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When we start a new company, GST Registration is a most important aspect to implement for our business nowadays. It registers our product and services for GST code. The Indian government has made it compulsory for Goods and services tax for every business. Let us discuss, how to implement & what are the benefits you will get from GST.  Kros-chek Company is the top GST registration consultant in HSR Layout, Bangalore.

Benefits of GST Registration

Elimination of Multiple Taxes

One of the benefits of GST is the elimination of multiple indirect taxes. Every tax that currently exists will not be in a picture. It means current taxes like excise, octroi, sales tax, Service tax, CENVAT, turnover tax etc will not be applicable and all that will fall under common tax called GST.

Saving More Money

GST applicability means the elimination of double charging in the system for a common man. Through this, the price of goods and services will reduce & help common man for saving more money.

Ease of business

GST brought the concept of “one country one tax”. It will prevent unhealthy competition among states and will be beneficial to do interstate business.

Cascading Effect reduction

From manufacturing to consumption, GST will be applicable at all stages. It will provide tax credit benefit at every stage in the chain. In the current scenario, at every stage, the margin is added and tax is paid on the whole amount, in GST you will have tax credit benefit and tax will be paid on margin amount only. GST will reduce the cascading effect of tax thereby reducing the cost of the product.

More Employment

It is expected that demand for a product will increase and to meet the demand, supply has to go up as GST will reduce the cost of the product. Besides, the requirement of more supply will be addressed by only increasing employment.

Increase in GDP

Higher the demand, higher will be the production. Hence, it will increase the gross domestic product. Moreover, It is estimated that GDP will grow by 1-2% due to GST.

Reduction in Tax Evasion

Goods and services tax is a single tax which will include various taxes to make the system efficiency with fewer chances of corruption and Tax Evasion.

More Competitive Product

It will make manufacturing more competitive as GST will address the cascading effect of the tax, inter-state tax, high logistics cost. It will be beneficial to the businessman and consumer.

Increase in Revenue

Under the GST regime, 17 indirect taxes has been replaced with a single tax. Apart from this, the increase in product demand will ultimately increase tax revenue for state and central government.

What is GSTIN?

The first 2 digits of the 15 digit GSTIN will represent the state code. For example: 01 for Jammu and Kashmir, 02 for Himachal Pradesh, 03 for Punjab, etc.

The next 10 digits will be the PAN of person or entity engaged in Business.

GST Registration Process (on Government Portal)

GST Registration will give the following advantages to a taxpayer.

Go to the Government GST Portal and look for Registration Tab.

Fill PAN, Mobile No., E-mail ID and State in Part-A of Form GST REG-01 of GST Registration.

You will receive a temporary reference number on your Mobile and via E-mail after OTP verification.

You will then need to fill Part-B of Form GST REG-01 duly signed (by DSC or EVC) and upload the required documents specified according to the business type.

An acknowledgment will be generated in Form GST REG-02.

In case of any information sought from you and intimated to you in Form GST REG-03, you may need to visit the department and clarify or produce the documents within 7 working days in Form GST REG-04.

The office may also reject your application if they find any errors. You will be informed about this in Form GST REG-05.

Finally, a certificate of registration in Finally, a certificate of registration will be issued to you by the department after verification and approval in Form GST REG-06.

http://kros-chek.com/gst-registration.php

Since the introduction of GST, the interest for GST registration in HSR Bangalore and wherever around had expanded definitely. Numerous people and agencies have confronted lot many tax disputes and tax related issues. Kros-chek is one of the best GST filing consultants in HSR Layout and gives numerous expert guidance and advice to numerous organizations and associations that manage Goods and Service Act. The few elements have been given as below the mention the related to GST Registration.

Eligibility to apply for GST Registration

Those who are registered under the Pre-GST Law (i.e Excise, VAT, Service Tax etc.)

Those businesses whose turnover is above the threshold limit of Rs. 40 lakhs (Rs. 20 lakhs for the North- Eastern States, J&K, Himachal Pradesh, and Uttarakhand)

For the casual taxable person/ Non-resident taxable person.

Those who are the agents of the supplier and Input service distributor.

Individuals who are paying tax under the reverse charge mechanism.

Those who supply via e-commerce aggregator.

All E-commerce aggregator.

Those who are supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person.

Documents required for GST Registration / Filing:

For Sole Proprietorship / Individual

Adhaar card, PAN card, and a photograph of the sole proprietor

Details of Bank account- Bank statement or a canceled cheque

For Partnership deed/LLP Agreement

Aadhaar card, PAN card, Photograph of all partners.

Details of Bank such as a copy of canceled cheque or bank statement

For Private limited/Public limited/One person company

Company’s PAN card

Certificate of Registration

MOA (Memorandum of Association) /AOA (Articles of Association)

Aadhar card, PAN card, a photograph of all Directors

For HUF

A copy of PAN card of HUF

Aadhar card of Karta

Photograph

Details of Bank- bank statement or a copy of a canceled cheque

For Society or Trust or Club

Pan Card of society/Club/Trust

Certificate of Registration

PAN Card and Photo of Promoter/ Partners

Details of Bank- a copy of canceled cheque or bank statement

GST Registration Consultants in HSR Layout Bangalore - Kros-chek is the right company for services as mentioned above. Contact Kros-check also for the goods and services tax details such as gst migration, gst return, & filing services etc.

http://kros-chek.com/gst-registration.php

In this article you'll learn about the activities of a representative office and requirements to incorporation of company and register a company in Singapore.

In this article you'll learn about the activities of a representative office and requirements to incorporation of company and register a company in Singapore.