GST REGISTRATION ONLINE

GST is a huge step in the history of tax reforms to create confidence and an atmosphere of investment, manufacturing and growth.

GST is portrayed to provide the requisite impetus to business sector and at the same time reducing the price burden due to regressive taxes on the consumers. The most salient feature of the GST is that it would remove the multiple taxes levied on products both by the state and central government by virtue of taxes being in the concurrent list. GST seeks to replace these taxes which are primarily regressive in nature, due to which a cascading effect is created and as a result the ordinary consumer pays around 20-30% extra. Another major problem with the previous tax regime was that there were constant disputes about whether certain items come in the category of goods or services and this would be addressed by GST as it explicitly provides a rate card to the same effect. Furthermore subsumation of these taxes into GST would also provide an effective and efficient flow of tax credit both at the Centre and State level. GST is being implemented in such a way that the revenues of States and their Capital and Revenue Expenditure on that account are not hampered.

GST has numerous benefits to the producer like input tax credit, easy returns, reduction in costs and prices of locally manufactured goods which would in turn spur the aggregate demand and create a multiplier effect to boost the economy. Compliances required under GST is going to aid the government immensely with the elements of GSTIN, requisites of GST like PAN Card, the documents to be submitted for registration along with CGST and SGST a dual monitoring system would be in place to prevent tax evasion and promote fair competition.



Advantages of GST


SIMPLICITY IN TAX PAYMENT

  • Currently, a startup spends a lot of time and energy to manage the various taxes at various points. It has to deal with VAT, Excise Duty, Service Tax, Octroi, Entry Tax etc. After GST, only one unified tax rate will be applicable. This brings in a major advantage to startup businesses by simplifying the process of tax payment.


Contact Us

EXEMPTIONS TO NEW BUSINESS

  • Earlier, any business that dealt with goods liable to pay VAT was required to get registration under the VAT act if the turnover crossed Rs. 5 Lakhs. As per the new GST, the limit shall be Rs. 10 lakhs which is a very good thing for startups. Also, businesses with turnover between Rs 10 and 50 lakh are expected to be taxed at a lower rate.

Contact Us

IMPLEMENTATION OF BUSINESS

  • Any new business needs to have a VAT registration from sales tax department. A business may have to follow unnecessary cumbersome process of registration which may be different in different States. GST will bring about uniformity in process of registration and will only require a centralized registration that will make starting business much simpler.
Contact Us

SIMPLICITY IN TAX CALCULATION

  • There are many businesses that require the payment of not only Service Tax but also VAT. This makes the calculation for tax very complex. By implementation of GST, only one tax will be required to be calculated and paid. This will make the tax calculation easier.




Contact Us

All Rights Reserved. Powered By Esoft Technology