GST Registration for Small Business in India


GST Registration for Small Business in India

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The Goods and Services Tax (GST) is a single tax system that brings all indirect taxes like excise duty, value added tax (VAT) and service tax under one umbrella. It has simplified the compliance process and streamlined the tax administration in India, especially for small businesses.

GST registration is a critical step for any small business to grow, as it allows them to claim input tax credit (ITCs) against their purchases of goods and services, which can be used as credits towards future GST payments. Also, GST compliant SMEs are eligible to secure collateral-free loans from banks, which makes them more competitive in the market.

As per recommended guidelines, a business should register for GST if its turnover is above 10 lakhs in special category states and 40 lakhs in other states. It should also register if it is providing interstate supplies, if it is an e-commerce platform or aggregator and is collecting tax on behalf of others. Also, it should register for GST if it is supplied via the reverse charge mechanism.

The GST portal is easy to use and has a clear guide on how to apply for GST registration. The required documents are PAN card, Aadhaar number, address proof, ID proof of promoters/directors, and photograph. After the details have been verified, an OTP will be sent to the registered mobile number and email ID of the authorised signatory. After confirming the Aadhaar authentication, the application is processed and a GSTIN is issued within 3 days.

 

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