GST Registration for Small Business in India
GST Registration for Small Business in India
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If you are a small business owner in India, the implementation of GST is probably a big concern for you. It's not an easy task to keep up with the new tax regime and ensure your company is GST compliant. However, if you are equipped with the right system and software, it can be quite simple to get your business going in the right direction.
Getting GST registration Consultant will help you reap several benefits that can boost your small business and take it to the next level. For starters, GST registration gives you legal recognition as a supplier of goods and services. It can help you claim input tax credit on the purchase of various goods and services thereby helping you save on taxes and improve your margins. It also helps you build a trust factor with your customers and suppliers as you are legally recognised as a GST registered entity.
In addition, a GSTIN can help you avail unsecured loans from banks as it is a proof that your business is legitimate and eligible to receive funds. The government has also provided compensation for the initial years of the implementation of GST to address any revenue loss incurred by the states.
To apply for GST registration, visit the official website of the GSTN. You will have to fill up the basic details of your business and provide a valid PAN number. Once you submit all the information, you will be sent an OTP to your mobile phone and email id which has to be entered in the portal for verification. Once the details are verified, a TRN (Temporary Reference Number) will be generated.
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