GST stands for Goods and Services Tax and it is an indirect taxation system in India. Every business in India if eligible needs to get GST Registration. GST Registration Online is the process in which the taxpayers gets a unique GST Number or GSTIN. There are several benefits for applying for the GST and GST number. Some of the most important ones are discussed in this article.
Ease in Filing of GST Returns
After successful GST Registration, every business needs to file GST Returns. It is important to note that businesses need to do GST Return Filing even if there are zero transactions. The GST returns can be filed either online or offline. If you opt for the offline method, then you will have to first submit your return in a physical form and then pay taxes online or at any bank branch. GST Returns can be easily filed after getting a GST Number or GSTIN.
Business becomes compliant with Law
GST Registration is mandatory and the Process of registration under GST is similar to that of VAT. However, the registration will take place in an electronic form only.
The Process for GST Registration: GST registration is a mandatory tax registration if your business meets the turnover threshold of Rs 40 lakhs and Rs. 10 Lakhs or RS. 20 Lakhs for special category startes. You must get GST Number through Registration and do GST Return Filing in order to be compliant with laws. Furthermore, GST Number is also beneficial to collaborate with Multi National Companies as they prefer to work with registered businesses.
Easy GSTIN Registration process
To get the GSTIN Number you can visit the GST website and register yourself. While registering you are required to fill in the PAN card number, Aadhar card number, valid bank account number, valid address proof, and your photograph.
A GSTIN (Goods and Services Tax Identification Number) or a GST number will be provided after the registration process is completed online, which then can be used as a reference number anywhere across India.
GST Number facilitates your business under GST Regime
The GSTIN has an 11-digit alphanumeric format and it is a unique identification number for an entity or person that proposes to supply goods or services in India. While the GSTIN enables you to claim input tax credit from your purchases, it also allows you to file returns with the government while paying taxes on those purchases.
The GST is a unified indirect tax that is imposed on goods and services. The GST system and GST Number aims to make the taxation process simpler by replacing all the indirect taxes levied by Central & State governments with a single tax that would be applicable throughout the country. This simplifies processes for businesses, as they will not have to deal with multiple taxes anymore.
Moreover, If you want any other guidance relating to GST Registration, please feel free to talk to our business advisors at 8881-069-069.
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