GST's introduction to the Indian scenery was a way to abolish several other indirect taxes by uniting them all in one single taxation system. GST is making it easier for the tax collectors with tax collection while also offering a process that is far more efficient.
GST registration is mandatory for all businesses which have a turnover of over 40 lakhs (20 lakhs for the NE states). But the turnover limit is different for other categories.
While GST registration is mandatory for some businesses, some others can apply for registration for added benefits. All the businesses that are required to register for GST mandatorily will face a penalty if they fail to register. Even with the busiest business operations, GST registration in Ranchi is expected as it only takes 2-6 working days for the process.
You are eligible for GST registration if:
As we said above, GST is many forms of indirect taxes coming together to make your tax process easier and simplified.
Various VATs and taxes have been redacted after the introduction of GST, which makes the goods and services sold at a much lesser price than they would have been if GST wasn’t introduced.
GST was expected to reduce corruption and sales without receipts. Small companies are benefitting from this introduction because they no longer need to comply with indirect taxes.
Are you a small business? If you have registered under GST, you can benefit from the lower taxes option by using the composition scheme. This is for a business with a turnover of Rs 20 to 75 lakhs. Small businesses are now saved from the tax and compliance burden.
Before the introduction of GST in India, industries associated with building construction and textile were unorganized and unregulated. Now, after the introduction, there are provisions for online compliance and payments. GST has introduced accountability and regulation to the industries.
The validity of the GST certificate depends solely on the taxpayer - and their type. It will be valid unless it is canceled by the GST authority, or the taxpayer decides to cancel it himself.
There is no fee involved in filling up your GST registration. The government of India has made the process free of charge, and anyone can fill out the application online. However, you cannot expect the process will not require you cash in any form. Whether it is acquiring documents that you don’t have or hiring assistance to register for the GST, there are indirect costs associated with GST registration.
Especially if you are going to hire a professional service that will help you with documentation, they will charge you for their time and guidance given you with the professional and legal terms.
At a very affordable rate, My Legal Clinic can handle your GST registration filling and all the formalities. Your business will not lose any attention from you as we will handle all the processes from simple to most complex ones without your breaking a sweat.
Experts at My Legal Clinic come with years of experience and expertise in GST registration for businesses of various sizes. We know all registration standards and hardly require a second involvement from you for a successful GST registration. My Legal Clinic offers affordable services and flexible plans for all sizes of businesses out there.