Goods & Services Tax is a single indirect tax for the entire country, which aims at making India one unified common market. Precisely, it is a single tax on the supply of goods and services right from manufacturer to the customer. GST empowers final consumer to bear only GST (unlike multiple taxes before) in the supply chain charged by the last dealer with set-off benefits at all the previous stages. This means GST will reduce Cascading tax i.e taxes on tax.
What is the importance of GST?
Goods and Services Tax (GST) is an indirect tax that will be levied on manufacture, sale and consumption of goods and services. The importance of the GST is that when applicable it will abolish all indirect taxes. Hence the entire system of taxation will be simpler. GST subsumes many indirect and central levies and allows a producer to claim credit for taxes paid on all inputs, making production efficient. This is expected to reduce the cost for consumers.
GST’s successful implementation would give a strong signal to the foreign investors about India’s ability to support business. GST will be beneficial with more transparency, efficient compliance, ramp up in GDP growth to the Centre, states, industrialists, manufacturers, the common man and the country at large.
What are the Documents required for GST Registration?
- PAN of the Business in case of company
- PAN and Residence Proof of Partners / Directors
- proof of business place (Rented or Owned)
- Bank Statement / Cancelled Cheque of the business
- DSC in case of Company
- Constitution proof of the business in case of Firm
What is process for getting GST Certificate?
- Our Expert will prepare your GST registration application and collect the necessary documents.
- Once the application is prepared and documents are collected, we will file your application online and provide you ARN number immediately.
- Once the GST registration application and the attached supporting documents are verified by the Officer, GSTIN and GST Registration Certificate is provided