Understanding More About The Benefits Of Gst Registration

By Author: rajnish
Total Articles: 6
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Currently GST is taking India by storm. It is likely to bring one nation one tax norm, thanks to NarendraModi. The main aim of this service is to unite indirect tax as one and facilitates businesses to be competitive globally. The GST structure has been developed for reducing corruption, efficient form of tax collection and easy form of inter-state good movements. There are some Benefits of GST Registration involved, which are suitable for businesses with more than 20 lakhs turnover.
Learning about the benefits:
It is always important to go for GST registration, if your business is associated with e-commerce players or inter-state sales with more than 20 lakhs turnover, a year.
There are some specified businesses, which are required to register with the GST platform, no matter whatever their yearly turnover is. However, people with less than 20 lakhs turnover can also register with GST but under voluntary option. Some of the small businesses have right to opt for the composition levy. However, they are not given the right to collect tax from customers or avail any input tax credit.
Going for the voluntary registration:
As mentioned already a small business with less than 20 lakhs turnover can opt for voluntary GST registration. Even a person can opt to go for this registration and enjoy Benefits of GST Registration, even if not liable to do so. All these GST provisions, as elated to registered taxable person will be applied to such voluntary registration service. The person will be treated just like a normal Indian taxable person.
Advantages you are likely to procure:
Even after getting in touch with composition levy, small organizations are currently registering their names voluntarily under GST services. This is because ley composition comprises of some drawbacks. With the help of voluntary registration, you will be able to avoid such drawbacks and can procure multiple advantages. You will be recognized legally as supplier of services or goods. It helps in attracting more number of customers towards your business. You are likely to become more competitive and take help of input credit, with the help of this GST registration only.