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Today, India is one of the most preferred business operation and global investment destinations in the world. The key factors influencing the growth of business in India includes, high-class infrastructure, investment potential, reduced business operation cost, availability of skilled workforce etc. However, setting up a company in India is not an effortless task. One needs to know the rules & regulations, legal & economic formalities involved in the Indian system. Indian economy has always been a tough nut to crack for the foreign businesses. To add to this, Goods and Service Tax (GST), the big player in this Nation’s economy, has changed the game of business being done in India. 

GST, introduced in the year 2017, has not replaced several indirect taxes in India but also has imposed tax on foreign companies (established within the borders) offering services in any part of the country.  

As per the GST law, any foreign company providing services and/or supplying goods to either the companies located within the Country or its people, must obtain the GST registration without which providing services or doing business in any part of India would be an offense. Not just this, the foreign companies must also make GST related compliances with the GST Common Portal (GSTN). 

The foreign companies must acquire GST registration 5 days prior to the initiation of the business and must obtain the application for GST registration only through the authorized agents in India. If you need some assistance with the registration application, talk to team providing India Entry Service and take their help. 

Some of the documents required for the GST registration by foreign companies are:

• Documents which provides evidence of the primary location of the company and its business/services in India.

• Tax identification number (which is similar to the Indian PAN) of the relevant foreign Nation.

• Bank account details such as the name of the account holder, account number, MICR, IFSC code and many more.

• Verification of the advanced payment of the liable tax.

• Incorporation details of the foreign company and also the personal as well as professional details of its board of directors/partners/members.

Want to get GST registered and establish your business in India? Want to know how do you get done with GST registration? Well, it is simple. The GST registration process can be completed with a few simple steps, of which includes:

1. Along with self-attested copies of your passport, submit a signed application through form GST REG-9 5 days prior to the initiation of the business in India.

2. Next submit all the necessary details such as visa details, residential address proof in the foreign Country, bank details, the location of the office etc.

3. Get the application signed by an authorized signatory (ensure he/she has verified PAN).

4. Estimate the tax liability for the registration period and pay them in advance.

5. When done with the registration process, via form GSTR-5 file for a monthly GST return. 

Remember, the period of registration is valid for 90 days from the date of registration. If you are not aware of the GST guidelines or need any other help in establishing your business in India, take help from team offering India Entry Service.