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In India, GST Registration is a way to tax people indirectly. It is done entirely online, which has a lot of benefits for startups. Many business owners also choose to get GST Registration in India on their own. This article will teach you Do new businesses need to register for GST?
What is a Startup?
Startups are companies that are still in the beginning stages of doing business. A startup is made up of one or more entrepreneurs who work together to make something new and different.
These new businesses can form a company in one of the following ways:
Registration of a Private Limited Company Registration of an LLP
One Person Registration for a Business
Registration of a Sole Proprietorship Registration of a Partnership Firm
Innovation is at the heart of any startup’s mission, whether it’s to improve or create completely new categories of goods and services, upending long-established business models and paradigms in the process. Several companies have also been called “disruptors” in the past.
Startups in India can get a Startup India Certificate and use it to get a number of benefits.
What is GST?
Goods and Services Tax (GST) is a tax on the value added to goods and services. It covers all parts of the supply chain and gives tax breaks on inputs. So, taxes must be paid by the last person or organisation in the value chain. The tax system is used at both the central and state levels, and every business must get GST Registration if they meet the requirements.
The Goods and Services Tax (GST) that was put in place in India has had a big impact on how startups work. Some indirect taxes have been taken away, and everything has been put under the GST as a whole instead.
Read our guide at- to learn more about GST Registration.
GST Registration Guide PDF or call our business advisors at – GST Registration in India
Is GST Registration required for Startups ?
Yes, Startups must register for GST in a number of situations, such as:
Had tax registrations before the GST ( Excise, VAT, Service Tax etc.)
The business makes more than Rs. 40 lakhs a year, and in the North-Eastern States, it makes Rs. 20 lakhs ( J&K, Himachal Pradesh and Uttarakhand)
Casual Taxable Person
Under the Reverse Charge Mechanism, non-resident taxpaying startups pay taxes.
Start-up E-Commerce Aggregator
Startups that sell goods or services on E-Commerce Portals or to E-Commerce Aggregators must also register for GST and pay GST. Return Filing Service for TDS/TCS Deductor Data Access or Recovery
Advantages of GST Registration for Startups
Businesses no longer have to register for VAT more than once.
Because the GST threshold is 40 lakhs, many small businesses, including new ones, don’t have to get GST Registration. Even though the GST is optional, small businesses with a turnover of between 20 Lakhs and 1 crore have a lower tax rate. The GST has a name for this: the composition scheme. This will make it easier for new businesses to pay taxes.
Registration, GST Both filing a GST return and paying the GST are done online. Startups don’t have to worry about registering for Excise, VAT, and Service tax by running around to different tax offices.
Business owners often use the internet to sell their goods and services. Because GST is used all over the country, moving goods between states is not a problem. GST Registration for E-Commerce has more information.
Firms that sell both goods and services must pay both the Value-Added Tax (VAT) and the Service Tax (ST) in order to be in line with both laws. This makes running a business harder and makes it so taxes have to be figured out based on different rates for different things. GST gets rid of the difference between goods and services, which makes it easier for businesses to follow the rules.
The use of a single GST rate also makes it easier for new businesses to send out invoices.
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Tag : GST Filing, GST Registration, TDS Filing