What are The Benefits of GST Registration ?
1. Easy and Minimum Compliances
Yes after GST implementation, the compliances (like GST Returns) have become
user-friendly and easy because now the taxpayer only needs to pay single indirect tax
and the easy procedure of GST returns filing is also attractive. The necessary
instructions and guides related to GST compliance are available on the official GST
portal www.gst.gov.in which can help in the
completion of compliance.
These are few kinds of GST returns:
(GSTR 1, GSTR 2, GSTR 3, GSTR 4, GSTR 5, GSTR 6, GSTR 7, GSTR 8, GSTR 9) for all
the GST dealers in India, there are no various GST returns at the state level.
2. One Portal for all
Implementation of GST has made it possible for all the GST registered dealers to file
their return on the same portal www.gst.gov.in.Different kinds of activities
related to GST such as payment of tax returns, GST registration for new dealers and
refunds can be done on the same portal by every registered dealer.
3. Same Method or Procedure
Since the GST registration online portal is a single and the same portal for all dealers
in India, the method and the procedure for GST registration for a new dealer, tax
payment or return filing becomes the same providing ease to the dealers.
4. Decreases Burden of Tax
GST registration has been proved to be helpful for reducing the tax burden on small scale
industries by providing a single indirect tax all over the nation.
5. Get Input Tax Credit
Dealers register under GST can claim input tax credit already paid on purchases.
6. Scheme for Small Traders
GST registration has provided a composition scheme for the ease of small traders and
businessmen. According to this scheme, small traders are allowed to register and pay a
very low and fixed rate of tax to the government which is generally fixed at 1-5% of
their taxable turnover.
7. E-Commerce Business
GST registration has given a major benefit for the e-commerce website because without a
GST number no one can commence an online E-Commerce business. For example Amazon,
Flipkart, club factory Myntra, etc.
8. Boosting Economy
The reduction of the tax burden has proved to increase the consumption level. Since we
know that when the price falls down the consumption increases and this is the exact
situation where the tax rates have decreased and as a result consumption level has
increased. This, in turn, will increase production and boost the economy in the long