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“Mark-O-Legal was established with an aim to provide the best legal consultancy services at one stop so that the businesses could focus on growing. Backed by an experienced team of law practitioners, we have achieved expertise in rendering customized practical solutions related to Trademark, Copyright, Udyam/MSME, FSSAI, ISO Certification, and IE Code, and so on. We provide services that are sure to meet the expectations of the clients.”
GST registration is the procedure for a taxpayer to get registered under the Goods and Services Tax (GST). The Goods and Service Tax Identification Number (GSTIN) is supplied once the registration procedure is finished.
The GST (Goods and Service Tax) is a consolidated indirect tax policy that includes VAT, CST, Service Tax, Central Excise Duty, Entertainment Tax, and other taxes. It became effective on July 1, 2017. Applicable across India since then.
In other words, the GST (Products and Services Tax) is a tax on the provision of goods and services. The GST in India is a multi-stage, a destination-based tax levied on all value additions. The GST is a single domestic indirect tax law that applies across the board.
Each individual registered for GST is given a GSTIN (Goods and Services Tax Identification Number). It’s a 15-digit number that serves as a unique identifier. The Tax Identification Number, or TIN, has been replaced by the GSTIN. Firms who already have a TIN will be automatically assigned a GSTIN, unlike new enterprises required to register under the GST Act. Tax officials generally use the number to keep track of GST payments and due dates for registered persons under the GST Act.
Getting a GSTIN and registering for GST are both free of charge. Prior to the introduction of GST, all state VAT-registered traders were given a unique TIN number by the different state tax authorities; the GSTIN has replaced this. Businesses that register for GST are now given a GSTIN, which is a unique identifying number.
The purpose of the Udyam/MSME Registration is to help the micro, small and medium enterprises of India. Thus, encouraging the MSME to grow will result in the socio-economic development of the country
For promoting entrepreneurship, the government provides special benefits to the small businesses in the form of subsidies and incentives. Also, banks give loans at concessional rates to set up these businesses. For availing those, the small businesses need to register under Micro, Small and Medium Enterprises (MSMEs) act. If a business is registered under MSMEs act, it can avail several benefits like cheaper bank loans, tax benefits, preference during the tender process, and access to various schemes and incentives of government. click here