All you want to know about :- GST Registration in Goa

GST Registration is one of the best ways to reduce the tax compliances and reduce the corruption in taxation systems that aim at increasing economic development. In Goa various benefits introduced by the GST Registration like increase in the profit of the person or taxpayer, increase in the income of the government , reduction in corruption, simple and easy filling process,. Going through this page will help in getting information about GST Registration.

Professional Utilities helps to get GST Registration in a smooth and quick manner.

Businesses in Goa that are registered for GST are needed to self-list themselves:

• E-Commerce Platform - Everyone who wants to or is already operating an e-commerce business must obtain a GST registration. Getting GST registration in Goa is essential if you want to start an online business, regardless of how much money the company makes or how big it is.
• Turnover Based - Suppliers must register for GST if their turnover exceeds Rs. 40 lakh in supply of Goods and 20 lakhs in supply of services.
• Inter-State Registration - Trades that make interstate deliveries are required to register under GST. If you conduct business between two states, Taxpayer must register regardless of the turnover.
• Voluntary Registration - GST Registration is taken voluntarily even firm has not become liable for it. It has the advantage of allowing for input tax credits and also raises the entity's legal culpability.
• Casual Taxable Person - someone with a temporary location for the seasonal sales of products and services. They should file for GST Registration in Goa even if they only operate temporary shops and stalls. A GST number registered under GST is only good for 90 days.

For applicants, the GST Registration process can be complicated and drawn out. There are some fundamental steps that must be taken, as listed below:

• Step 01 - In GST REG - 01, There are Parts A and B, In first step Name, email address, PAN number, and mobile number are entered in Part A of the form. After the mobile number and email address have been verified with OPT. TRN No. is generated.
• Step 02 - When taxpayer get receipt of the TRN No., information regarding the firm's Directors/Partners, categories of goods and services, and bank accounts are entered in Part B of the form. After submission, an ARN is generated.
• Step 03 - In this step documents uploaded to the website that are needed for registration according to the taxpayer's category.
• Step 04 - This is the stage of verification by the responsible officer following the submission of the form and supporting documentation, and it takes 3–7 days to complete. The applicant is given adequate time to provide an explanation in the event that their form is rejected.
• Step 05 - After acceptance GST Registration is alloted in form GST REG 06.

There are following some elements of which every firm should be aware of:

• GSTIN - The Goods and Services Tax Identification Number, which achieves the fundamental goal of the identification under the Tax Regime, is one of the key components of GST Registration in Goa.The first two numbers of the 15-digit alphanumeric code represent the state code.
• Input Tax Credit - Businesses in Goa who utilise certain inputs to produce goods and services are eligible for input tax credits under the GST. The business's total tax obligation is decreased because of the input tax credit.
• Input Service Distributor - Distributor of input services aids in lowering total tax obligations. The distribution of input tax credits to a large company's many components is permitted with the use of an input service distributor.
• Threshold limit - Businesses must register under the GST Act if their annual revenue exceeds Rs.40,000 of goods and Rs.20,000 for services.

Both government and business are benefited by GST Registration in Goa. There are numerous advantages, as follows:

• Compliance is less - Compared to other tax systems, the GST has fewer returns filed.
• Regularisation of organised sector - Managing unorganised sectors is made easier by GST Registration. There is a lot of regulation, responsibility, and compliance in certain industries, such as construction and textiles, which leads to regularisation and organisation.
• Single unorganised sector - In order to impose a single, consistent tax across the nation, all taxes are combined under the GST.
• Small traders are Benefited - Composition plans are advantageous for small firms. These composition plans lessen regulatory requirements and tax burden. The tax rate is set under the composition model, regardless of turnover.
• Cascading effects are reduced - Every time a tax is applied under the cascading effect, the product's price goes up due to the compounding effect. As tax is collected when value is added to a product, hence the name "Value Added Tax," this has been decreased under GST registration.

GST Registration in Goa is one of the best ways for the development of the economy. It has many benefits such as increasing profit of the firm, improvement in the logistics, less compliances, cost of the product also reduces. To get the GST Registration there are certain documents , processes and fees that need to be followed.