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GST

GST Registration for New Business – GST Procedure

It is a criminal offense for some enterprises to operate without a valid GSTIN. As a result, company owners must stay current on GST registration and the GSTIN.

The GST, or Goods and Services Tax, is a multi-stage tax levied at every point of sale. Several indirect taxes, including service tax, value-added tax, central sales tax, excise duty, and extra customs charge, have been substituted by it. The Goods and Services Act, which went into force on July 1, 2017, was the catalyst for the GST’s adoption. In this article we will discuss about GST Registration for New Business

GST stands for Goods and Services Tax, and it is a destination-based consumption tax. Taxes are paid to the destination place where the products or services are consumed under destination-based taxation.

The old VAT system was founded on the origin principle, which meant that Central Sales Tax was assigned to the state of origin, not the state of consumption, where manufacturing or sale took place. Many industrial states have voiced worry about revenue loss as a result of the move from origin-based to destination-based taxes. However, GST implementation has helped industrial states instead of hampering them.

If you are starting a new business in India, registering for the Goods and Services Tax (GST) is a crucial step. The GST is a value-added tax levied on the supply of goods and services in India, and it has replaced various indirect taxes like the excise duty, service tax, and Value-Added Tax (VAT). In this article, we will guide you through the process of GST Registration for New Business.

Why is Dual GST required?

India is a federal country where both the centre and the states have been assigned the powers to levy and collect taxes through appropriate legislation. Both the levels of Government have distinct responsibilities to perform according to the division of powers prescribed in the Constitution for which they need to raise resources. A Dual GST will, therefore, be in keeping with the constitutional requirement of fiscal federalism.

Before registering for GST, calculate the GST amount that needs to be paid using our GST Calculator.

Benefits and Importance of GST Implementation

The implementation of GST is a rather watershed moment in India’s indirect tax changes.  It will lessen the negative effects of cascading taxes and pave the way for a common national market by combining a significant number of central and state taxes into a single tax and permitting a set-off of prior-stage taxes. The main benefit for consumers would be a reduction in the overall tax burden on products, which is now estimated to be between 25% and 30%.

Moreover, Indian goods and services are now more competitive in both domestic and foreign markets since GST Registration Online was implemented. According to studies, this has also immediately boosted economic development. Additionally, the Centre and the States both earn money as a result of the expanded tax base, increased trade volumes, and enhanced tax compliance. Last but not least, because of its transparency, GST tax is much simpler to manage.

 

How Vakilsearch Can Help You Get GST Registration for New Business

Vakilsearch can assist you with everything from getting your document in order and uploading to submitting your registration application for GSTIN issuance.

Following the filing of your application, we will work with the appropriate authorities to expedite the process. We will also assist you in resolving any notices that may be raised. Our legal professionals will also keep you informed about the progress of your application.

 

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