Get Your GST Registration Today For Best Business Opportunities
The Goods and Services Tax (GST) in the universal scenario has been operative for a long time. India although saw its implementation only in July 2017, wherein the market got universal tax rates and percentages. GST is an indirect tax levied by the central and state government and a GST council controls it; which in turn is chaired by the head who is the finance minister of India. It is now compulsory for all commercial businesses to have their GST registration in place. And work under these laws stated by the government.
Why GST and its Registration?
There is a question which has been doing the rounds nationally ever since the launch of GST; that why the need for such a drastic change in the commercial market? GST with its implementation removed a slew of indirect taxes. And it brought with it a unified set of tax percentages that aims to bring the whole division under control. The trillion dollar industry of India with its numerous tax divisions creates a lot of confusion. The manufacturer and distribution level, wholesale and small merchants’ level created a lot of confusion for a commoner to understand how tax systems work. Especially in the international market, India was losing out on many prospective clients as Indian tax laws varied immensely with their foreign counterparts.
One can see the inability to understand the variation existing at every level of product development, manufacturing to delivery and lack of any particular universal system as a major hindrance in the country’s development and substantial expansion throughout the world.
The change although came as sudden and drastic. It is focusing on making long lasting and fruitful changes in the commercial trends. Under this, every business with a turnover threshold of Rs 20 lakhs (Rs 10 lakhs for hilly areas and North Eastern states) has come compulsion of GST registration. As a responsible citizen of the country, we should be responsible to pay our taxes as per the most recent regulations. Whereas those registered under pre-GST laws, such as VAT, SAT etc, by default come under the GST regulations.
Benefits that we receive
The need for registration is beneficial from a hassle-free perspective as well if one looks over the initial hardships. Any new implementation or take over brings with it certain difficulties but once you overcome those, the future benefits are immense and lasting. The same is with GST and it’s set unified tax laws. These laws have been a source of confusion and it has affected small vendors, consumers, and distributors alike. But the current scenario with a better understanding of how it works, people have started showing their interest in GST and work upon understanding it better.
Now all businesses come under the GST registration and they pay similar taxes. Consumers are also completely aware of the scene and they can keep a check if one is cheating them or asking them for extra unnecessary money under the name of taxes on any bill. This is the best part about having GST implementation in the country.