Benefits of Filing GST
GST registration not only helps you in getting your business recognized as a legal registrant but also opens a number of opportunities for your business. Benefits to GST registered business at glance are as follows:-
- Become more competitive – You will be more competitive in comparison to your unregistered competitors since you will carry valid tax registration.
- Expand your business Online – You cannot sell products or services on e-commerce platform without GST registration. If you’re planning to give a blow on e-commerce platform like Flipkart, Amazon, Paytm, Shopify or through your own website, you must need a GSTIN.
- Can take input tax credit – Only Registered GST holders can avail input of GST tax paid on their purchases and save the cost.
- Open Current Bank Account – Especially, in case of sole proprietor business Banks & Financial Institution does not open a current bank account in the name of business trade name unless you carry any government proof in the name of your business. GST registration certificate can help you to open a current bank account.
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About G.S.T. Registration
Goods and Services Tax is a consolidated indirect tax policy that encompasses VAT, CST, Service Tax, Central Excise duty, Entertainment Tax, etc
Input Tax Credit Availment
Only business units registered under GST can avail credit of tax paid at the time of purchase while filing GST returns.
When to register for GST?
Mandatory to register under GST when annual turnover exceeds INR 40/20 lakh or supply goods and services inter-state or through e-commerce platform.
Return Filing & Payment
Every GST registrant requires to file three monthly/quarterly returns and one annual return. Requires paying tax every month.
What are the GST tax rates?
Tax rates vary from 0% to 28% depends on the type of goods & nature of the services you are selling.
Business Unit having an annual turnover of less than INR1.5 crore may opt the scheme. Requires to pay to subsidize tax ranges from 1% to 5% & file quarterly return.