What Small Businesses Need to Know About Gst Registration

1. What Small Businesses Need to Know About GST Registration? Introduction GST has become an integral part of every business big or small ever since it was implemented by the government in the year 2017. Taking that into consideration, it becomes essential for business owners to know the rules and regulations of GST and how it can impact their company so that they can keep the business up to date. Why Should a Company Register For GST? Any business that has a turnover exceeding the specified amount needs to register for GST. There are tons of benefits to GST registration as well. They are as follows: ●Reduced Compliance: With every tax being pushed under one umbrella, there is no need for different compliances and returns. This way, the tax return process is simplified and the amount you need to pay back also reduces. ●Composition Schemes: With GST, there are several benefits for small businesses, especially ones that have a turnover between 20 and 75 lakhs. They are burdened less by tax returns and compliances. ●Higher Threshold: Previously, businesses had to register for tax returns when they had a turnover of Rs.5 Lakhs annually. But now the threshold has increased to over Rs.20 lakhs which eliminates the need to return taxes from various small businesses. With each passing day, expenses are rising and it is becoming more and more difficult for small businesses to cover these expenses. With this, there is a rise in people opting for small business loans for garment stores and business loans for variety stores. There are some things about GST that small businesses need to know when they are applying for a small scale business loan: After the implementation of GST, business loans have become a little more expensive as the rate has gone up from the previous 12% to 15% and then to 18%. But with it comes the benefit of the small scale business loan only having GST on the processing charge. If you take that into account, the resulting tax comes to an almost negligible amount. With trustworthy companies like Peerless Finance, you can rest assured that you will get the best of the best while paying a reasonable amount. Here are some of the facilities that you can take advantage of at Peerless Finance: ● At a 16% p.a. interest rate, Peerless is one of the most affordable options on the market. ● The amount you borrow can be repaid in sixty months so that you have the time to build your brand.

2. ● With the use of the OD or term loan facility, you can get funds as and when you require without worrying about going without money for a period and not being able to carry out your business effectively. ● If you are someone whose CIBIL score is low, you can apply for a secured business loan at Peerless, but the sanction will only be available on the ability to repay the loaned money. ● You can avail of a loan of up to 1 crore which enables you to cover all expenses that can arise on its operation. ● If you want, you can also top-up your loan, available on review post six months. Here are some of the eligibility criteria that you need to meet when you opt for a small scale business loan at Peerless Finance: ●Age: You must be above the age of 24 to avail ofloans against property. ●Field of Specialization: Salaried, professionals, self-employed individuals along with other entities viz partnership, limited liability partnership. ● Should be a resident of India. ● The business that any individual works at should be functioning for at least three years and should have a turnover of at least 50 lakhs annually. Understanding how GST can impact a small business and a small scale business loan is essential. It can help you understand how you want to budget things and can help you get a clearer picture of the registration process as well. Get in touch with the team at Peerless Finance today to understand their terms better. https://www.peerlessfinance.in/our- products/SME/overview