What is GST and why you should Register your firm for GST

What is GST

In simple word GST is an Indirect Tax levied on supply of Goods and services . It is unified tax system introduced in India from July 1 , 2017. All the earlier taxes like  State sales tax, Central Sales tax,  Octrai, Entry tax, Excise duty and various other local taxes has been merged into one Tax called Goods & Service Tax (GST)

Who should Register for GST??

• Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)
• Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)
•  Casual Taxable person / Non Resident Taxable Person
• Agents of a supplier & Input service distributor
• Those paying tax under the  Reverse Charge mechanism
• Person who supplies via e-commerce aggregator
• Every e-commerce aggregator
• Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable
• You can register your business voluntary also.

   How to register for GST

   Contact us or whatsapp 9470307730 for getting your firm registered for GST

What is the advantage of taking registration in GST?

Registration under Goods and Service Tax (GST) regime will confer following advantages to the business:

- Legally recognized as supplier of goods or services.

- Proper accounting of taxes paid on the input goods or services which can be utilized for payment of    GST due on supply of goods or services or both by the business.

- Legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the    Goods or services supplied to purchasers or recipients.

- GST registration is required for opening of current account in Bank

-  It gives boost to your business

-  It is required for participating in any tender

-  If you do inter sate dealing you have to compulsory register for GST