Goods and Services Tax (GST)
Everything You Need To Know About Goods and Services Tax (GST)
Goods and Services Tax (GST), in simple words, means instead of paying taxes at every level in the form of VAT, excise duty, sales tax, customs, luxury tax and service tax, you pay a single tax at the end of the supply chain.
In order to supply goods and products in India, it is mandatory to do GST registration.
Registration ensures safe taxation and also lets you enjoy various benefits. Multiple input taxes paid at every stage build up and cause cumbersome interaction with tax authorities. This can be avoided by adding value for each stage and a final tax being paid by the customer to the last dealer from whom the product is being bought or services were taken.
GST Registration steps
Registration involves a simple step wise procedure
- First, find out if GST registration will be under compulsory or voluntary registration for your specific case.
- Check the documents required to register for GST and arrange those properly
- Check the documents by a professional to avoid rejection
- Upload the documents on GSTN website along with application form
- On being evaluated and being approved the GST registration usually takes only a few days to get processed. The registration certificate will be granted accordingly.