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GST Registration


GST Registration

GST Registration process, every individual or company that supplies goods and services has to register under Goods and Service Tax (GST). So, if any person who runs a business with an annual turnover that exceeds Rs.20 lakh (in all Indian states, other than north-eastern states) then he has to register with GSTN (Goods and Service Tax Network), according to our Indian govt rules

Once GST registration process done then under this regime, a unique GSTIN (Goods and Service Tax Identification Number) generated. The Central Government issues a state-wise, 15-digit number to you once you complete registration.

GST Registration -Top Benefits

Benefits of GST to Consumers

1. Decrease in the Price of Goods & Services
2. Same Price Around the Country
3. Simplified Tax System

Benefits of GST to Traders

1. Transparency
2. Easy Borrowing
3. Easy Entry into the Market
4. Indian goods and commodities can compete at a global level
5. Benefit for small businesses through composition scheme.
6. Decreased tax compliances Everything related to GST is done online.
7. Increase in the efficiency of logistics.

Benefits of GST to Government

1. Foreign Investment
2. Boost in the Import and Export Industry

Top benefit of GST Registration
Types of GST

GST Registration - Tax Types

  • Central Goods and Service Tax (CGST)
  • State Goods and Service Tax (SGST)
  • Integrated Goods and Service Tax (IGST)
  • Union Territory Goods and Service Tax (UTGST)

GST Tax Rate

  • No Tax Exempted
  • GST Slab Tax 5% (Service)
  • GST Slab Tax 12% (Service)
  • GST Slab Tax 18% (Service)
  • GST Slab Tax 28% (Services)

For Detail Product wise Tax Rate Please Click Me.

GST Return Filling Rate

Documents Required

These Documents are required for GST Registration

  • PAN card of the applicant
  •  Partnership deed or incorporation certificate
  •  PAN cards, voter IDs, or Aadhaar cards of promoters and/or partners
  • Address proof of the business by in the form of an electricity bill, rent or lease agreement or for an SEZ, documents issued by the government
  • Bank account statement of the company

Frequently Asked Question

GST reduces tax-on-tax and indirect taxation. It does away with multiple compliances like VAT, service tax, etc. thereby increasing the outflow. With GST, the outflow has been effectively reduced and hence eliminated the cascading effect of taxation.

GST has brought in the composition scheme, which is a boon for small businesses. It has effectively reduced the number of tax compliances & burden for small businesses.

With the help of the GST, a record for all financial transactions can be easily maintained. This has made it easier for small and medium-sized businesses to keep precise records of all monetary transactions, including money they have borrowed from the market with ease.

Yes, with the GST, all business transactions have become transparent and easy to understand. For individuals starting from consumers, business people, retailers, wholesalers, importers, and exporters, only one form of tax needs to be paid: the GST.

Yes, with GST, it has become easier for owners of business organizations to file for taxes online. This has proved to be especially helpful for start-up owners as they no longer have to understand the intricacies of VAT, service tax, excise, and other such details when it comes to filing for tax online.

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As the cascading effect of tax has been reduced, the common man does not have to pay multiple taxes and cess. Moreover, the money collected through GST is used to fund development in the underdeveloped areas in India. Hence, the common man has benefitted from the introduction of GST.

GST is calculated at 18% of the price of the item. For example, if the goods or services are sold at Rs. 1000, then the GST is Rs. 180. Hence, the net price of the goods or services will be Rs. 1180.