What is process for GST registration online?
GST Registration is necessary to come under indirect taxation. It is unique number obtained from GST department for collecting tax and claiming input tax credit on purchase. Every Businesses involved in trading of goods or services are required to get GST registration online, voluntary or if they are required by law.
The gst registration online service at Mads Money helps you to get business registered under GST. Mads Money GST experts will guide you about applicability, compliances and regular updates relevant for your business.
Following form of business can be registered under GST:
- Limited Liability Partnership
- Private Limited Company
- Public Limited Company
- One Person Company
Mads Money GST Registration Online service can help you get GST Number very economically and efficiently. You may also whatsapp us for any query.
Documents required for GST registration online process:
- Pan Card
- ID Proof of Individual
- Electricity Bill of place of business
- Rent Agreement (if property is rented)
- Certificate of Incorporation or Partnership Deed in case of Private Limited Company/ Public Limited Company or Partnership firm.
- Letter of Authorization (not required in case of proprietorship firm)
What is GST?
GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017.
Tax on Supply of Goods – Earlier Known as Vat
Tax on Supply of Services – Earlier known as Service Tax
Advantages and Disadvantages of GST Registration Online
Five Advantages of GST in India
- GST implementation has removed cascading effect from taxation system.
- Prior to GST, a businesses had to take different registrations for goods and services. But with GST Registration online, we need not to take any other registration.
- With single registration for all businesses there is seamless flow of input, thus enhancing productivity.
- With reduction in number of registrations, there is simultaneous reduction in litigations.
- Full online process is implemented tackling corruption and tax leakages.
Five Disadvantages of GST in India
- With majority of population is still not IT friendly, they are struggling since implementation of GST.
- With monthly returns compliance, there is increase cost of compliances on small businessmen.
- Many products under GST are now taxed higher than before.
- Petroleum products and Alcohol has been kept outside ambit of GST.
- There is inadequate training given to tax officers and post implementation of GST.
Why should you register?
You will be legally recognized as supplier of goods or services.
You can expand your Business – Can claim and provide TAX CREDIT.
Make inter-state sales.
The registered person will find it beneficial to do business with you.
Do you need to register?
GST being a tax on the event of “supply”, every supplier needs to get registered. However, small businesses having all India aggregate turnover below Rupees 20 lakh (10 lakh if business is in Assam, Arunachal Pradesh, J&K, Himachal Pradesh, Uttarakhand, Manipur, Mizoram, Sikkim, Meghalaya, Nagaland or Tripura) need not register. The small businesses, having turnover below the threshold limit can, however, voluntarily opt to register.
The aggregate turnover includes supplies made by him on behalf of his principals, but excludes the value of job-worked goods if he is a job worker. But persons who are engaged exclusively in the business of supplying goods or services or both that are not liable to tax or wholly exempt from tax or an agriculturist, to the extent of supply of produce out of cultivation of land are not liable to register under GST.
Who should get GST registration online?
- Individuals already registered under the Excise, VAT, Service Tax etc.
- Businesses with turnover over Rs. 20 Lakhs
- Input service distributor
- Business paying tax under RCM (reverse charge mechanism)
- Person doing business through e-commerce
- Individual making interstate sales or purchases.