Dive Into The World Of Gst Registration Of Business In India

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The full form of GST is goods and services tax. Now, after knowing the full form of GST, let's discuss the meaning of GST. GST is a single rate of indirect taxation to apply in the country. It consists of all the central and state taxes currently charged in the country at one single tax rate. In India, the GST Bill was introduced in 2014 through the Constitution 122nd Amendment Bill.

The main aim of GST registration is "One Nation, One Tax," which means simplifying the taxation procedures and terminating cascading consequences. GST eradicates the problem of double taxation by permitting tax credits on input taxes paid, thereby causing a well-organized and transparent tax system in India.

Types of GST in India

There are mainly four types of GST present in India:
IGST: The full form of IGST is the Integrated Goods and Services Tax, which is charged and collected by the central government. It is charged on the supply of goods and services between two states and also covers imports and exports. ...
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For example, if a man is selling a saree from Chennai to a retailer in Delhi for INR 10,000 and the tax rate applicable is 18%, then the price of the saree being sold will be INR 11,800. After the tax is collected, it is distributed between the two states.
SGST: The full form of SGST is State Goods and Service Tax, which is charged by a state when there is a supply of goods and services within the state.
For example, if a commodity of INR 1000 is sold within the state’s territory of Lucknow with a tax rate of 14%, the SGST and CGST are divided equally, which means 7% as SGST and 7% as CGST.
CGST: The full form of CGST is the Central Goods and Services Tax. It is a tax charged by the central government on transactions conducted within a state called intrastate trade. It is managed by the CGST Act. 
UTGST: The full form of UTGST is Union Territory Goods and Services Tax, which is significant as a replacement for SGST within all union territories of India, including Chandigarh, Andaman and Nicobar Islands, and Lakshadweep. It is managed by the UTGST Act and is charged on intrastate dealings along with CGST.

GST Registration

GST registration is the procedure of acquiring a unique identification number for a business liable to pay GST. GST registration is compulsory for businesses whose annual turnover exceeds Rs. 40 lakh. This may differ by place and type of business. GST registration helps in ensuring adherence and clarity in the tax system. 

GST registration for businesses means getting a unique GSTIN from the tax department. It serves as proof of registration under GST and is neded to collect and remit GST on taxable supplies. 

Documents needed for GST registration are:
Permanent Account Number (PAN) of the applicant
Accurate Aadhaar card information
Evidence of business registration or incorporation certificate
Identification and address proof of promoters and directors of the business with a photograph
A bank account statement and a cancelled check
Authorization letter or board resolution for authorized signatory of business
Digital signature

The top benefits of GST registration

The following are the benefits of GST registration:
Simple Procedure: The procedure for GST registration is simple. By following the steps carefully, you can easily fill out an online GST registration.
Reduce tax evasion: There are many rules and regulations related to GST that help reduce tax evasion.
Brings Accountability: GST registration brings accountability and regulatory measures to unorganized sectors like construction.
Uniformity: GST registration brings uniformity to the tax system.
 
GSTIN: Meaning

The full form of GSTIN is the Goods and Services Tax Identification Number. It is a 15-digit number based on the state, PAN, and entity-based unique identification number related to the firm that you get once you complete the GST registration. 

Conclusion

If you are searching for a reliable application for online GST registration, then get in touch with Eazybills because it simplifies the GST registration process by offering an all-in-one solution in one place. Drop your queries in the comment section, and our team will connect with you.