This is Ravi Kumar and today I am gonna show you the basic points about the GSTIN holders
- GST or goods and Service Tax is an indirect taxation device in India. With the reason of 1 country and One Tax, GST has come to be broadly popular and applicable across our country. but, similar to the two aspects of a coin, GST has both advantages and downsides. it’s essential vital for each entrepreneur to realize approximately the benefits and losses of GST.
- If anyone got the registration under the GST and you have the GSTIN number of Delhi because you are carrying your business from Delhi. You are filling your GST returns and ITR returns on the basis of Delhi’s business activities.
- And now you are thinking that you want to open another office for carrying your business in a different location and you don’t want to change the nature of your business.
- So, it is mandatory to take the registration under the GST and run your business very smoothly and take all the advantages of the government because the government has given many advantages for registration under the GST.
- *****Note point – You can opt for different GSTIN registration with your single PAN card.
Advantages of registration under the GST.
- GST reduces the number of indirect taxes – This means there are many indirect taxes was happened before the coming of GST like VAT, excise duty, service tax, customs duty and etc. but after coming to GST in India he destroyed all the indirect taxes.
- Online GST registration – If you think that you would start a business then you don’t need to waste your time for thinking of registration. You can take your GST registration by online way within a few minutes.
- The number of GST compliances is very less – If you have taken the registration under the GST after that, a few compliances are mandatory to file the GST returns every month.
- Threshold limit – The threshold limit of GST Registration is quite high i.e. Rs. forty lakhs annual turnover or Rs. twenty lakhs annual turnover for special states under GST.
- ITC – You can claim Input Tax Credit easily after filing the GSTR-1.
- Tax evasion – It is easy to detect tax evasion under GST Registration.
- Composition scheme – It offers a composition scheme to pay taxes at a fixed rate and decrease the tax legal responsibility and tax rates.
- GSTIN Value – It provides a single GSTIN that can be used for all the aspects of GST.
- Reduce the cascading effects – After coming to the GST in India, he reduced the tax on tax effects.
- Different Tax Compliances – The GST has different types of compliances for the GSTIN holders if your turnover is up to 1.5 Crores go and opt CUMP scheme, If your turnover is up to Rs. 2.5 crores go and opt QRMP scheme, and if your turnover is more than 5 crores go and opt normal scheme.
- TAX – One nation one tax.
Disadvantages of registration under the GST
- Operational costs – The GST has increased the business costs for supplying goods, products, and services.
- SMS for verification and paying taxes – Many SMEs are still hesitant to do online transactions and pay taxes online.
- Late fee – If you have filed your GST returns after the due date then you have to pay late fees for this.
- Interest – If you have filed your GST compliances after the due date then you need to pay the interest amount for the delay of your filing.
- Invoice – It is mandatory to create an invoice for any supplies.
- e-Invoice – If your turnover is more than 10 crores you need to generate your invoice through the e-invoicing process.
- Difficulty in remote areas – It is still difficult for businesses in remote areas to enroll under GST.
- Compliances of filling in GST – Without filling your GST return you can’t generate your e-way bill
If you have 2 GSTIN numbers in a single PAN card so how many compliances did you do?
- GST registration – You have to get different GST registration for both working places with a single PAN card.
- GST filling – You need to file the GSTR-1, and GSTR-3B every month, and it has to be mandatory to do your other annual compliances for both GSTINs every year.
- ITR – Only one ITR would be filed for both GSTINs because you have used a single PAN for the GST registration.
- Benefits – You can take all the benefits which are provided by the government under the GST, and you can get your ITC from your clients.
- Place of supply – You can do your supplies according to your GSTIN state without any issues.
- Taxes – Every month paid taxes for both GSTIN.
- Transfer Tax – You can transfer your supply according to your GSTIN.
- Bookkeeping – You would have to do different bookkeeping for your different GSTINs.
- Auditing – You have to generate both the GSTIN audit report according to your GST supplies
- CA fees – It depends on your CA how much fees he would be asked for doing the annual compliances of your both GSTIN.