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monthly turnover: Even if a business has a monthly turnover of less than INR one lakh, it can still benefit from registering for GST (Goods and Services Tax) in India. Some of the benefits are:
1.Legitimacy: GST registration gives a business legal recognition and legitimacy. This can help in gaining the trust of customers and suppliers.
2.Input Tax Credit (ITC): A registered business can claim input tax credit for the GST paid on its purchases. This can reduce the overall cost of the business and make it more competitive.
3.Inter-state transactions: If a business plans to sell goods or services across state borders, GST registration is mandatory. It can help in avoiding penalties for non-compliance and also facilitate smoother transactions.
4.E-commerce platforms: Many e-commerce platforms require sellers to have GST registration before allowing them to sell on their platform. Registering for GST can help a business expand its customer base by selling on these platforms.
5.Compliance: Registering for GST ensures that a business is complying with the tax laws of the country. This can help in avoiding penalties and legal issues in the future.
6.Government contracts: Many government contracts require the vendor to have GST registration. Registering for GST can help a business become eligible for such contracts.
In conclusion, even if a business has a monthly turnover of less than INR one lakh, it can still benefit from registering for GST in India. It can help in gaining legitimacy, claiming input tax credit, expanding the customer base, complying with tax laws, and becoming eligible for government contracts.
For further details access our website https://vibrantfinserv.com
To visit https://www.gst.gov.in/