New GST Registration - Important Tips to Follow
New GST registration Goods and Services Tax or GST is a type of indirect taxes imposed by the government in the Republic of India. Goods and Services Tax, as it is commonly known by the Indians, is a form of tax that is raised on the production of items by the manufacturing company and subsequently distributed to the end users. It also includes all the people or organizations that provide services and goods to the country. The basic purpose of Goods and Services Tax is to make the production and distribution of goods in the country easy by taxing the income derived from such activities and then distributing it amongst the various entities.
The procedure of gaining the goods and services tax is very simple. Basically there are three places where you can gain the goods and services tax allowance; the online route, the real estate route and the principal place of business. The online route is the easiest one as you do not have to personally visit the office of the customs at the point of entry. All you have to do is log onto the web portal of the customs and fill the online form with the necessary information required and submit the same. Within a few hours, you will be notified about your gain.
On the other hand in the case of Real Estate, if you wish to gain the goods and services tax allowance, you can seek the help of an agent who will act as your representative and help you gain the goods and services tax through the inspection of the property. The real estate agent's fee is generally computed based on the amount of the gain which he will be fetching from the inspection. In case of the principal place of business, all you have to do is obtain the copy of the register of business and go to the designated place of business and then submit the copy of the register of business. You will receive a copy of your gain as per the prescribed rate of Goods and Services Tax.