The implication of GST Registration in India brought with itself a huge amount of discussions and arguments on it, while some were in the favor, others were against it. However, that did not change anything. Businesses were made compulsory to submit GST and get registered through the GST registration services provider. Contrary to popular belief, GST is inspired by One Nation, One Tax. The Goods and Services Tax, simplifies the tax paying process for business and enterprises. It eases up the process for starting a new venture proving to be beneficial for Startups and Small Businesses.
Online GST Registration: Advantages On Small Businesses And Startups
GST is a Value Added Tax that brings together various indirect taxes under a single umbrella. The system simplified the complex multi-layered tax assessment and helped small businesses and startups save more. The following are the advantages that will make all the startups begin looking for a GST registration services provider in India.
Extended Dates And Late Fee Exemptions
The GST council just like the ITR department in order to help small businesses and startups new in the industry by extending the last dates for the annual GST submission. The councils also essential decisions such as to levy late fees.
Increased Ease Of Starting New Business
Businesses planning to operate in multiple states earlier, before GST needed to get VAT registration from the Sales Tax Department of the State. Although it sounds similar, the VAT registration process, costs, and even regulations are different in different states, which is why starting a business would mean a very complicated process and would require a lot of money. However, GST comes with a Centralised format that allows a business to operate anywhere in the country with one registration.
Before GST was imposed, businesses had to pay for multiple taxes making tax-paying a very complicated process if not dreadful. Online GST Registration eases up the process by combining all of the below-mentioned taxes under one.
- Value Added Tax (VAT)
- Central Sales Tax (CST)
- State Cess & Surcharges
- Luxury Tax
- Purchase Tax
- Entertainment Tax
- Lottery & Gamble Tax
- Octroi & Entry Tax
- Service Tax
- Additional Customs Duty
- Central Cess & Surcharges
- Central Excise Duty
- Special Additional Duty Of Customs
- Exemptions For Small Businesses And Startups
VAT exemptions before GST were different for different states, while some states exempted businesses with less than 5 Lakh of yearly sales turnover from VAT; in a few other states, it was 10 lakh. With GST implication, Startups and Small businesses across the country, making a yearly sales turnover of less than ten lakhs, are exempted from both GST submission and Online GST Registration.
- Simple Procedure
Previously, under the VAT system, different taxes were levied on various product categories which made tax calculation a complex and lengthy process. However, GST simplifies the process by segregating business offerings into two main categories, Goods and Services, thus the name. Firstly, calculations have become more comfortable, and secondly, with the simple online submission procedure, the time taken for the process and complexity has reduced to a large extent. Startups and Small Business owners can do the registration and submission themselves without needing much help.
While GST makes tax submission for corporate and business entities easy, big companies may need assistance with their huge accounts. In that case, Tax Wink turns out to be of great help as a GST registration services provider, in the times of hurry and need.