Why I need GST Registration?
GST registration not only helps you in getting your business recognized as a legal registrant but also opens a number of opportunities for your business. Benefits to GST registered business at glance are as follows:-
Become more competitive : You will be more competitive in comparison to your unregistered competitors since you will carry valid tax registration.
Expand your business Online : You cannot sell products or services on e-commerce platform without GST registration. If you’re planning to give a blow on e-commerce platform like Flipkart, Amazon, Paytm, Shopify or through your own website, you must need a GSTIN.
Can take input tax credit : Only Registered GST holders can avail input of GST tax paid on their purchases and save the cost.
Can sell all over India without any restrictions : Without having GSTIN you cannot trade inter-state. This is possible only if you registered your business under GST.
Apply Government Tenders : Various government tenders requires GSTIN to apply tender. If you don’t have you may miss the business opportunity.
Open Current Bank Account : Especially, in case of sole proprietor business Banks & Financial Institution does not open a current bank account in the name of business trade name unless you carry any government proof in the name of your business. GST registration certificate can help you to open a current bank account.
Dealing with MNCs : Generally, MNC’s does not comfortable to deal with small business entities until they carry valid tax registration proof.