Have you just started up your business and are wondering:

• Do I even need to register for GST?
• Or can an accountant help me with this?

You aren’t alone. Many business owners are confused about whether they need to register for GST. Often when starting up a new business you will be extremely busy trying to secure new customers, manage your costs, and grow your business, so you certainly wouldn’t want to waste hours on trying to understand what forms and information you need to give to the government.

Thankfully, an accountant can help.

Yes, an accountant can help you understand what you need to do to register for GST. They can help you collate any information needed and make the whole process easier to understand. Let’s explore how and whether it makes sense to use professional assistance.

Do I Need To Register For GST?

Before we dive into the information you need to collate to register for GST you should consider:

Is GST registration compulsory?

There are a few factors to consider, including your turnover, the type of goods/services you are providing, and where your business operates.

For example, if you run a small clothing business in Chennai, your friend runs a freelance design business and another friend sells products online. Will all three businesses have the same process?

It can depend on what type of business you are running.

An accountant can help you understand what applies to your specific business based on the activities you carry out.

How Can An Accountant Help?

Let’s be real, when you first go to register for GST you probably won’t understand which form to complete, what information to upload or what each field means.

You may also become frustrated if anything goes wrong.

An accountant can help you with:

1. Understanding your eligibility

If you aren’t sure if you need to register due to your turnover, an accountant can help you understand your situation and what requirements apply.

2. Collating information

You may need to collate information such as your PAN details, ID, business address, and information relating to your business structure.

An accountant can help you understand what information you need to collate.

3. Completing the application

To ensure you don’t make common mistakes and leave any information out, it can help to have a professional to help you complete the application.

4. Answering queries

Sometimes the GST authorities will ask for more information. An accountant can help you understand what they are looking for and how best to answer.

5. Understanding what happens next

Once you have your GST Identification Number (GSTIN), there may be more information to understand such as invoicing, keeping records, and GST returns.

Wouldn’t it be easier to understand what you need to do?

What Information Will I Need?

What if you start completing your application and then realise you don’t have any key information? You may stop halfway through and try to find the information you need. This can be avoided with a bit of preparation.

There are a few common documents required.

If you are running your business from a rented property you may also need a rental agreement. This can vary depending on the property you are using.

A simple tip: Ask your accountant to check your documents before you complete your application. It is much easier to identify any missing information and fix it before you complete your application.

Can I Register Myself?

Yes! Whilst an accountant can help you to complete your application, you don’t need to use one. You can register via the official GST site.

However, do you feel confident understanding the eligibility criteria, completing the correct information, uploading any documents, and answering any queries?

If your situation is simple and you understand what you need to do then you may be able to complete the application yourself.

However, if you are starting up a new business, carrying out several activities or simply aren’t confident with what you need to do then it can help to have a professional help you. You aren’t just paying them to help you complete a form but also understand what you need to do.

What Happens Once I Have Been Approved?

Great news! You have successfully registered and obtained your GSTIN. However, there are often further questions.

• When should I start to issue GST compliant invoices?
• What GST returns do I need to complete?
• How should I keep my purchase/sales records?
• What happens if I miss a deadline?

Depending on your registration and activities an accountant can help you understand what you need to do. If you are looking for Gst Filing Chennai it makes sense to speak to someone about what returns you need to complete. This way you can plan ahead.

How Can We Help You?

Starting a new business can be exciting however can cause you to lose some of that excitement due to the new compliance processes.

We want to help business owners understand what they need to do for their accounting and GST requirements without causing unnecessary confusion.

Whether you are starting up a new startup, running a retail shop, providing professional services or growing an existing business, having the correct guidance can help you feel more confident with your GST registration.

As an Accounting Firm In Chennai we can help you understand what you need to do to register. We can also help you understand what accounting/GST compliance your business may require.

You don’t need to fully understand all the GST rules to ask for help. Often the best thing to do is to explain your business and ask the right questions.

FAQs

Can an accountant register me for GST?

Yes. Your accountant (or another suitable professional) can help you complete and submit your application. They will still need accurate business information and to complete any verification.

Do small businesses need to register for GST?

Not always. It depends on your turnover, activities, where you are based and what GST rules apply. Some businesses will have compulsory registration requirements.

How long does it take to register for GST?

It varies depending on your application, verification and if the GST authorities ask for any extra information. There is no guarantee that everyone will be approved in the same timeframe.

Can I register for GST without going into an office?

Yes. Generally you will complete your application online via the official GST site. However you may need to complete any verification.

Should I employ an accountant to help me with GST returns?

If you have ongoing GST returns to complete then a professional can help you understand what returns you need to complete, keep records and meet deadlines. This depends on your activities and knowledge of GST compliance.

Final Thoughts

Yes, an accountant can help you register for GST. Having the right guidance can make the process much easier.

Don’t worry about having to understand everything on your own. Firstly understand if you need to register, collate any information you need and if you are unsure ask for professional help.

If you are planning to register your business for GST then contact us at ChennaiAccounts. We can help you understand what you need to do. Chat to us today and you can feel much more confident with your business compliance.