GST Registration is the process of registering a business whose annual turnover is more than 20 lakes within the law under GST (Goods and Service Tax).
It is an indirect tax that has been replaced by many taxes such as VAT, Central sale tax, Purchase tax, entry tax, etc.
It is applicable to the supply of goods and services in India. As I mentioned above registration is mandatory for those businesses that meet a certain threshold like annual turnover would be more than 20 lakes, and 10 lakhs for some northern state or hill stations.
You can register your business with the GST law both the terms online and offline.
if you register online you need to have or create a GSTIN (Goods and Service Tax Identification Number) and then apply for registration on the GST portal, and for offline registration you need to fill out the application form to the GST authorities.
Remember one thing before you apply for business registration you need to gather.
All the important business documents and information required for business registration may include PAN (Permanent Account Number) cards, address proof, bank account details, and other relevant legal bank account details.
After submitting the application form, then you will receive an acknowledgment number (ARN) on your email and mobile number, after this your argument will verify or reject in the hand of the GST officer, and the result will be announced in 3 working days.
If it is approved you will receive a registration certificate with a unique 15-digit number called the Goods and Services Tax Identification Number (GSTIN). GSTIN is used to file a GST return, pay taxes and claim refunds under GST.
Let’s discuss some importance of GST Registration
Here are the most important benefits of GST registration
- If your business is registered you have the ability to supply your products or services across state boundaries without any restrictions, previously businesses had to comply with multiple state-specific taxes, such as VAT, CST, and entry tax. However, with GST, businesses can operate seamlessly across states without worrying about different tax laws.
- GST allows businesses to claim ITC on the taxes paid on their inputs. This means that businesses can effectively reduce their GST liability by the amount of tax that they have paid on their inputs. This can be a significant benefit for businesses, especially those that purchase a lot of goods and services.
- GST registration can give business access to a larger customer base. This is because GST registration allows businesses to sell their product across India. This can be helpful for businesses in the term they can operate their businesses all over India by expanding their businesses.
- It enhances the credibility and reputation of a business in the market and among its customers.
- GST registration can give businesses a competitive advantage in the market. This is because businesses that are registered for GST are seen as more credible by customers. Additionally, GST registration can make it easier for businesses to do business with other registered businesses.
- GST registration can make businesses eligible for government programs and benefits. This can include things like tax breaks, loans, and grants.
GST registration has the potential to transform the Indian economy by registering for GST, businesses can play a role in making it a success.
As we all know that today many people around us are doing business but they do not know about GST, in such a situation probably many people do not know that GST works as a business license.
If you also want to apply for your business license or other government license then Digital Seva Kendra will help you in this.
We are India’s most popular Digital Seva Kendra agency, today millions of people from all over the country are associated with us, whose trust makes us a reliable Digital Seva service provider company.