The Question Hour of the Rajya Sabha often sees interesting data enter the public forum, and the latest session of the Upper House of Parliament, which ended late March, was no different.
It was stated that collections from the Goods and Services Tax (GST) stood at more than Rs. 1 Lakh Crore for five months in a row since October 2015. The government added that this is significantly higher than the revenue from the same period in the previous year.
GST has proved especially successful for the many small businesses that form the backbone of India’s economy. By regulating the tax, and simplifying the process, more businesses have seen the benefit of signing up to be compliant through the GST.
Everything about the GST has been created with the intent to simplify how tax is paid and collected in the country. Straight from the GST registration, every step in the process of remaining compliant to GST is extremely simple and convenient, and can be completed in relative comfort.
Since it is mandatory for businesses with an annual turnover higher than Rs. 40 Lakhs to register themselves under GST, various means have been created in a bid to simplify the processes for them. By completing the GST registration voluntarily, companies can avail a host of benefits in terms of taxation.
One of the major benefits is the ease of availing a business loan, once you are GST compliant. A business loan can often prove to be the saving grace for a small business, and your business loan interest rate could prove to be determined by your GST registration status.
GST registration is extremely simple and can be done through the GST portal online. Follow the steps given below to register your business.
- Under the ‘Taxpayers’ tab, click on ‘Register Now’
- Select ‘New Registration’, fill in your details, and click ‘Proceed’.
- An OTP will have been sent to your mobile number and email ID, which you are required to enter to proceed
- Your Temporary Reference Number (TRN) will be displayed, which you should make note of
- Now, revisit the portal, head to the ‘Taxpayers’ tab, and click on ‘Register’
- Enter the TRN you had received and click on ‘Proceed’
- Once again, you will receive an OTP on your mobile number and email ID which you must enter to proceed
- On the next page, you will be shown the status of your GST registration application. Your Application Reference Number (ARN) will be sent to the registered email ID and mobile number.
Usually, the process is completed within 2-6 working days, and once you have become registered, you can avail all the benefits available. You can easily avail business loans, such as those available on Finserv MARKETS, which offer business loans of up to Rs. 35 Lakhs and with a flexible repayment tenure. These are unsecured loans, which you can avail to aid your business by purchasing some extra machines or even hiring the professional manpower you need. The business loan interest rates are flexible as well, allowing you to make the most out of your loan.