Writingley
    Facebook Twitter Instagram
    Wednesday, March 22
    • Privacy Policy
    • Disclaimer
    • Contact Us
    • About Us
    Facebook Twitter Instagram LinkedIn VKontakte
    Writingley
    • Home
    • Business

      Get the Best Silver Coins Price in Canada

      March 21, 2023

      How to Turn on Airpods When Case is Dead

      March 13, 2023

      Advice on How to Choose The Ideal Plastic Bottle for Your Product

      March 2, 2023

      Love This Dakimakura Body Pillow From Vograce

      February 10, 2023

      Candy Crush Saga MOD APK: The Ultimate Guide

      February 9, 2023
    • Technology

      What Is Call Centre Monitoring and Why Is It Important?

      March 17, 2023

      Features of VoIP Phone System

      March 3, 2023

      Top 5 Photo Editing Apps to Enhance Your Smartphone Photography

      March 2, 2023

      Eco-Friendly Mobile Repairs: How Mobile Repair Shops are Going Green?

      February 24, 2023

      What is a Surge Protector? An Essential Overview Of What Does A Surge Protector Do?

      February 22, 2023
    • Home Improvement
    • Lifestyle
      • Fashion
      • Travel
      • Health
      • Art
      • Recipe
      • Pets
      • Fitness
    • Gaming
    • More
      • Digital Marketing
      • Automobile
      • Real Estate
      • Education
      • World
      • Law
      • Finance
      • Sports
      • Entertainment
    • Contact
    Writingley
    You are at:Home » Benefits of New Goods And Services Tax Registration System
    Business

    Benefits of New Goods And Services Tax Registration System

    Amir KhanBy Amir KhanJune 23, 2021Updated:May 26, 2022No Comments4 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Benefits of New Goods And Services Tax Registration System
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Last Updated on May 26, 2022 by rabiamuzaffar

    The government of India rolled out a new tax regime in 2017 that subsumed all the previous indirect taxes. This new regime, otherwise known as Goods and Services Tax, offers a series of benefits, including a seamless registration process. 

    Taxpayers can opt for the GST registration online from the GST portal or register themselves by visiting GST Seva Kendra. Here are some of the advantages of registering under GST. 

    Benefits of GST registration

    Registration under this scheme offers several perks to taxpayers. Any individual who is a supplier of goods and services with an annual turnover of more than Rs.20 lakh must register under the GST system and enjoy the following benefits –

    Elimination of cascading effect of taxes

    As GST unifies all the indirect taxes under one heading, it eliminates the scope of a “Tax on Tax” effect or cascading effect. Previously, an individual, after buying goods, had to pay a certain amount to finance supplies, which increased his net spending. However, under GST, a single tax is levied on the goods and supplies, decreasing the net value. 

    Read More: TAX PREPARATION SERVICES AND THEIR ADVANTAGES

    Benefits for small traders 

    GST scheme allows small businesses whose threshold value is less than Rs.20 lakh to enjoy full tax exemption. Under the previous tax regime, the threshold value was Rs.10 lakh. In this regard, small business owners can also improve their financial health by opting for high-value unsecured credits.

    Small business owners can avail of a business loan to utilise funds to meet various expenses. Top financial institutions offer a high-value loan amount to eligible borrowers and help them in reducing financial stress.  

    Additionally, some NBFCs like Bajaj Finserv provide pre-approved offers to facilitate an easy loan application process. These offers are applicable on various financial products, including business loans, personal loans, etc. Individuals can check their pre-approved offer by entering their name and contact number. You may read our registration process which may be helpful for you and your business.  

    Composition scheme 

    An effective way by which small traders and business owners ease their tax compliance is by registering under the Composition scheme. GST enables entities with a turnover of less than Rs.1.5 crore to avail of the benefits of this scheme. Registration on GST is very easy and quick.

