A GST registration process is important as it will enable your business to avail various benefits under the GST regime. Multiple taxes are culminated under one tax system and cascading of taxes is removed from its ambit.
What is the advantage of taking GST Registration?
Legally recognised as the supplier of goods and services.
Legally authorised to collect tax from his purchasers and also pass on the credit of the taxes to his recipients
Can a person without GST registration claim ITC and collect tax?
A person without GST registration can neither collect GST from his customers nor claim any input tax credit of GST paid by him.
Do you know your HSN & SAC codes?
The Harmonized System Nomenclature (HSN) is a commonly used number in taxation language. It is a numerical code allotted for your commodity during GST documentation. Similarly Service Accounting Codes (SAC) are given to different types of services to classify them for world trade. These codes will determine how much GST must be charged for each good or service.
Have you filled your transitional returns?
A Transition return is incorporated under GST to enable existing taxpayers to move to GST in a transparent manner. Any taxable person will be enabled to take credit of the amount of tax paid and the credit will have to be taken on his/her electronic credit ledger before the appointed day.
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