How to rule out the glitches to GST registration for a Small and Medium Enterprise?
The Goods & Service Tax is unquestionably the most innovatory economic reform that has increased the level of convenience for both tax authorities as well as the tax assessees. Significantly, this economic move has led India among the top 100 countries in terms of ease of doing business for the first time, as has been promulgated by the government.
Being a GST registrant in itself means that you are free to avail all the tax benefits and conveniences that were implausible in the erstwhile tax regime. However, the key to all these avails is GST registration. Being the most elemental and crucial stage, this is where actually most of the entrepreneurs still continue to face snags.
The most affected section of tax assessees consists of Micro, Small and Medium Enterprises (MSMEs) who face issues like cash crunch and incomplete documentation.
The common scenario is when Small and Medium Entrepreneurs are asked to furnish their current account for Online GST registration. It is at this stage that the real hindrance arises, just as every bank asks for a tax registration proof to open a current bank account in the name of the firm, and on the other side, GST department mandates a current bank account in order to go through the GST registration procedure.
Where to go now??
The apt solution to this problem is MSME registration. Here’s how this can help you out:
- Get an online Udyog Aadhaar registration/ MSME registration. All you need for it is Pan Card, Aadhaar card, Complete Postal Address with District and PIN and bank statement.
- Open a current account for your newly registered MSME.
- Furnishing the details of this current account, you can now go for online GST registration procedure.
This is how you can easily register under GST online.