BENEFITS OF GST REGISTRATION

GST | Gst Registration

1. GST performs all transactions and processes to be done only through the electronic mode, to achieve a non-intrusive administration. This minimizes the taxpayer’s physical interaction with tax officials.

2. Taxpayers with a turnover of less than Rs.1.5 crore can opt for a composition scheme to get rid of tedious GST formalities and pay GST at a fixed rate of turnover.

3. GST provides for the facility of auto-populated monthly returns and annual returns.

4. It also facilitates taxpayers by prescribing grants of refund within 60 days, and provisional release of 90 percent refund to exporters within 7 days.

5. Further facilitation measures include interest payment if a refund is not sanctioned in time, and the refund is to be directly credited to bank accounts.

6. Comprehensive transitional provisions for ensuring a smooth transition of existing taxpayers to GST regime, credit for available stocks, etc.

7. Other provisions include a system of GST compliance rating, etc.

8. Under the GST regime, exports are zero-rated in entirety, unlike the earlier system where refund of some of the taxes did not take place due to the fragmented nature of indirect taxes between the Centre and states.

9. GST is largely technology-driven and reduces the human interface to a great extent.

10. GST is believed to have improved the ease of doing business in India.

11. Helps a person to be legally recognized as a supplier of goods or services.