Service tax GST registration is necessary for business units that are operating in India where the registration process is pretty straightforward and free of any technical glitch. While registering, the applicant has to be careful about the selection of the state and district, spelling of the concerned business organization, PAN of the business, and lastly the TRN to complete the process. The entire concept has facilitated smooth logistics and costs that have further proved to be advantageous for the business owner. If you are unable to figure out whether the taxation is necessary for your business unit, have a look-
- An organization involved in inter-state business
- e-commerce operators who supply goods through the virtual medium
- an aggregator who sells goods under his/her name
After the introduction of GST, the governments of state and central level have managed to bring sovereignty in taxation. This has majorly done away with fluctuating prices of a good in different states and a wounded economy. If you are wondering why at all you should do the registration, look at the manifold advantages of GST system-
- Uniformity- the reduction of varying effects of taxes on good has been a boon for the business units. Previously the goods were taxed at every step of its production and took a toll on the profit margin. After the introduction of GST, the system has profited the small business organizations by helping them to file one tax return annually.
- Lower costs for conducting business- it is a capable tax system and has been efficient in saving a lot of money while doing a business. The owners can finally hope to relax at the end of a financial year compared to previous times when the pressure was tremendous. This system of paying taxes has lured many foreign investors into the nation as the customers are the actual taxpayers now and business merely acts as a channel. Service tax to GST registration though increases administrative work, it has surely worth the effort.
- Strong Market Presence- business units that are GST registered have always had a better rapport with customers. Therefore, owners who voluntarily wish to carve a better presence choose to be a part of the fair process and be an integral part of the policies that would affect them in the relevant
Owing to the registration system, the unorganized sector has been massively regulated and the economy stabilized. The business ventures can now equally benefit from the synchronized system of payments and other laws that aim to profit them in the end. People who have been registered need to file a stated percentage of tax after turnover. The return is basically made of two tables- report of outward supplies and input tax credit. A business that has completed the GST registration needs to submit to IRAS the GST return as well. Before you opt for the registration, make sure you have completely aware of the dos and don’ts.