The foreign registration is done through the GST common portal. The foreign companies that are registering for GST need to include the inward and the outward details of the supply. It is done on the 20th of every month and has to be completed within 7 days.
Every business carries out the supply of services and goods which is taxable and has a turnover that exceeds the limit of about 20 lakhs. And every person who has a turnover exceeding that limited must get themselves registered as a normal taxable person. The process of getting registered for the same is known as GST registration. The business that is registered under any pre-GST laws such as Service Tax, VAT needs of be registered under the GST. There are some businesses/people that need to register for GST anyway, some of them are as under:
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Every business carries out the supply of services and goods which is taxable and has a turnover that exceeds the limit of about 20 lakhs. And every person who has a turnover exceeding that limited must get themselves registered as a normal taxable person. The process of getting registered for the same is known as GST registration. The business that is registered under any pre-GST laws such as Service Tax, VAT needs of be registered under the GST. There are some businesses/people that need to register for GST anyway, some of them are as under:
• GST will speed up the things as it is technology driven and is likely to reduce human interaction to a great extent
GST will help in making the Indian goods competitive in the national as well as the international market.
The imported goods will be taxed more which will somehow balance and boost the local goods in the market
There will be a zero rated system in GST which will help in the development and boosting of the export items internationally
GST is expected to widen the tax base and improve the compliance of a taxpayer
GST is a pro for every stakeholder of the industry as they are going to help in making the services and the products quite competitive in the market
Registering in GST is supposed to create a corruption free and transparent administration
The integrated taxes would balance the tax and split it equitably between the services and the manufacturers
GST will reduce the indirect taxes as it is a transparent tax system
GST will reduce the price which will increase the consumption as well as help companies to grow
In the distribution or production of goods and services, they are increasingly consumed and vice versa.
GST will help in the development of the national market which will then help in removing the economical distortions in the national market.
GST will reduce the cost of the business and will help in the hidden taxes
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