Online GST Registration
GST or Goods and Service Tax is an indirect tax in India which is applicable on the supply of products and providing of services.
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Goods and Service Tax
GST or Goods and Service Tax is an indirect tax in India. It is applicable on the supply of products and providing of services. A GST registration number is mandatory for any entity seeking to undertake the supply of goods and services across states while maintaining an annual aggregate turnover that exceeds INR 40 lakhs/20 Lakhs as the case may be.
What is the need of GST?
- Interstate trading is not possible without GST number. It is possible only after registering the business under GST.
- You need to acquire a GSTIN if you want to compete with big brands like Amazon, Flipkart, Paytm on ecommerce platform or through your own website.
- In case of having GST Number, you can avail Input Tax Credit while filing for GST return which eliminates the cascading effect.
- It is a mandate issued by Govt. of India who basically try to save tax and keep oneself from the cascading effect of tax
Benefits of GST
- 1) Under this system, a single product is taxed at the same rate in every corner of the country, hence deciding the applicable GST rate has been made easy.
- 2) Proper accounting of taxes on input goods or services can be utilized by thebusiness for the payment of GST that is due on supply of goods or services or both.
- 3) Tax can legally be collected from purchasers and the credit of the taxes paid on the goods or services supplied can be passed on to purchasers or recipients.
- 4) It is a simpler process, and involves lesser compliances.
- 5) There is a common portal for various requirements such as registration, making tax payments, refunds, and returns.
- 6) The Composite Scheme and its tax benefits can be availed by the entrepreneurs whose turnover is within the prescribed limit.
Documents Required
