GST Registration

GST refers to Goods and Service Tax. Act for GST in India was passed in the Lok Sabha on 29th March 2017 and came into effect from 1st July 2017. GST act in India had replaced many indirect taxes in India. It is aimed to reduce the multi-point taxation on goods and services.

REGISTRATION- Every business carrying a taxable supply of goods or services is entitled to register under GST ACT.

Returns- All the registered businesses have to file return monthly, quarterly or annually for GST in India, depending upon the type of business.

GST return must contain all the following.

  • Purchases
  • Sales
  • GST inputs (On Purchase paid)
  • GST outputs (On Sales)

What is GST

GST stands for Goods and Services Tax. It is a value-added tax levied on most goods and services sold for domestic consumption. GST is a comprehensive indirect tax that aims to remove the cascading effect of taxes by allowing input tax credit across the value chain, from the point of production to the point of consumption. It was introduced in many countries as a replacement for various indirect taxes like sales tax, service tax, excise duty, etc. The implementation of GST simplifies the tax structure, enhances ease of doing business, and promotes a unified market across the country or region where it is applied.

Benefits Of GST

The Goods and Services Tax (GST) system offers several benefits, including:

  1. Simplified Tax Structure: GST replaces multiple indirect taxes with a single tax, streamlining the tax structure. It eliminates the cascading effect of taxes, leading to a more efficient and simplified tax regime.

  2. Wider Tax Base: GST broadens the tax base by bringing more businesses into the formal economy. This reduces tax evasion and increases tax compliance.

  3. Uniform Tax Rates: GST establishes uniform tax rates across states and eliminates the need for multiple tax rates for the same product or service, reducing tax arbitrage and promoting fair competition.

  4. Boost to Economic Growth: By promoting ease of doing business, reducing tax burden on businesses, and eliminating barriers to interstate trade, GST contributes to economic growth.

  5. Improved Tax Compliance: GST is supported by a robust IT infrastructure for tax administration, making compliance easier for businesses. This reduces the compliance burden and helps in better tax administration and enforcement.

  6. Reduced Transaction Costs: With the elimination of multiple tax checkpoints, GST reduces logistics and transaction costs for businesses, leading to increased efficiency in supply chains.

  7. Increased Government Revenue: GST enhances government revenue by widening the tax base, improving compliance, and reducing tax evasion. This additional revenue can be utilized for developmental activities and social welfare programs.

  8. Boost to Manufacturing and Export: GST provides input tax credit, which allows businesses to claim credit for taxes paid on inputs, raw materials, and capital goods. This reduces the cost of production and promotes manufacturing and exports.

  9. Transparency and Accountability: GST promotes transparency in the tax system by providing a seamless flow of input tax credit and clear documentation requirements. This enhances accountability and reduces the scope for corruption.

  10. Harmonization with International Practices: GST aligns India’s indirect tax system with international best practices, making it easier for businesses to operate globally and improving the country’s competitiveness in the international market.

Overall, GST is designed to simplify the tax system, promote economic growth, and enhance tax compliance, ultimately benefiting businesses, consumers, and the economy as a whole.

Documents of GST

  1. Aadhar Card
  2. Pan  Card
  3. Passport size photo
  4. Bank accounts details
  5. Cancel cheque
  6. Address prof

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