Benefits of GST Registration
Higher threshold for registration
Earlier, in the VAT structure, any business with a turnover of more than Rs 5 lakh (in most states) was liable to pay VAT. Please note that this limit differed state-wise. Also, service tax was exempted for service providers with a turnover of less than Rs 10 lakh.
Simple and easy online procedure
The entire process of GST (from registration to filing returns) is made online, and it is super simple. This has been beneficial for start-ups especially, as they do not have to run from pillar to post to get different registrations such as VAT, excise, and service tax.
Easy compliance requirements
Upon registration, every registrant is liable to fulfil compliance in the form of return filing in a periodical manner. These compliance requirements are simplified under the GST regime. It is also proposed to simplify the compliance through single return filing from multiple filings. A regular taxpayer would be awarded a higher GST Compliance rating as compared to others.
Legally recognized as Supplier
With compulsory or voluntary registration under GST, the supplier is eligible to collect the taxes legally. Further, the supplier can also pass on the credit. The voluntary registrant also gets equal status and responsibilities of taxpayer registered under the mandatory criteria. With the said registration, the registrant can also issue pakka invoice to the consumers.