Goods and services tax (GST) is one of the biggest tax reforms in the tax structure of India. The previous tax structure not only elevated the cost of goods but made it complex. So GST has brought in simplicity and enhanced the tax structure. It involves a tax on the supply of goods and services under the jurisdiction of the State and centre. So in simpler words, GST is an indirect tax which is applied to the value addition on the goods and services at every stage. The main objective is to eliminate the double tax system and bring everything under a single tax bringing efficiency in the tax system.
Value-added here means value addition on every stage of goods and services from its producer to its ultimate consumer. Both the Centre and State Government was involved in its execution. The components of the GST are as follows:
So the main objective of the GST is to amalgamate several indirect taxes. It works great to remove the cascading effect of multiple taxes. For the registration under GST, you have to register your entity to obtain a unique number from the concerned tax authority called GST Identification Number. You can contact a professional or service provider or GST consultants in Pune and other areas very easily. You need a GSTIN to collect taxes on the behalf of the government or to avail input tax credit (ITC) on inward supplies.
To obtain a GST number, you need to follow some steps as follows:
For a hassle-free and easy registration, you can contact renowned GST consultants as they provide audit services, direct tax services, top indirect tax services in Pune and other parts of the country. Also, some important documents are required you need to keep handy while registration are as follows:
Above mentioned all the documents are essential and should be with you during the registration process.
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