Download
1 / 6
60 likes | 67 Views
In this article, I tried to highlight the reasons why GST registration is essential for you. There is no reason why you should not register right away. The earlier you register for GST, the greater the tax benefits you will receive. If you are looking for best GST Services in Mumbai, you can opt for Viser Solutions GST experts services.
E N D
What is GST Registration and what are its benefits? https://www.visersolutions.com/
What is GST Registration? On March 29, 2017, the Lok Sabha approved the Goods and Services Tax Act. The Act went into existence on July 1, 2017. The Goods and Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that would be collected on all value additions. The Products and Services Tax (GST) is a single tax that applies to the delivery of goods and services from the manufacturer to the customer. Credits for input taxes paid at each level will be accessible at the succeeding stage of value addition, making GST a value-added tax at each stage. As a result, the ultimate customer will only pay the GST charged by the last dealer in the supply chain, with set-off benefits at all prior stages.
Who is eligible to register for GST? GST registration is required for all businesses whose annual revenue reaches a certain threshold. The current GST registration criteria are 20 lakhs. It has been decided that the threshold limit would be reduced to 10 lakhs as of April 1, 2017. Even if a company's annual revenue is less than 20 lakhs, it is not required to register for GST. If an individual who is not registered under GST conducts a transaction with an individual who is registered under GST that exceeds 5 lakhs in a single year, he must register under GST. However, independent of their sales, certain businesses are required to register. Lottery sellers, interstate traders, and service providers are examples of these enterprises (including restaurants).
Benefits of GST Registration ● Increased credibility One of the most sought-after benefits of GST registration is that it increases the credibility of your business. When you register for GST, you will be assigned a unique 15-digit GST identification number. This number contributes to the development of your brand's image and increases the credibility of your company. The general public has more trust in dealing with a government-registered business. Simple Accounting When a business is registered under the GST regime, the accounting and tax compliance process becomes simpler than when it was registered under the previous indirect tax regime. Because GST is a destination-based consumption tax, any goods or services supplied by a registered person will be taxed concerning the place of supply, and this will be reflected in his GSTR 3B and GSTR 1 returns. This prevents any mismatches from occurring when filing returns, allowing one to file his return without error. ● ● Enhanced Threshold Limit On an aggregate turnover of Rs. 40 lakhs, the registered person gains access to a higher threshold limit (Rs. 20 lakhs for North Eastern and the Special States). This means that the registered person does not have to pay tax on goods or services supplied below a certain threshold, but can claim Input Tax Credit for taxes paid on goods or services supplied by his supplier.
Conclusion In this article, I tried to highlight the reasons why GST registration is essential for you. There is no reason why you should not register right away. The earlier you register for GST, the greater the tax benefits you will receive. If you are looking for best GST Services in Mumbai, you can opt for Viser Solutions GST experts services.
