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Registration of GST
Goods & Services Tax (GST) is a consumption based tax levied on sale, manufacture and consumption on goods & services at a national level. This tax will be a substitute for all indirect tax levied by state and central governments. With the increase of international trade in services, GST has become a global standard and has replaced the erstwhile “dual taxation” levied by the central & state governments.
In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs for sale of goods and Rs. 20 lakhs of service providers is required to register as a normal taxable person. This process of registration is called GST registration. For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.
Advantages on Registration of GST
The liability of the company is limited.The personal assets of the shareholders will not be used for unpaid debts. If the company is facing a financial crisis, the assets of the company will be used to pay back the debts.
Legal Right Holder
It will be considered as a separate legal entity where the assets & liabilities of the business and directors are not same. Company will be considered to be a legal person and also holds the Right to Sue a third party in case of any dispute or default arises.
The capital for the company can be made with the help of issuing shares to the general public. It results in maximization of capital in large scale.
No Minimum Capital
You can start up your Public Limited Company with zero paid up capital. Now capital can not stop you from starting your business.