One Country, One Tax
Start, run and grow your business with ease.
10 Reasons to opt for GST Registration
Here are the major reasons why people prefer GST Registration:
Create an identity with GSTIN
On registration, all the taxpayers are assigned a unique Goods and Services Tax Identification Number (GSTIN). GSTIN is a PAN-based 15-digit Number that is useful for deriving multiple details of the business being registered. GST is mandatory for:
- Every business or corporation involved in buying and selling of goods & services
- Companies whose turnover is more than Rs. 20 lakhs for the supply of services
- Companies whose turnover is more than Rs. 40 lakhs for the supply of goods,
- All businesses making interstate outward supplies of goods
- Businesses making taxable supplies on behalf of other taxable persons, like agents and brokers.
01
Non-intrusive administration that minimises the taxpayer’s physical interaction with tax officials.
02
Taxpayers with a turnover of less than Rs.1.5 crore can pay GST at a fixed rate of turnover.
03
Auto-populated monthly and annual returns.
04
Prescribes grant of refund within 60 days, and provisional release of 90% refund to exporters within 7 days.
05
Interest payment if refund is not sanctioned in time
06
Comprehensive transitional provisions for ensuring smooth transition of existing taxpayers to GST regime
07
Anti-profiteering provisions for protection of consumer rights
08
Exports are zero-rated in their entirety, unlike the earlier system
09
Largely technology-driven and reduces the human interface to a great extent
10
Helps a person to be legally recognized as a supplier of goods or services.
