GST or Goods and Services Tax have unified India into one of the greatest market for goods and services all over the world. GST has extensive requirement for compliances from business resulting into reduced revenue leakage for the government. It is also being attempting to make it easy to do business in India by digitizing the administration of the Goods and Service Tax through the GSTN Network. Enrollment for GST had become important to startup a business or to operate business in India.
Transportation, warehouses and godowns are key factor for logistical development and infrastructure of the country and one of the most basic requirements for operating a business. Therefore a special mechanism had been introduced in account to all the transporters who are indulged in transfer of goods across India for the registration under the GST (Goods and Service Tax).
Swarit Advisors will help you in obtaining online GST registration in Delhi and all over India. Let us find out when is enrollment for GST required by the transporters in India.
When is enrollment of GST required for the transporters?
Under the GST rules, a business whose annual turnover estimated exceeds the limits of Rs. 40 Lakhs or Rs 20 Lakhs for Northeast states is required to enroll as a regular taxpayer. GST registration is compulsory for the businesses like Export-Import, casual dealers, E-commerce, and Market Place Aggregator. Such business units need a GST registration irrespective of their annual business turnover.
In case a GST applicable Business unit is found to supply the goods or services without GST number or having a GST registration then it is considered as an offense under the GST law. Such offenses are liable to pay heavy penalties under the GST Act.
Swarit Advisors helps you in getting your GST registration done in working 3-6 days.
Who are required for the enrollment for GST under the GST Act?
- Individuals who were filing tax under Vat, Service Tax, etc.
- Businesses with turnover above the limit of Rs. 40 Lakhs*
- Manufacturer of the Goods and services in India.
- People involved in supply and Distribution to the manufacturers
- People seeking Tax Refund under the double taxation mechanism
- People providing goods and services through e-commerce aggregators
- Every type of e-commerce aggregator
What are the advantages of enrollment for GST?
Enrollment for GST has various benefits for the taxpayers. Here are some of the benefits you must know before getting GST Registration in India:
- Pan India based Business operations
- A great relief from the double taxation system for the tax payers
- Higher threshold for GST Registration
- GST registered tax payers are eligible for acquiring government tenders
- Great possibilities for Business expansion with International Companies
- High opportunity to avail the input tax credit on purchases
- Lower tax rates for annual turnover up to the limit of RS 1.5 crores under composition scheme.
- Easy online return filing
- E-way Bill have resulted into improved logistics
- Reduced Compliance Costs
Enrollment for GST for Transporters
Under the GST Act, all the operators and every transporter, whether they have GST registration or not needs to maintain the records of the consignees, consigner and other relevant details of the goods transported by them.
Thus, if any transporter falls under the criteria for obtaining GST registration, it is mandatory for them to register themselves under GST (goods and service tax) by filing the GST ENR-01 Form.After the filing and verification of the GST registration application form for unregistered transporter, a unique GST enrollment number would be provided to the transporters.
Conclusion
GST registration is a mandatory compliance for the business having annual turnover of RS 40 lakhs. It has various advantages for the India taxpayers as well as for the Indian Economy. Under the laws and regulations of the GST Act any person engaged in the business of transporting goods in India is requires to maintain all the records of goods transported and delivered and stored by him along with GST registration number of the registered consignor and consignee for each of his branches.
To know more about enrollment for GST or to get your GST registration now, contact @SwaritAdvisors at their helpline number +91-9821399320 or drop a mail at their helpline number info@swaritadvisors.com.