The Goods and Services Tax or GST is an tax which has replaced most of the indirect taxes in India like the VAT, excise duty, services tax, etc. the products and repair Tax Act came into effect on 1st July 2017. GST is levied on the availability of products and services. it’s a comprehensive, multi-stage, destination-based tax that’s levied on every value addition. The GST law is applicable all across India.
Under the GST regime, the tax is levied at every point of sale/value addition. within the case of intra-state sales, Central GST and State GST are charged on every sale whereas all the inter-state sales are chargeable to the Integrated GST tax.
Following taxpayers are required to be registered under GST:
Value of a GSTIN
The goods and services tax (GST) may be a VAT levied on most goods and services sold for domestic consumption. The GST is paid by consumers, but it’s remitted to the govt by the companies selling the products and services. In effect, GST provides revenue for the govt.
What are the advantages of GST Registration?
Yes after GST implementation, the compliances (like GST Returns) became user-friendly and straightforward because now the taxpayer only must pay single tax and therefore the easy procedure of GST returns filing is additionally attractive. the required instructions and guides that are to berelevant to the GST compliances which are available on the official GST portal www.gst.gov.in which can help within the completion of compliance.
Since the GST registration portal may be a single and therefore the same portal for all dealers in India, the tactic and therefore the procedure for a replacement dealer, tax payment or return filing becomes an equivalent providing ease to the dealers.
GST Online Registration has been proved to be helpful for reducing the tax burden on small scale industries by providing one tax everywhere the state.
And here under the products and repair Taxit can claim the input decrease that already paid on purchases.
GST registration has provided a composition scheme for the convenience of small traders and businessmen. consistent with this scheme, The traders of small business are allowed to register and pay a really low and glued rate of tax to the govt which is usually fixed at 1-5% of their taxable turnover.
GST certificate has given a serious benefit for the e-commerce website because without a GST number nobody can commence a web E-Commerce business. for instance Amazon, Flipkart, club factory Myntra, etc.
The reduction of the tax burden has proved to extend the consumption level. Since we all know that when the worth falls down the consumption increases and this is often the precise situation where the tax rates have decreased and sort of a result consumption level has increased. This, in turn, will increase production and boost the end of the day economy.
How to get GST Number
GST Number are often applied in a web process which needs multiple details of the business being registered. It requires various details regarding the business along side the subsequent documents: