What is GST Registration and what are its benefits?

It's only a matter of time until you come across the topic of Goods and Services Tax (GST) Registration if you own a business. Although the current GST rate in India is not particularly high (5 percent on most goods and services), there are numerous benefits to registering for GST as a business owner.

Increased credibility

One of the most sought-after bene?ts of GST registration is that it increases the credibility of your business. When you register for GST, you will be assigned a unique 15-digit GST identification number. This number contributes to the development of your brand's image and increases the credibility of your company. The general public has more trust in dealing with a government-registered business. When compared to other businesses, a registered business has more credibility. Customers are likely to believe that such companies are dependable and trustworthy. As a result, you'll be able to attract more customers, increasing your sales and revenue.

• Simple Accounting

When a business is registered under the GST regime, the accounting and tax compliance process becomes simpler than when it was registered under the previous indirect tax regime. Because GST is a destination-based consumption tax, any goods or services supplied by a registered person will be taxed concerning the place of supply, and this will be reflected in his GSTR 3B and GSTR 1 returns. This prevents any mismatches from occurring when filing returns, allowing one to file his return without error.

• Enhanced Threshold Limit

On an aggregate turnover of Rs. 40 lakhs, the registered person gains access to a higher threshold limit (Rs. 20 lakhs for North Eastern and the Special States). This means that the registered person does not have to pay tax on goods or services supplied below a certain threshold, but can claim Input Tax Credit for taxes paid on goods or services supplied by his supplier.

In this article, I tried to highlight the reasons why GST registration is essential for you. There is no reason why you should not register right away. The earlier you register for GST, the greater the tax benefits you will receive. If you are looking for best GST Services in Mumbai, you can opt for Viser Solutions GST experts services.

Viser Solutions, one-stop-shop solution for your business related to accounting, bookkeeping, taxation, Gst registration, tax return, Cfo services, payroll, financial analyses, incorporation services.