GST Registration in Coimbatore
GST Registration in Coimbatore is mandatory for all the business activities that is carried out in the industrial city- Coimbatore. GST is a value-added tax that is charged on most of the goods and services sold for domestic consumption. It is a destination based tax on consumption of goods and services. GST is proposed to charge all stages of the business, right from manufacture up-to the final consumer. It is a repeated system, where the value addition will be taxed and the burden of tax is to be beared by the final consumer.
GST Came into effect from July 1, 2017 through the implementation of One Hundred and First Amendment of the Constitution of India by the Indian Government. Later, it replaced all the existing tax schemes like Central and State Government taxes.
The rates of GST, Rules and regulations associated with GST are governed by the GST Council which consists of the finance minister of central and all the states. GST is a unified tax system and meant to replace a slew of indirect taxes. The tax varies from 0%-28% depending on the nature of business. GST is paid by consumers and it provides revenue for the government.
What Are the Important Documents For GST Registration
- PAN card of the Applicant
- Aadhaar card of the Applicant
- Incorporation certificate of the Business
- Identity proof of the Director or Promoter
- Passport Size Photo copy of the Director or Promoter
- Address proof of the Principal Place of Business
- Bank account statement
- DSC (Digital Signature Certificate)
- Letter of Authorization
What are the advantages of GST Registration in Coimbatore
- The person will be more competitive by getting a registration among the unregistered competitors.
- It helps the productivity of the business. It means, the person needs a GST for selling the products online.
- Registered GST taxpayers are only allowed to intake the GST inputs on their purchase and save the cost.
- For all kinds of inter-state trades, GST Registration is mandatory.
- It eliminates the cascading effect of the tax
- Unorganised sector is regulated under GST
- Lesser compliances