If any additional information or documents are required, you’ll receive a notification.
Step 11: Issuance of GSTIN: Once your application is verified and approved, you’ll receive your GSTIN along with a login credential for the GST portal.
It’s important to note that the exact process might have variations and updates over time. It’s recommended to visit the official GST portal or consult a tax professional to ensure accurate an up-to-date information regarding GST registration for your pharma franchise business.
