Biz Registration provides information and services regarding Goods & Service Tax (GST) Registration. "GST" is an indirect tax that combines the many levies levied by the State and Federal governments into a single, all-encompassing tax. All goods and services are currently subject to GST registration, with the exception of petroleum products. Since GST is a consolidated tax, the State and Central Indirect Taxes have virtually been combined. A single tax system currently governs the entire nation. Only those dealers, manufacturers, companies, individuals, professions, etc. whose turnover (sales) surpass INR 40 Lakh would be required to register for GST. If you want to benefit from Input Tax Credit but your sales are less than INR 40 lakh, you might voluntarily choose to register for GST. Additionally, everyone who transacts in interstate sales or purchases of goods or services must register for GST. NOTE- To register for GST, you must have an Aadhaar Card. Applicants for GST registration will now have the choice of opting for physical verification or authenticating their Aadhaar numbers. The applicant would receive their GST registration in just three days if they choose to use Aadhaar authentication for their GST registration.
GST Registration: Its Need and Benefits:
• The Taxpayer will be acknowledged by the law as a supplier of goods and services.
• He would have the right to legitimately collect taxes from his clients and provide the recipients of the goods or services a credit for the taxes paid on those supplies.
• He may claim the taxes he paid on his purchases and procurements as an input tax credit, and he may use that credit to cover the taxes owed on the provision of goods or services.
• Nationally consistent distribution of input tax credit from suppliers to recipients
Documents Necessary:
• The applicant's PAN
• Aadhar Card
• Address Verification
• Bank Account Statement
• A business's or a registered user's proof
• Photographic identification and address proof of directors
• Letter of Authority
• Digital Signature (not mandatory in proprietorship firm)