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 get comfortable to deal with small business entities until they carry valid tax registration proof.