GST registration establishes your brand as reliable and genuine while enabling your firm to operate legally. GST registration is the first step to effectively managing your business taxes because the GST portal has made filing returns, simpler. GST is, in simple terms, a single indirect tax levied on the value addition that a firm offers through its products and services. Companies are only taxed by the Indian government on their specific offerings at every stage, from manufacturing to distribution, and the final customer is responsible for paying the tax.
GST comes with many benefits. The most important ones are mentioned below.
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GST will eliminate the cascading effect of taxes.
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GST will promote a shift from unorganized to organized sector.
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Effective & efficient supply chain management.
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A consistent flow of Input tax credit.
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The prices of the goods and services will reduce eventually.
A certain set of documents are required to do GST registration. Here is the exhaustive list of documents required.
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Photographs
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Identity proofs like Aadhar Card/Passport/Driving Licence
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Company PAN Card
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Bank details via a statement or a cancelled cheque or a passbook
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Proof of address for your offices
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Partnership deed for partnership firms
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Certificate of Incorporation for Private Ltd Company or LLP or OPC
Once you have all these documents, then the process of registration begins. The registration process is listed down in easy steps.
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Log in to the online site i.e. the GST Portal (www.gst.gov.in).
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Fill Part-A of Form GST Registration form 1.
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Subsequently, the concerned person will receive a reference number for the application through SMS and via E-mail.
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Fill the second part of the form and upload the required documents according to the type of business an entity is engaged in.
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Certificate of registration is then issued by the department.
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Produce the documents within 7 working days along with GST REG-04.
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The officer may also happen to reject the application if he finds any errors. The same will be informed in form GST REG-05 of GST registration.
Once you get a GST registration done, then the real process starts of regularly filing your returns. The reason why gst consultants in Mumbai are gaining popularity is that they will guarantee that your GST return is filed on time, accurately, and without any errors or delays. You won't incur any severe losses or penalties if you submit the crucial documents on time. In order to avoid fines, they give you monthly, quarterly, yearly, or final GST returns.
A business owner must make the decision to hire GST Consultants in Mumbai. Any legal duty that your company can face can be avoided by working with a competent consultant. It is usually essential to seek assistance from a qualified GST registration expert who has the skills and certification to do so because GST filing is required.
This the complete guide on GST, its benefits, registration requirements and steps. GST return filing is a regular and time taking process, and to avoid any mistakes and delays its better to get gst registration consultants for your company.
