GST is the biggest and most anticipated indirect tax reform in the Republic of India. It may also be known as Good and Simple Tax because of its simplicity. Goods and service tax abolished various multiple taxes into one tax, reduces tax complexities, single return etc.
Goods and Service Tax Network (GSTN) manages the entire Information Technology System of GST portal.
Goods and Service Tax is the major factor to improve India’s World ranking in Ease of Doing Business. GST is the major contributor to increase the taxpayer base in India by bringing in Micro and Small business in India.
Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to get register themselves under GST. Those entities who supply Goods or Services through Online have to register themselves under Goods and Service Tax irrespective of Turnover. GST Registration is mandatory once the assessee crosses the turnover prescribed under Goods and Service Tax law. New entities are required to obtain the Goods and Service Tax Registration when it is expected to cross the prescribed turnover.
GST registration Number can be obtained online through GST Portal. Assessee needs to fill a simple GST application form. For GST Registration, apply online by visiting www.gst.gov.in. There are no GST Registration charges levied by the Government. Further, the entities operating in different states need to get new GST registration.
Entities without GST registration is not allowed to claim an input tax credit of Goods and Service Tax paid.
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Advantages of Goods and Service Tax (GST)
1. GST is a simple and transparent Tax System
2. GST is a destination-based tax
3. It eliminates the cascading effect of taxes i.e. removes Tax on Tax.
4. Small Traders having turnover upto Rs. 20 Lakhs are exempt to take GST Registration. The threshold limit for obtaining GST Registration from April 2019 will be Rs. 40 Lakhs.
5. Benefit of composition scheme for small assesses
6. Defined treatment for E-commerce operators
7. Unorganized sector is regulated under GST
8. Goods and Service Tax also help to build a transparent and corruption-free tax administration
9. GST registration is easy to surrender
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