Advantages Of GST And How One Can Register

Advantages of GST and how one can Register

GST is one nation one tax service. This can be beneficial in terms of consumers. The biggest benefit of Goods and Service tax is reduction of overall tax burden on goods. It has introduced with a much simpler tax regime with exemptions and fewer rates. For businesses, the main advantage would be in terms of reduction in a multiplicity of taxes. From 1 July 2017, India would move to a new indirect tax regime. There are lots of advantages of GST and it will definitely prove beneficial for both businesses and consumers.

 

In current scenario, the tax rates may vary from state to state and companies select warehouses on tax consideration. From now onwards (1 July 2017), the country would move to GST (one nation, one tax) regime. It will be beneficial for companies as they get a freedom to set up their warehouse for inventory. It helps improve customer service and optimize cost. Goods and service tax can eliminate the tax on tax. It can also boost the exports by making Indian products competitive in global market. It means there is no tax would be payable on exports of services and goods. Exports of products or services would be treated as zero rated supply. However exporters are allowed to claim input tax credit.

 

GST can also be beneficial for service providers and manufacturer’s as it brings simple tax regime to reduce multiplicity of tax, fewer exemptions, reduce compliance cost and much more. You need not to maintain multiple records for various taxes. Now all procedures such as returns, registration, refunds and tax payment will be simplified and automated. GSTN portal will simplify the process and help you interact through it. This portal is like a direct connection between tax administration and tax payer.


GST Registration Process:

>Visit www.gst.gov.in.

>Register yourself with www.gst.gov.in.

>Login it online GST Portal.

>Fill GST Registration form 1 (Part A)

>You will get a reference no via email or SMS

>Fill Second part of form 1

>Upload the required documents


Finally you will get a certificate of registration. This is issued by department. For more information you can visit www.gst.gov.in.

To get info on GST for Software Companies, click here

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