Goods and Services Tax (GST) is a crucial indirect tax system in India that simplifies taxation and promotes a unified market. It is mandatory for businesses exceeding a certain turnover limit to register for GST.
Benefits of GST Registration
Eliminates Multiple Taxes: Replaces VAT, Service Tax, and Excise Duty.
Input Tax Credit: Reduces tax burden by claiming credits on purchases.
Enhances Credibility: GST-compliant businesses gain trust from stakeholders.
GST Registration Process
Visit GST Portal: Register online at gst.gov.in.
Fill Application Form: Provide business and personal details.
Upload Documents: Submit PAN, Aadhaar, business proof, and bank details.
Receive ARN: Application Reference Number is generated.
GSTIN Allocation: Upon approval, a unique GST Identification Number is assigned.
Compliance Requirements
Filing GST Returns: Monthly, quarterly, and annual returns based on turnover.
Maintaining Records: Sales, purchases, and tax invoices must be recorded.
Reverse Charge Mechanism: Tax liability shifts to the buyer in specific cases.
