In today’s Indian government, one is required to register himself under GST-Goods Services Tax Registration online to be regarded as a normal taxable person. Once you have registered under this regime, you will receive a unique GSTIN (Goods and Service Tax Identification Number). You will be issued with a state-wise, 15-digit number to you once you complete registration. The primary advantage of GST registration is that you will get a legal identity as a supplier. Once registered, one can also avail input tax credit and collect GST from recipients of goods and services. The documents you are bound to carry for registration are as follows:
- Pan card of the applicant
- Valid phone number and e-mail address
- Address proof of residence and commercial unit
- Indian bank account number
- Other elaborate details like list of goods, State Excise License details, digital signature, and Professional Tax
Being an online taxation system, GST registration service has increased in efficiency, accountability and has lowered the chances of tax fraud from the previous system where a person was liable to apply for several individual taxes like VAT and Service Tax. GST registration services are voluntary and people who will not register will have to pay a sustainable amount of tax to the government.
Part of the system
Every individual is bound to register under the current GST regime since it helps the government to better analyse the information supplied by GST. There are instances where a start up masks itself as fraudulent and this newly levied taxation system is instrumental in eradicating those rough patches inside the system.
Nowadays customers will never rely on a brand that is not GST registered. Every respectable business organization is GST registered and no brand or company is permitted to trick a huge number of customers simply by evading tax payment. Customers are simply mass consumers who like to invest their money in honest business as they tend to avoid those intricate pyramid schemes. It is always important how a customer perceives the brand the quality of the goods and services supplied.
The registration helps everyone to boost their investments since the individual tax diminishes and it provides one with more flexibility for investing in goods and services offered. Besides, a business investment is further liberated from those individual taxes i.e. VAT, System Excise and several other methods and is only paying taxes in the form of state and central government taxes.
There are instances where one can criticize the negative impacts of this newfound tax system. Certain sectors enjoy no additional taxes but it can suffer once the GST gets added more; certain goods have become costlier than before; but it is not without its benefits since buying a house or car loans have become cheaper. Sanitary napkins are exempted from GST which can be regarded as a very important move in this regime. One can certainly do away with drawbacks to enjoy the multifaceted benefit of this novel taxation system.