GOODS AND SERVICE TAX (GST) REGISTRATION
The much anticipated GST rolled out in July, 2017 cutting compliance and improving ease of doing business for millions of small and medium scale businesses in India. By eliminating and replacing multiple taxes into a single system, tax complexities reduced while tax base is increased substantially. Under the GST regime, all entities involved in buying or selling goods or providing services or both are required to obtain GST registration as per turnover limit given by GST Authorities and then can claim input tax credit of GST paid. Also, GST registration is mandatory once an entity crosses the minimum threshold turnover or starts a new business that is expected to cross the prescribed turnover.
Eligibility/Liability for GST Registration
As per the GST Council, entities in the Northeast and hill states with an annual turnover of Rs.10 lakhs and above would be required to obtain GST registration. For all other entities in rest of India would be required to obtain GST registration, if annual turnover exceeds Rs.20 lakhs. Entities required to obtain GST registration as per regulations must file application for GST registration within 30 days from the date on which the entity became liable for obtaining GST registration.
LegalRaj can help you obtain GST registration in India. The average time taken to obtain GST registration is about 5-7 working days, subject to government processing time and Client document submission.
1. A Single GST registration would be sufficient across India for selling or purchasing goods or providing services.
2. Easy Compliance due to elimination of multiple taxes.
3. Lower Cost of Locally manufactured goods and services giving boost to Exports.
4. Uniformity in tax rates and procedures resulting in reducing Compliance Cost.
5. You can provide Input Tax Credit to Customers. Hence it helps to expand customer base.
6. You can claim Input Tax Credit on own purchases and input services like professional fees, legal fees paid. It helps to increase the Profitability of business.
7. Due to Better Compliances, you get better rating in the market.
8. Easy to make Inter-State Sales and SME’s can also opt for selling through e-commerce platform.
9. Market Standing is better and benefits in getting Stakeholders to business, bank loans etc.