The Indian Government brought Goods and Services Tax (GST) into effect from 01st July 2017. It is a value-added tax imposed on almost all the Goods and Services sold for domestic consumption. As per the GST regulations, all the entities associated with buying and selling goods or providing services or both are mandated to register and get their GSTIN. GSTIN is the unique 15-digit GST code given to every taxpayer having registered with the GST in India.
Taxrepair is one of the leading firms in the country, having the GST Registration expertise. Although the entire process of GST is done online with a user-friendly interface, the GST forms have specific complicated fields that will require expert intervention for filling and submitting it correctly. Our expert representative will help you in every step of GST registration and guide you to get the registration done on time.
Previously, business owners with a turnover of more than five lakhs were required to pay the Value Added Tax (VAT). The turnover limit used to differ from state to state. With the introduction of the GST, the threshold has increased to 20 lakhs, and this has helped the small retailers and service providers get exempted from paying taxes.
Introducing the GST has eliminated the tax-on-tax system or the cascading effect. Due to the cascading effect, the tax liability was carried forward on every transaction stage, thereby increasing the cost/price of the goods or services. GST has helped remove this effect; now, the
impact of the tax directly lies on the cost of the goods and services. As a result, GST has helped the industry create better cash flow and improve working capital management.
The restrictions on the interstate movement of goods have decreased considerably with the GST. In addition, the reduction in the operational cost in logistics has resulted in giving good profits for those businesses associated with the supply of the goods through transportation.
Before the GST regime, the business owners had the pay multiple taxes at different periods of time. For instance, excise returns had to be filed monthly, or the service tax must be filed monthly or quarterly, and the Value Added Taxes had different timelines based on the state. With the introduction of the GST, there are fewer compliances that one has to follow and have to file just one unified return. There are a total of eleven returns under the GST, and all of them can be filed online without much hassle or with the help of professionals.
Our trained professionals at Taxrepair will help you get your GST Registration done in a timely manner. We ensure that all the forms are in order and assist you in getting your GSTIN promptly.
Contact our team at Taxrepair to get more clarity on your GST Registration process.
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