GST Filing Consultants in HSR Layout | Kros-chek
When we start a new company, GST Registration is a most important aspect to implement for our business nowadays. It registers our product and services for GST code. The Indian government has made it compulsory for Goods and services tax for every business. Let us discuss, how to implement & what are the benefits you will get from GST. Kros-chek Company is the top GST registration consultant in HSR Layout, Bangalore. Benefits of GST Registration Elimination of Multiple Taxes One of the benefits of GST is the elimination of multiple indirect taxes. Every tax that currently exists will not be in a picture. It means current taxes like excise, octroi, sales tax, Service tax, CENVAT, turnover tax etc will not be applicable and all that will fall under common tax called GST. Saving More Money GST applicability means the elimination of double charging in the system for a common man. Through this, the price of goods and services will reduce & help common man for saving more money. Ease of business GST brought the concept of u201cone country one taxu201d. It will prevent unhealthy competition among states and will be beneficial to do interstate business. Cascading Effect reduction From manufacturing to consumption, GST will be applicable at all stages. It will provide tax credit benefit at every stage in the chain. In the current scenario, at every stage, the margin is added and tax is paid on the whole amount, in GST you will have tax credit benefit and tax will be paid on margin amount only. GST will reduce the cascading effect of tax thereby reducing the cost of the product. More Employment It is expected that demand for a product will increase and to meet the demand, supply has to go up as GST will reduce the cost of the product. Besides, the requirement of more supply will be addressed by only increasing employment. Increase in GDP Higher the demand, higher will be the production. Hence, it will increase the gross domestic product. Moreover, It is estimated that GDP will grow by 1-2% due to GST. Reduction in Tax Evasion Goods and services tax is a single tax which will include various taxes to make the system efficiency with fewer chances of corruption and Tax Evasion. More Competitive Product It will make manufacturing more competitive as GST will address the cascading effect of the tax, inter-state tax, high logistics cost. It will be beneficial to the businessman and consumer. Increase in Revenue Under the GST regime, 17 indirect taxes has been replaced with a single tax. Apart from this, the increase in product demand will ultimately increase tax revenue for state and central government. What is GSTIN? The first 2 digits of the 15 digit GSTIN will represent the state code. For example: 01 for Jammu and Kashmir, 02 for Himachal Pradesh, 03 for Punjab, etc. The next 10 digits will be the PAN of person or entity engaged in Business. GST Registration Process (on Government Portal) GST Registration will give the following advantages to a taxpayer. Go to the Government GST Portal and look for Registration Tab. Fill PAN, Mobile No., E-mail ID and State in Part-A of Form GST REG-01 of GST Registration. You will receive a temporary reference number on your Mobile and via E-mail after OTP verification. You will then need to fill Part-B of Form GST REG-01 duly signed (by DSC or EVC) and upload the required documents specified according to the business type. An acknowledgment will be generated in Form GST REG-02. In case of any information sought from you and intimated to you in Form GST REG-03, you may need to visit the department and clarify or produce the documents within 7 working days in Form GST REG-04. The office may also reject your application if they find any errors. You will be informed about this in Form GST REG-05. Finally, a certificate of registration in Finally, a certificate of registration will be issued to you by the department after verification and approval in Form GST REG-06. http://kros-chek.com/gst-registration.php
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