GST Registration for Small Business in India


GST Registration for Small Business in India

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If you are a small business owner, GST registration should be among the top priorities of your to-do list. While the initial stress of getting GST compliant may seem intimidating, the benefits in the long run far outweigh it. From streamlined operations to collateral-free loans, there are plenty of reasons why you need to get your business registered under the new tax regime.

GST registration is an essential step for small businesses in India. As per the provisions of the GST Act, a person whose financial turnover exceeds Rs 40 lakh (for non-hill and northeastern states) or Rs 10 lakh (for hill and northeastern states), has to register for GST. However, a person can also apply for a voluntary registration, if the annual turnover is below 40 lakhs or Rs 10 lakhs respectively.

The unified system of taxation brought under GST reduces the burden of taxes as companies no longer have to pay multiple indirect taxes such as service tax, excise duty and VAT. It also eliminates the cascading effect of taxes by bringing all levies under one system, resulting in lower costs and higher price efficiency for consumers.

Moreover, the GST also allows for easy expansion of businesses nationwide as logistics and distribution networks can be built without worrying about state level tax minimization. The new tax regime also creates a common market across the country and provides smaller businesses an equal playing field with bigger corporations.

To obtain GST registration, you can file an online application at the GST common portal or at a GST facilitation center. You will need to provide information such as PAN, Aadhaar, bank account statement and canceled cheque, digital signature of the director or promoter, photograph and address proof. You can now use your TRN to check the status of your registration on the GST portal.

 

Tel:+917299972500

info@filingpoint.com

 

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