Knowing the regulations and rules is important before starting a new business. Taxes are one of the many requirements to start a new business in India. GST is the first and foremost tax, necessary for all small businesses. GST is the acronym for goods and service tax. In 2017, this tax was implemented to assist small business owners and taxpayers. All other taxes are replaced by this tax.
Both small and large companies must Apply for GST Number Online, since this is extremely important. It is compulsory for all businesses to be registered for GST. You are a small business with annual revenue of Rs. If you have a small business and your turnover exceeds Rs. You should think about GST if your annual turnover is more than Rs.
The impact of GST on small businesses
- GST has eliminated many taxes, such as VAT, service tax and excise duties. With this tax, you will eliminate the concept of excess taxes. Small businesses will not have to pay more tax now.
- Since the GST's introduction, Indian taxpayers have seen a significant reduction in their tax burden.
- To boost small businesses, you can apply for collateral-free loan according to your GST return.
- GST allows small businesses to transport their goods between states without having to pay a heavy fee.
- If you are able to provide a GST number, it is possible to get a loan with lowered interest rates.
GST is not the only thing that business owners need to focus on.
Required Documents for GST Registration
You need to provide a number of documents to Apply for GST numbers These include:
- Photographs of the applicants in passport size.
- Your company's pan card
- As proof of identification, you can use your Aadhar Card, driver's license, or passport.
- Certificates of LLPs and OPCs as well as private limited companies if they are associated.
- Details of your bank account, such as bank statements, a passbook or cancelled cheques.
- If you do business with a partner, then you can display a deed of partnership.
How do I register for GST online?
Click here to see the steps for online GST registration:
- Select the service you want to use on the GST Registration Website. Go to Registration and then click on "New Registration".
- You will be presented with a window after clicking New Registration. In this form, you must enter all the details required to obtain a GST number. Then select Proceed.
- You will receive an OTP on your registered email address and phone number.
- This temporary TRN number will be 15-digits long. This number is important for the future.
- Click on New Registration in the GST Portal. Enter the TRN in the option TRN.
- Enter the captcha code and click Proceed.
- Your email address and mobile number will be used to send you the OTP.
- To check your application status, click on the Proceed button.
After 15 days, you can finish your registration. Get More Information Visit Here: Web Online CA
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