visersolutions

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What is GST Registration and what are its
benefits?

• https//www.visersolutions.com/

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What is GST Registration?

• On March 29, 2017, the Lok Sabha approved the
  Goods and Services Tax Act. The Act went into
  existence on July 1, 2017. The Goods and Services
  Tax Law in India is a comprehensive, multi-stage,
  destination-based tax that would be collected on
  all value additions.
• The Products and Services Tax (GST) is a single
  tax that applies to the delivery of goods and
  services from the manufacturer to the customer.
  Credits for input taxes paid at each level will
  be accessible at the succeeding stage of value
  addition, making GST a value-added tax at each
  stage. As a result, the ultimate customer will
  only pay the GST charged by the last dealer in
  the supply chain, with set-off benefits at all
  prior stages.

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Who is eligible to register for GST?

• GST registration is required for all businesses
  whose annual revenue reaches a certain threshold.
  The current GST registration criteria are 20
  lakhs. It has been decided that the threshold
  limit would be reduced to 10 lakhs as of April 1,
  2017.
• Even if a company's annual revenue is less than
  20 lakhs, it is not required to register for GST.
• If an individual who is not registered under GST
  conducts a transaction with an individual who is
  registered under GST that exceeds 5 lakhs in a
  single year, he must register under GST.
• However, independent of their sales, certain
  businesses are required to register. Lottery
  sellers, interstate traders, and service
  providers are examples of these enterprises
  (including restaurants).

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Benefits of GST Registration

• Increased credibility
• One of the most sought-after bene?ts of GST
  registration is that it increases the credibility
  of your business. When you register for GST, you
  will be assigned a unique 15-digit GST
  identification number. This number contributes to
  the development of your brand's image and
  increases the credibility of your company. The
  general public has more trust in dealing with a
  government-registered business.
• Simple Accounting
• When a business is registered under the GST
  regime, the accounting and tax compliance process
  becomes simpler than when it was registered under
  the previous indirect tax regime. Because GST is
  a destination-based consumption tax, any goods or
  services supplied by a registered person will be
  taxed concerning the place of supply, and this
  will be reflected in his GSTR 3B and GSTR 1
  returns. This prevents any mismatches from
  occurring when filing returns, allowing one to
  file his return without error.
• Enhanced Threshold Limit
• On an aggregate turnover of Rs. 40 lakhs, the
  registered person gains access to a higher
  threshold limit (Rs. 20 lakhs for North Eastern
  and the Special States). This means that the
  registered person does not have to pay tax on
  goods or services supplied below a certain
  threshold, but can claim Input Tax Credit for
  taxes paid on goods or services supplied by his
  supplier.

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Conclusion

• In this article, I tried to highlight the reasons
  why GST registration is essential for you. There
  is no reason why you should not register right
  away. The earlier you register for GST, the
  greater the tax benefits you will receive. If you
  are looking for best GST Services in Mumbai, you
  can opt for Viser Solutions GST experts services.

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Thank You