It is better to have your own business rather than work with someone else. This is the new age thinking and the very purpose of education has seen a paradigm shift from “to get a job” to “Have a start-up”. Many gen-z people are bitten by this start-up bug and are following the steps of successful start-ups to have their own businesses. We need to understand the many aspects related to having a start-up and GST registration is one of them. It is the most pivotal procedure in any business you start reaping the fruits of your hard work in form of good revenue. It is one comprehensive tax that includes many indirect taxes. GST registration ensures the tax compliance of tax-payers in the economy.
GST Registration may look dubious to many and some even want to avoid it but it is a legal framework that recognises every supplier as a legal entity hence benefitting them with credibility. With GST registration you are liable, not only to pay tax but to collect it from your customers and pass on the credit of the taxes paid on the goods or services supplied to the recipients. After the successful registration, the individual can claim the ITC(Input tax credit) on his purchases and will avail the hassle-free flow of ITC from the suppliers to recipients pan India. Your trusted CA or CA firm can help you with the eligibility for the ITC. These firms have CA with a piece of a sound knowledge of the essential and fundamental points involved in GST registration. Saluja goyal and company in NCR is one such firm involved in the entire process of hassle-free GST registration with minimal paperwork and time consumption..
GST is a umbrella term for many indirect taxes calculated together on supply, so if you are a supplier, you need to go through the procedure of GST registration. There are many doubts over who is eligible to get GST registration. According to the GST panel formed, any business which is involved in the supply of goods, whose turnover in a financial year exceeds Rs.40 lakhs for Normal Category states (which is Rs.20 lakhs for Special Category states) or any business involved in the supply of services whose turnover in a financial year exceeds Rs.20 lakhs for Normal Category states (Rs.10 lakhs for Special Category states), needs to get GST registration. Also, if a person is registered under the previous tax regime of Excise, VAT, Service Tax etc., needs to register under GST, too. Many small businesses try to evade GST registration as they think that they are not under the scanners but they forget that there are provisions of huge penalties for not obtaining GST registration. The penalty will at 100% of the tax amount due when the offender has deliberately evaded paying taxes