GST is basically a destination based tax that is applicable at the time of consumption of services and products by the end-user. The GST tax is similar to the VAT tax that applies to the goods and services rendered to the end-user. Also, GST taxation law is made to ensure the financial transactions of the businesses have the taxes added to them and these transactions are transparent and simplified. The VAT number holders must register themselves for receiving the GST number. The advent of GST is set to replace various indirect taxes in one law applied to various services and goods by the central government and the state government.
Therefore, if you have not applied for the GST then it is the time that you apply and registers for the GST number. This will simplify transactions for your business in multiple states and cities with one common Taxation ID. There are different benefits of registering a business under the new GST scheme.
The registration under the goods and services tax will make sure that the businesses will have the following advantages:
- The recipient of GST number is recognized as the legitimate supplier of the services and goods.
- Accurate and complete accounting of taxes levied on services and products applicable to the B2C and B2B business transaction.
- Legitimately authorized to collect the taxes from the buyers and pass on the credit of collecting taxes to the services and goods given to the recipients or buyers.
- Now since we have understood the benefits of getting the GST registration done, it is important to understand the process of Goods and services tax registration.
- The government of India has provided an online service for the registration of the GST number. They are also appointing the GST Suvidha Providers for facilitating businesses with the registration process.
- Different documents are needed to apply for the GST number, as per the government of India recommendations.
Below mentioned are the details of the documents such as:
- PAN Card of the business
- Proof of business and the details of the business such as electricity bill in the name of business or rent agreement, etc.
- A canceled cheque of the bank account showing the name MICR code, account holder, bank branch details, and IFSC code.
- Proof of the constitution like Article of Association, Certification of Association, and Memorandum of Association, etc.
- Authorized signatories in the case of power of attorney, co-owners, and directors of the business must provide their address proof.
- Similarly, LegalRaasta is a professional organization that has a team of experts committed towards the providing professional and top-grade services to its clients.
- The company helps its clients with taxation filing, registration of the business, registering and obtaining taxation number, GST, various types of intellectual proprietorship protection and more.
- As a business owner, you must take professional assistance from the experts of LegalRaasta and get your business a competitive edge over your competitors. LegalRaasta offers their services at reasonable pricing that is the best in the market.
The company has a team of working professionals that are well versed with the intricacies of the GST law and the process of applying the same. At LegalRaasta we aim at meeting the client expectations by providing comprehensive services at the reasonable price tag with high benchmarks in service and its quality.