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With the launch of the new indirect tax regime called the Goods and Services Tax [ GST ] , many businesses have started taking the advantage of this system for the ease of doing business and acquiring related services. As per the new tax laws introduced by the Central Board of Excise and Customs of India (CBEC), all modes of commercial activities including sale, purchase, transfer, importation, and export of goods, are now registered through the online mode. This further includes a registration with the Board of Excise & Customs of India. This board has formulated special rules for the registration of the goods to be conducted by the businesses engaged in various activities pertaining to commerce. These businesses now need to register themselves for their commercial activities through the prescribed forms provided by the Board of Excise & Customs. With the growth in number of businesses engaged in all types of trade, it has become increasingly difficult for the business owners to keep track of the latest changes that come in their way. Earlier, the service providers were not so open to this as they had a habit of claiming that they could not be registered under the new indirect tax regime due to the presence of certain 'complexities'. But, with time, these problems have been solved and now it is possible for all service providers to get registered under the new tax regime. It has become extremely easy now for the service providers to meet the expectations of their customers by providing services at reasonable prices.
With the introduction of new indirect tax rules, there was a sudden growth in the number of small scale and retail traders. These traders are able to derive the maximum benefits from the introduction of the new indirect tax regime. However, these benefits come only after proper and careful planning by the entrepreneurs. They need to take help from the government or other such agencies for this purpose and conduct a detailed study before they start their business.
This is a mandatory requirement for all businesses engaged in sales of goods and services in the country. However, the new GST registration trends in India make it even easier for the traders to acquire registration. With the advent of new laws, the services providers are bound to prove their efficiency by providing all assistance and services required by the government in order to get registered under the new indirect tax regime. In fact, the process is simplified today and there are several online registration channels available which make it even more convenient. The registration trends in India have gone up in the recent times, which is evident from the rise of various state-level governments who are striving to facilitate and support small business houses.
What Are the Latest Changes in GST Registration Trends in India?
The new goods and services tax (GST) has made life much easier for every business that deals with goods and services. The implementation of this tax has changed the way the business of India conducts its business. It has made the buying and selling of goods and services much easier and has even given an edge to the small businesses that have not been able to flourish before due to the existing laws which governed the business. The latest changes in the rules which govern the registration of goods and services in India has given a complete overhaul to the system. The rates, which are applied on the goods and services by a business are now based on the current market value rather than the old rates which were fixed at a specific date. The services are also being registered online, which has been a very important change for businesses.
The online registration of goods and services is a very welcome change as it reduces the time that is consumed in the registration process. It also makes it possible to obtain the registration certificate quickly without undergoing too much hassle. There are certain other minor issues like the delivery of the goods and other related paperwork that are still being worked on but have made the online registration process much simpler.
If you are considering selling or buying goods and services in India then the best way to begin is by obtaining a registration certificate. All that you would need to do is visit the Central Board of Excise and Customs website to obtain all the relevant information. This site has all the latest changes in the rules and regulation pertaining to the goods and services that are being sold or bought in India. It also has the latest changes in the rates that are applicable on the goods and services. Visit the Central Board of Excise and Customs website to get this vital information at no cost.