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 “one country one tax”. 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.
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