Why Need GST Registration


Presentation Description

GST registration is obligatory for every entity involved in the buying or selling processes in India. If the business' annual turnover crosses the threshold limit, then it becomes mandatory. More info visit https://enterslice.com/gst-registration


Presentation Transcript

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Why do you need GST Registration GST registration is obligatory for every entity involved in the buying or selling processes in India. If the business annual turnover crosses the threshold limit then it becomes mandatory for that particular person or entity to get the business registered under the GST Act. On 1st July 2017 in India the GST Act came into force that changed the lives of many entrepreneurs. GST is one of the most revolutionary tax reforms that took place since the independence of the country. For many introducing GST wasn’t a good idea however for many it was a brilliant idea. The thoughts of people varied a lot. And that was because they lack the knowledge of GST. Therefore in this blog we are going to discuss GST GST registration and its benefits. So let’s start with the introduction of GST registration. What is GST GST stands for Goods and Services Tax. It’s an indirect tax that replaces all other indirect taxes such as VAT excise service sale custom etc. in India. Typically GST can be defined as an indirect tax levied on the supply of goods and services. Therefore it is essential for every goods and services supplier to obtain GST registration. But let’s first find out what GST registration means. Definition of GST registration GST registration is the process of registering any company or business under the GST Act. Under this Act a business gets a PAN-based15-digit registration number called GSTIN. As per the GST Act businesses whose annual turnover is more than the threshold limit which is Rs. 20 lakhs Rs. 10 lakhs for Northeast state and hilly state are mandatorily required to get the GST registration done. GST registration is obligatory for availing Input tax credit on the purchase. As per the latest amendment new GST registration is mandatory for every business such as e-commerce export or import business online aggregator foreign supplier casual dealer etc. irrespective of their turnover in a financial year. For a complete GST registration process click here.

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Benefits of GST Registration The suppliers can avail various benefits of obtaining GST registration. Especially small businesses and start-ups irrespective of their turnover can benefit their business in many ways. The advantages of registering with GST are as follows:  Recognized as a legal supplier Once you have registered your business under GST you receive the recognition of legal supplier of goods and services.  Provide an input tax credit to customers Because you have registered your business with GST now youre legally recognized and can issue taxable invoices. In turn customers can receive input credit on their purchases. This in turn will help businesses to expand their customer base and make it more competitive.  Compliant and better ratings GST registration ensures that the business is compliant and scalable without any hindrance in future registration. Additionally compliance rating is maintained under GST and if its done properly it can attract additional business.  Lets businesses take a better stand Again registering under GST your business gets recognition and due to the same you can easily apply for bank loans rent premises etc.  GST improves ease of doing business in India It is one of the biggest benefits that GST registration offers. For those who want to start a business in India can now easily establish by registering itself under the GST Act. There are a few compliances in GST and many tax exemptions for start-ups in India with certain conditions. Final words Apart from the above-described benefits other benefits of registering your business under GST include the elimination of double taxation making inter-state sales without much restrictions etc.

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If you have any concern regarding the registration process or if youre looking for the best consultant for GST registration then contact Enterslice. We will get your business registered with GST in the least possible time. Source url - https://www.evernote.com/shard/s675/sh/7db3eef9-a30f-4e98-8954- 49d3869dda96/36481a4988c9179b9b2a8937eeed919a

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