What are the main Benefits of GST Registration for Small Business?
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About With a motive of “One Nation One Tax” and to make the compliance procedure more transparent, seamless, and intuitive, GST was implemented in India. A variety of indirect taxes previously levied by central and state governments like VAT, Service Tax, Local Body Tax, Central Excise duty, Central Sales Tax Purchase Tax, Luxury Tax, Entry Tax, Octroi, etc. have been compiled and accumulated under GST. In GST, as per regulations, it is mandatory for a business or any supplier that has a turnover of above Rs.40 lakhs (Rs 10 lakhs for special category states present in hill states and North-Eastern states) to get their online GST registration done. The major benefit that small entities get under GST is the simplification of the taxation procedure by bringing all the indirect taxes under a single category thus establishing uniformity across the nation. We’ll be discussing other various benefits that GST provides to small businesses and start-ups on registration Ways ...