Today, there is an immense competition in the startup space, therefore to make startups successful along with innovative business ideas significant steps needed to be adopt like Company Registration and GST Registration. For startups, there is a great significance of GST registration. GST Registration in India not only enables companies to execute business operations in a seamless manner but also adds several advantages to small businesses and startups. This web article aims to highlight top five advantages of GST Registration in India for startups and small businesses.
Top Five Advantages of GST Registration in India
Improves Efficiency in Business Operations:
GST Registration improves efficiency in business operations, especially in the context of logistics. Before GST, there was system of state entry tax on inter-state movement of goods, therefore it was complicated and costly for business owners to operate in other states and perform business activities like establishing and maintaining warehousesand coordinating business activities.GST simplifies all these complexities by removing any restrictions and taxes onthe Inter-state movement of goods. Today, due to GST there is no inter-state tax.
It is the outcome of GST that has attracted various e-commerce players and warehouse operators to show up their interest and invest that saves needless logistic expenses for startups to build and maintain warehouses. Startups that have done GST registration in India, can use these warehouses to execute business operations across the country efficiently.
Simplifies Taxation Process:
GST Registration simplifies taxation process. Today due to GST various taxes like Excise Duty, VAT, Services Tax, Sales Tax, and so on lie under it. Today Business owners just need to pay one tax, GST, which is simpler and less time-consuming. In addition, GST registration reduces the burden of tax compliance for smaller businesses and startups.
Today, there is no indirect tax and there is only one indirect tax, GST, across the nation. GST registration enables startups and small businesses to access to a common national market across the country and enlarge their national footprint with a less amount of investments.
Starting Business is Easier than Before:
With GST Registration starting a business is easier than before. Today, startups do not have to abide by different tax rules in different states while operating in other states. Through GST registration, new companies can execute business operations across the country without any hassle and also eliminates the high procedural fees needed due to the tax guidelines in different states.
More Transparency and Accountability in The System:
Before the rollout of GST,various unorganized sectors like textile and construction had been grappling with poor regulation, accountability, and transparency. But after the roll out of GST, these unorganized sectors will be regulated under GST. Under GST, there will be more transparency and accountabilityin case of availing input credit, online payments and compliances. These things are positive for startups and small businesses because they don’t have massive funds, and in case of any malpractice and manipulation with funds, they can seek legal assistance from top law firms for fund recovery through GST registration number and other formalities.
Above are five significant advantages of GST Registration in India. If your business is based in Delhi and looking for GST registration, then there are some top law firms in Delhi that provide affordable and impeccable GST registration services.