GST Registration

IN THE YEAR 2017 ,ONE BIGGEST TAX REFORM TOOK PLACE IN INDIA IN THE FORM  OF GOODS AND SERVICE TAX .  GOODS AND SERVICES TAX (GST) IS A VALUE-ADDED TAX LEVIED ON MOSTLY EVERY  GOODS AND SERVICES SOLD FOR DAILY NEED. THE GOODS AND SERVICE TAX  IS PAID BY CONSUMERS OR PUBLIC , BUT IT IS DEPOSITED  TO THE GOVERNMENT BY THE BUSINESSES ENTITIES WHO ARE INVOLVING IN  SELLING THE GOODS AND SERVICES. GOODS AND SERVICE TAX  PROVIDES A BIG REVENUE FOR THE GOVERNMENT .

GST IS A TAX WHICH IS LEVIED ON BOTH BUYING AND SELLING OF GOOD OR PROVIDING OR RENDERING SERVICES.

VARIOUS BENEFITS OF GST :-

  • NO MULTIPLE TAX
  • NO CASCADING EFFECT.
  • NOT SO MUCH COMPLIANCES
  • EASE OF DOING BUSINESS
  • LESS TAX COMPLEXIBILITIES.
  • TAX BASE INCREASED
  • ABOILISHING MULTIPLE TAXES AND TRANSFER ALL TAXES INTO A SINGLE SYSTEM.
  • SIMPLE AND EASY TO WORK UNDER GST REGIME.
  • INCREASE BUSINESS IN INDIA BY WAY OF INCREASING SOLE PROPRIETORSHIP.
  • GIVE PEOPLE A CONFIDENCE TO START THEIR OWN BUSINESS WITHOUT ANY HESITATION AND CREATE THEIR OWN GOODWILL AND GROW.

NOW ,ALL THE INDIVIDUALS/ENTITIES WHO ARE INVOLVED IN PURCHASING OR SELLING GOODS OR INVOLVED IN PROVIDING SERVICES  OR IN BOTH ,THEY ARE REQUIRED TO REGISTER THEMSELVES UNDER GST ACT.

IN CASE INDIVIDUALS/ENTITIES ARE NOT REGISTERED UNDER GST, THEN THEY ARE NOT ALLOWED TO COLLECT GST FROM THEIR CUSTOMERS OR CLIENT OR EVEN THEY ARE NOT ELIGIBLE TO CLAIM INPUT TAX CREDIT OF  GST PAID BY THEM OR THEY CAN BE PENALISED FOR THAT.

THERE ARE VARIOUS TYPES OF GST REGISTRATION :-

  • COMPULSORY GST REGISTRATION:- IT IS COMPULSORY TO TAKE REGISTRATION UNDER GST WHEN AN ENTITY GROW THEIR BUSINESS AND IT CROSSES THE MINIMUM THRESHOLD LIMIT OF TURNOVER THAT IS PRESCRIBED UNDER ACT .THE PERSON WHO IS TAKING REGISTRATION UNDER THIS TYPE ARE KNOWN AS NORMAL TAXABLE PERSON
  • VOLUNTARY GST REGISTRATION:– IT IS NOT COMPULSORY THAT AN INDIVIDUAL OR ENTITY TAKE REGISTRATION UNDER GST ON BASIS OF THEIR TURNOVER .THEY CAN TAKE REGISTRATION UNDER GST AT ANY TIME VOLUNTARY.THERE ARE VARIOUS REASON FOR OBTAINTING GST NUMBER ON VOLUNTARY BASIS:-
  1. FOR IMPROVING THEIR BUSINESS GOODWILL OR CREDIBILITY.
  2. FOR CLAIMING INPUT TAX CREDIT BENEFITS BY GOVERNMENT.
  3. FOR COMPLETING THEIR CUSTOMERS OF BUSINESS TO BUSINESS REQUIREMENT.
  • SPECIFIC GST REGISTRATION:- THERE ARE VARIOUS TYPE OF ENTITITES IN THE FORM OF CASUAL TAXABLE PERSON, E-COMMERCE OPERATOR,NON-RESIDENT TAXABLE PERSO, TDS PAYER,TCS COLLECTOR, ETC .THEY HAVE TO REGISTER UNDER GST FOR BUSINESS. IRRESPECTIVE OF THEIR THRESHOLD LIMIT OR THEIR OWN CHOICE OF REGISTRATION.

MAKE APPOINTMENT
HIGHTLIGHTS