What Is GST Registration?
Launched on 1 July 2017, the Goods & Services Tax (GST) applies to all Indian service providers (including freelancers), traders and manufacturers. A variety of Central taxes like Service Tax, Excise Duty, CST and state taxes like Entertainment Tax, Luxury Tax, Octroi, VAT are accumulated in the GST. Also, taxpayers with a turnover of less than ₹ 75 Lacs can choose a composition scheme to get rid of tedious GST formalities and pay GST at a fixed rate of turnover. Every product goes through multiple stages along the supply chain, including purchasing raw materials, manufacturing, selling to the wholesaler, selling to the retailer and then the final sale to the consumer. Interestingly, GST will be levied on all of these 3 stages. Let’s say if a product is produced in Delhi but is being consumed in Uttarakhand, the entire revenue will go to Uttarakhand.
Benefits of GST Registration?
Goods and Services Tax (GST) registration in India offers a multitude of benefits for businesses and the economy as a whole. One of the most significant advantages is the streamlining of the taxation system, replacing a complex web of indirect taxes with a single, unified tax structure. This simplifies tax compliance and reduces the burden of multiple tax filings, making it easier for businesses to adhere to regulations. GST registration also facilitates seamless inter-state trade, promoting economic integration across the country. It enhances transparency and accountability in the taxation system, reducing tax evasion and fraud. Additionally, GST registration allows businesses to claim input tax credit on their purchases, reducing their overall tax liability and boosting profitability. It fosters a more competitive business environment by ensuring a level playing field for both large corporations and small enterprises. Overall, GST registration promotes economic growth, improves tax efficiency, and simplifies compliance, making it a crucial component of India's taxation system.
Document Required
- Identity and Address Proof
- Aadhar card/ voter’s ID/ passport/ Driving license
- Bank Statement / Electricity Bill / Phone Bill
- Passport-size Photograph
- Blank document with specimen signature.
- Rental Agreement / NOC / Sale Deed
- Mobile No. & Email ID