MAANOF is the leading business services platform in India, offering a variety of services like GST migration, GST registration, GST return filing, private limited company registration, trademark filing and more. MAANOF can help you foreign companies and NRIs with end-to-end GST compliance services starting from GST registration to GST return filing through a proprietary GST accounting software. The average time taken to obtain GST registration is about 10 – 15 working days, subject to government processing time and client document submission. Get a free consultation on GST registration, GST accounting and GST return filing by scheduling an appointment with an MAANOF Advisor.
Advantages of Goods & Services Tax (GST)
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With the implementation of GST in India, the indirect taxes would be streamlined and standardized. Under GST regime, businesses would no longer have to obtain multiple VAT registration in different States or obtain a separate VAT and Service Tax registration. A single GST registration would be sufficient across India for selling or purchasing goods or providing services.
Subsuming of Taxes
subsumes various other taxes like Central Sales Tax, Additional Customs Duty, Purchase Tax, Luxury Tax, etc., Hence, under GST, many of the taxes in existence today would be subsumed and made into one tax. This would make tax collection and compliance easy for businesses across the country.
Doing Business
Currently, many businesses like restaurants, computer sales and services businesses have to comply with both regulations. This creates a compliance burden on the business, as they have to calculate taxes for the transaction based on different rates for different items. Under GST, the distinction between goods and services will be gone – making doing business easy.
Lower Taxes
Currently in some states under the VAT regime, businesses are required to comply with VAT regulations once they cross an annual turnover of Rs.5 lakhs. Under GST regime, GST liability accrues only if an entity crosses an annual turnover of Rs.10 lakhs in northeast or hill states, whereas for rest of India, the threshold is set at Rs.20 lakhs.
Larger Tax Base
GST is expected to increase the tax base in India significantly. Hence, the overall tax liability for businesses is expected to reduce overtime, as more and more businesses become compliant. Further, GST will use the latest in technology, including data from Aadhaar database, PAN database, etc., to make GST registration and GST return filing process, as seamless as possible.
How we help with GST registration
MAANOF.com can help your business obtain GST Registration in 7 to 12 days, subject to Government processing time.
