HOW YOUR BUSINESS NEEDS TO CHANGE FOR GST

Financial Ticker

In today’s time, there is a large number of new businesses and start-ups which are facing difficulty to get navigate through the various direct and indirect taxes. This is happening due to an availability of India’s complex tax system. To make this situation easy, all the things are set to change with the GST tickers i.e. Goods and service tax. GST is helpful in the change of web of indirect taxes which is the great advantage for many entrepreneurs and small business owners.

Do you need GST registration?

If you are the owner of some business then one needs a GST registration. It becomes necessary for the person who is selling goods and other services with a large amount to get register under GST. For the business owners, who are making inter-state supplies, must have to get register.

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How will GST registration help?

GST will improve the ease of starting the new business in India. The implementation of GST in India and after getting register under the GST, one can easily enhance the business standard. Businesses are highly making use of Led Financial Ticker for the purpose of advertising and visitors alerts. It also helps the business owners to claim the input tax credit. If the same business owner is not registered, then the business owners have to compliance on their behalf. And due to this, most of the buyers avoid dealing with the suppliers who are not registered. This greatly affects the every business owner and only delivers the loss to them.

How does one get registered?

If you are new to the business life and have the turnover to Rs.20 Lakhs or more, the one must register under GST.  To get register to GST, the following mentioned points have to be seen:

  • There is a need for all the service tax registrants and dealers to get migrate to GST.
  • In order to get migrate, a specific business owner is provided by the provisional ID and password by the state Commercial Tax Departments.
  • Further, one can make use of this ID and password to get login into the online portal i.e. https://www.gst.gov.in .
  • After get login, the person has to fill up the Form 20 along with the necessary documents.
  • After that, all one get registered under the previous indirect tax laws and get certification of registration on a provisional basis.
  • The validity of this certificate is for 6 months.

Will GST be very complicated?

No, GST process is not a complicated one. Now, the whole process can be done through the online process. Now the whole process has moved to an electronic system of record keeping. A detail of the specific B2B business will be submitted to GSTN. All the process which includes tax payment, tax credit and refunds will be done electronically without any paperwork.

Do small, part-time gigs also need to register?

Yes, all the existing taxpayers who are registered under the service tax will automatically migrate under GST by uploading the current business details.  These small and part-time gigs have to file returns on the quarterly basis instead of the three returns per month. However, if they are not registered to GST, then they can’t collect the tax from the customers.

What’s the penalty for non-compliance of GST?

If the business owner is not registered under the specific conditions or who supplies goods on which the tax is not paid has to fill the penalty. They have to pay 10% of the tax or Rs.10, 000. If in any case the fraud is found, then the penalty can raise up to 100% of the tax.

To keep the impact of GST in order to invest more, led news ticker tape is playing a great role for the business owners.

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