Why Businesses must apply for GST Registration ASAP?

Multiple taxes under the current taxation system are amalgamated under the GST regime, thus nullifying the high cascading effect of taxes in India. Entities dealing with various commodities and services under the GST system and whose turnover surpasses the amount of Rs. 20 lakhs (Rs.10 lakhs for north-eastern states) will be considered as taxable entities. This means that such entities have to register on a common portal that the government of India has launched to acquire GST registration number online. Every business firm (big or small) must enroll on that portal in order to enjoy certain privileges offered by the government of India under the GST taxation regime.

As a matter of fact, there are almost 8 million businesses in India, and all of those need to acquire GST registration online. The GST portal guides you through the steps necessary to acquire the GST registration number in the most hassle-free manner. So far, more than 6.5 million businesses have already enrolled on the Portal. It is so obvious that the government would specify a time limit within which businesses would need to complete the procedure related to enrollment; therefore, it becomes quite clear that one has to comprehend the overall steps quite clearly, as soon as possible. There are two major ways in which GST registration would be quite helpful for businesses in the long run.  First of all, it would help you comply with laws and regulatory guidelines. The most important certitude a business personnel believes is to retain the reputation of his/her company. The brand name is the core feature a company has to maintain. Registering your company on the GST portal will assure the reputation of the company, and it will make sure that the compliance rating is prolonged. Therefore, businesses must apply for GST registration number once the process related to registration begins.

Apart from this, GST registration will assure that you are updated with the rules and regulations from time to time.  This can help you maintain distance with consequences of non-compliances. GST portal make sure that once you register your business with the GST portal, you could maintain distance with the non-compliance entity. Any business that fails to register on the GST portal and breaks the law by not paying the tax will have to face a penalty, and this penalty could rise up to a maximum of 100% in case of fraudulence. Therefore, a large number of companies have already applied for successful GST registration online. If you haven’t registered yet, then what comes as good news for you is that GST online portal had reopened from June 1st. Apply for GST now to ensure that your business is future-ready.  Moreover, GST registration will definitely cast away any kind of intervention from the tax authorities.