Why you should get registered under GST – regime?
If one carries out a business with over 20L aggregate annual turnover in the previous financial year (or over 10L for Special category States) then one needs to get registered for GST. You need not to register under GST if your supply of goods & services is under exempted category.
The process for registration is simple. One can apply for it online, it just requires:
1. valid PAN card
2. Email ID
3. Mobile no.
Once the above details are verified, one can enter the deals about his/her business.
What you miss if you don’t get registered?
> Input Tax Credit : you will not get the benefit of input tax credit nor do the purchasers who purchase from you. So, it would a a deterrent for a purchaser to buy from you. Hence, GST has in-built system of checks & balances.
Not coming under GST regime though liable to be would attract penalty.
# Problems with GST:
Compliance rating: the small companies & firms face the problem of on time cash & hence may not be able to comply fully. In future, the Govt. will rate the companies/firms based on their compliance to GST. If the rating is poor for a firm, no purchaser will purchase from that firm ultimately leading to the loss of business to the firm.
It’s not so simple: the small businessmen are not equipped with right knowledge & skills to deal with GST. They need training & awareness to understand fully the concept of GST.
However, you can use GST Billing Software developed by dreamstrack. It is cost-effective & simple to operate & use to file returns (even a child can file GST returns).
Benefits of GST:
~ uniformity in tax rate structure throughout the country
~ removal of cascading of tax
~ it will enhance competitiveness of trade & commerce
~ compliance is easy & transparent
With Great Love,
Er. Amit Yadav