This article contains all the necessary information regarding GST. It also summarizes the necessary details that would be required to apply for a GST registration number.
WHAT IS GST?:
Lok Sabha passed the GST Act on 29 March 2017, and it came into effect on 1 July 2017. The Goods and Services Tax or GST is a comprehensive and multi-stage tax that is levied indirectly on the supply of goods and services. Under the new taxation rules, everyone needs to apply for a GST registration number.
ADVANTAGES OF GST:
The new taxation system has many advantages associated with it:
• Removes the cascading tax effect
• Simplified online procedure
• Reduced compliance
• Defined e-commerce treatment
• Organizing the previously unorganized sector
• Improving logistics’ efficiency
APPLYING FOR GST REGISTRATION:
Under the GST, some of the many categories of people who are required to apply for the GST registration number include people supplying goods and services across states, casually taxable people, taxable individuals who are not residents, agents, e-commerce operators, and some others.
There is a proper procedure for the registration under GST which has been mentioned below.
STEP 1: DETERMINING THE TYPE OF REGISTRATION
Firstly check if you need to apply for a GST registration number or not. See if you are applying compulsorily or voluntarily.
STEP 2: COMPLETE THE E-LEARNING COURSE
In some cases, the company director/sole-proprietor/trustee/partner may be registering under GST voluntarily. For such people, it is necessary to complete two e-learning courses namely, “Registering for GST” and “Overview of GST.” He needs to pass the quiz.
To Know More: GST Registration Process From India, Delhi
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