    Easy registration procedure 

    One can register for GST online in a few seconds and obtain an Application Reference Number from the comfort of his/her home. Furthermore, applicants can check their registration status online from the GST portal itself. 

    Reduction in the number of compliances 

    Under the previous taxation system, taxpayers had several compliances and returns to file under VAT and services taxes. However, the GST scheme facilitates a unified tax system where a taxpayer has fewer returns to file post GST registration online. This simplifies the entire system. 

    Regulation of the unorganised sector 

    Industries like construction and textile were highly unorganised before GST was rolled out. With the provision of online compliances and payments, these sectors are witnessing proper regulation in recent times. 

    Defined e-commerce sector 

    E-commerce sectors had variable VAT laws, which made the compliances confusing and unclear. As GST has brought all these taxes under one bracket, the sector has become more defined. This scheme has mapped out the provisions concerning these sectors, which are applicable across India. Therefore, GST has appreciably toned down the level of confusion. 

    After knowing everything about GST, one can easily chalk out the benefits and how registering under it can be convenient in the long run.  According to the GST registration guide, one must also be aware of all the relevant documents necessary during the application process. 

    Documents required for GST registration

    Depending on the business type, one needs to furnish certain documents during the GST registration process. Following are some documents required for GST registration of proprietorship: 

    • Aadhaar card 
    • PAN card 
    • Valid proof of partnership deed or certificate of incorporation 
    • Applicants must provide relevant address proof of their business. Some valid address proof documents are electricity bills, rent agreement,s etc. 
    • Presenting bank account statements of a company or firm is mandatory. 

    On presenting these documents, an applicant will be one step ahead in the registration process. Therefore, it is imperative from the aforementioned points that whether one opts for GST registration online or offline, he/she can enjoy varied benefits going forward.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Previous ArticleFantastic Filler characters from Naruto Filler Arcs
    Next Article 6 imperial flowers which can make your home look like a palace
    Amir Khan

    Related Posts

    Get the Best Silver Coins Price in Canada

    March 21, 2023

    How to Turn on Airpods When Case is Dead

    March 13, 2023

    Advice on How to Choose The Ideal Plastic Bottle for Your Product

    March 2, 2023

    Comments are closed.

    Archives
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • September 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • September 2019
    • June 2019
    • May 2019
    • September 2017
    Categories
    • Art
    • Automobile
    • Business
    • Daily Bites
    • Digital Marketing
    • Education
    • Entertainment
    • Fashion
    • Finance
    • Fitness
    • Gaming
    • Health
    • Home Improvement
    • Law
    • Lifestyle
    • Pets
    • Real Estate
    • Recipe
    • Sports
    • Tech
    • Technology
    • Travel
    • Uncategorized
    • What's hot
    • World
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    • Facebook
    • Twitter
    • Instagram
    • Pinterest
    Don't Miss

    An Important Overview Of Eating Gold Benefits Ayurveda: Myth or Reality?

    Auto Draft

    Get the Best Silver Coins Price in Canada

    How to Properly Prepare Your Home for Exterior Painting

    E-mail Newsletter
    • Facebook
    • GitHub
    • Instagram
    • Pinterest
    • Twitter
    • YouTube
    Footer menu
    • Privacy Policy
    • Disclaimer
    • Contact Us
    • About Us
    About

    Welcome to writingley.com, it is the right choice for interesting articles, updates, amazing facts on many topics including technology, food, health, recipes, and traveling. We are determined to provide you with the best of our work and we hope you enjoy our articles.

    Facebook Twitter Instagram LinkedIn VKontakte
    Popular Posts

    An Important Overview Of Eating Gold Benefits Ayurveda: Myth or Reality?

    March 21, 2023

    Auto Draft

    March 21, 2023

    Get the Best Silver Coins Price in Canada

    March 21, 2023
    Copyright © 2023. All rights reserved by Writingley.
    • Home
    • About Us
    • Contact Us
    • Disclaimer
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.