The taxation system in India has undergone various reforms, and each one has outdone the other for better tax compliance. But 2017 brought some significant changes in the tax regime with the introduction of Goods and Services Tax (GST).
What is unique about GST? GST is the type of indirect tax that eliminates multiple state-level and central taxes levied on the goods and services such as VAT, service tax, luxury tax, and many more. In short, GST aims for a uniform tax filing process, and at every stage of a supply chain, you need to pay this tax to avoid the cascading effect.
Hence every business entity is eligible to register for GST, and GST registration in Pune is in demand to bring transparency and combat corruption at the grass-root level.
Let’s understand more about this and get hands-on with the registration process.
A company with an annual turnover of INR 20 lac, a supplier of services, and an INR 40 lac, a supplier of goods must get GST registration under the GST Act. However, the turnover limit is reduced to INR 10 lac for northeastern states and Uttarakhand.
A supplier of goods from one state to another must get GST registration irrespective of the annual turnover value.
This process of applying for GST is called GST registration. With the help of GST Consultants in Pune, you can apply for GST registration online. It facilitates small-scale businesses as the annual turnover of less than INR 20 lac is exempt from the GST registration.
There are many advantages to GST registration. Continue reading, and you will agree in no time.
Apart from the subsumption of multiple indirect taxes, there are several advantages of getting GST registration services in Pune. A few of them you can find below-
The stand-out point for GST registration is that it saves you money. In the Pre-GST regime, you had to pay tax in every step of the supply chain, and it was added to the next tax value causing double taxation. But with GST registration, you can eliminate this hassle and pay only one type of tax throughout the business thereby, saving unnecessary expenses.
The GST registration process is simple, and it brings all the sectors directly under a single umbrella of the taxation process. It is more convenient for small businesses as they can file the tax returns once every quarter and avoid financial burden at the company's nascent stage.
However, if you are new to the process, we can be of complete assistance from the beginning to get the GST registration in Pune. We are a passionate team and guarantee 100% commitment to ease your entire process.
Another advantage of GST registration is the annual turnover limit. Before the advent of GST in India, all individuals having an annual turnover of INR 5 lac to INR 10 lac were liable to pay the tax. But GST brought in the new law where the companies or entries with annual turnover less than INR 40 lac are exempt from the taxation system.
To obtain the GST registration, you must furnish soft copies of some documents. Here is the list of them-
Why do some companies voluntarily apply for GST registration even if they are not liable to apply for the registration? It is because GST strikes out 17 indirect taxes to a single tax. With these advantages, you can register your company for GST registration, and we are dedicated to providing complete service in Pune. It is natural to be unaware of all terminologies regarding the process, but with us, you can be sure to get it done right with the affordable GST registration fees in Pune.
The application process involves multiple steps, each of which is described in detail below-
The first step is to log in to the official GST portal and enter the details. It has a personal details section, including the PAN number. Once you complete this section, the form will generate a Temporary Reference Number (TRN). It will be your Login credentials every time you open the portal to check the status of your application.
The entire section has ten parts. Submit all the documents given in the above section online like the address proof, business incorporation certificate, details of the authorized signatory, bank statements, details of the goods and services, and business details to name a few. Fill out the form within 15 days of generating the TRN.
GST Consultants in Pune suggest that a Digital Signature Certificate is mandatory to verify that the details given by you are authentic, especially for companies and LLP. To do so, you must register for DSC, and the Certificate Authority (CA) issues the certificate that has a public key to safeguard your transactions.
After cross verification of the details provided in the application form, submit it for approval. After 3-5 business days, you will get the registration certificate ready for use.
Several companies in their initial stage suffer from restrictions to carry out the manufacture and selling of goods from one state to another. An ultimate solution to this is to get the GST registration in Pune.
The GST registration guarantees the ease of transactions and safeguards your company from the penalty charges if not registered when the annual turnover is more than INR 20 Lac.
Get the GST registration today and see your company grow with zero hassle.