Goods and Service Tax (GST) Registration & Requirements

• January 18, 2021
• CA Chandan Agarwal's Office

Introduction

Registration plays a significant role in GST implementation and also certifies compliance of tax in the economy. Under taxation, tax payers can be identified with the help of the registration process. Thus, it is considered as the most essential requirement for the obtainment of unique number from the concerned authorities of tax. Any business entity which is registering for GST has to obtain a unique number and the purpose of that is to collect tax on behalf of the government and to avail Input Tax Credit. Failure to comply with the process of registration of GST can lead to various consequences, that a person can neither claim any Input Tax Credit nor can collect tax from his customers.

Advantages and Effect of GST Registration

Following are the benefits available to a taxpayer after registration:

• He is lawfully perceived as provider of products or services.

• He is legitimately approved to gather charge from his clients and pass on the credit of the expenses paid on the products and services provided to the buyers/beneficiaries.

• He can guarantee input tax credit of duties paid on his buys/ acquirements and can use the equivalent for payment of expenses due on supply of products or services.

• Seamless progression of Input tax credit from providers to beneficiaries at the public level[1].

Read more on: https://taxguru.in/goods-and-service-tax/goods-service-tax-gst-registration-requirements.html