The applicability of Goods and Service Tax and repulsion of VAT has proved as a game changer in indirect tax regime in India. GST registration is transparent, fast, and traceable from starting point to end point thereby proving a great source of revenue for the government. GST registration is one of the basic formalities to start any business whether it is manufacturing or trading or service providing in India as it treats all kind of businesses alike. By taking GST registration one can start his/her new business by complying a simple online process and basic documentation only.
Introduction of GST at one side made taxation simpler by removing the cascading effect of taxation and at other side due to transparency it has proved as a great source of revenue for the government with fair and simpler structure. GST has benefitted both the ultimate consumer and the government.
Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies.
To start any business you can register your firm under GST by going through a simple process and documentation. On basis of GST registration the business current account can also be opened which is a necessary requirement for any small or large size business.
Documents required for GST Registration-
- Certificate of Incorporation
- Authorized signatory’s photo
- Stakeholder’s photo (Promoter / Partner)
- Proof of business address which includes electricity bill or property tax receipt or Municipal Khata Copy or legal ownership document
- Proof bank accounts details which includes a copy of your bank statement, cancelled cheque, or the first page of your Pass Book
Benefits/Importance of GST Registration
- GST eliminates the cascading effect of tax
- Higher threshold for registration
- Composition scheme for small businesses
- Can claim input tax credit of taxes paid and can utilize the same for payment of taxes due on supply of goods or services
- Simple and easy online procedure
- The number of compliances is lesser (Quarterly returns for small businesses)
- Defined treatment for E-commerce operators
- Improved efficiency of logistics
- Unorganized sector is regulated under GST
Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies. Without registration, a person can neither collect tax from his customers nor claim any input tax credit of tax paid by him.
To Start and register your business under GST Registration, kindly Contact the Professionals of Aapkaconsultant.com
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