Registration under GST Law
In any tax system registration is the most fundamental requirement for identification of tax payers ensuring tax compliance in the economy. Registration of any business entity under the GST Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input tax credit for the taxes on his inward supplies. Without registration, a person can neither collect tax from his customers nor claim any input tax credit of tax paid by him/ her.
Benefits of GST Registration
One is legally recognized as supplier of goods or services.
One is legally authorized to collect tax from his customers and pass on the credit of the taxes paid on the goods or services supplied to the purchasers/
Input Tax Credit Benefits
He can claim input tax credit of taxes paid and can utilize the same for payment of taxes due on supply of goods or services.