Dear dear reader, welcome to the article explaining why work contractors require a GST registration in their state of work. Well also let you in on the easy ways to get a GST registered address in almost all the states of India.
The world has surely become a very crazy place to live in. with so much technology in hand, it is easy to assume that life would have become easier. But surely it hasn’t and doesn’t look like it would be getting easier. Sometimes the smallest of things that seemed to make a change may cause negative repercussions that go a long way. The inclusion of GST in the Indian Tax Law system has also brought some negative repercussions.
Some of these repercussions are very damaging to some business models. An example of this is the need to acquire GST registration for these work contractors.
Well firstly explain the basics of GST and why it is important.
GST: why the Goods and Services Tax is Important
Goods and Services Tax has been in action since 1st July 2017 in the constitutional government of India. The law has been introduced in India to subsume all the other laws under a single indirect law for the entire country.
Goods and Services Tax is multi-staged and is destination-based. Here the tax amount is added to the product on every stage. Most of the amount paid as tax can be later collected back as Input Tax Credit (ITC). With input tax collected back as ITC, more people will be willing to pay their taxes duly.
This leads to the people asking for bills with GST to later claim valuable ITC.
GST has brought a lot of advantages to both the economic development of India as well as to the benefit of businesses.
It has eradicated confusion among taxpayers while also taking out the cascading of taxes. Goods and Services Tax has also accompanied a very easy process for the registration of a business to get a dedicated GST number.
GST has taken out malpractice methods of tax evasion and has helped in regulating the small scale business culture in India.
Why do work contractors require a GST Registration?
As a work contractor, it is your job to hire people and purchase materials to complete a project in a state. This project may be from the central or the state government. It may also be from a private organization to complete a certain project.
These projects usually involve a lot of money, which can be in the range of crores or maybe lakhs. So getting an individual GST number may be helpful for your field of work.
You may need to buy a lot of materials to complete your project. You may also need to order for food and accommodation for your workers. Al this needs to be processed with the help of bills to later show for the way all the money was spent.
If you have a GST number in that state while buying all these materials and services, you can print an invoice raising GST claims. All this money will be paid to the government and you can later redeem it with the help of Input Tax Credit (ITC).
Without a proper GST number, you won’t be able to claim your ITC and will end up losing a lot of money from your budget. As a contractor, this means putting certain money away as losses that could have been avoided.
Therefore it is best to register with a GST registration in that state. Well, show you ways to get a GST registration in all 29 States of India.
Instaspaces: The best Virtual Office Service Provider
The best ways to get yourselves a GST registered DDress in all 29 states of India is through a virtual office service. One of the best virtual office service providers in India is the beautiful team of InstaSpaces. They go along way in providing excellent customer service.
To show that they are also the best, we’ve listed a sample of all their locations.
- Banjara hills
- HITEC City
- Bidhan Nagar
- Park Street
- Salt Lake
- Cyber City
- Udyog Vihar
- Golf Course Road
- Sohna Road
- MG Road
- MG Road
- HSR Layout
- Anna Nagar
- Santa Cruz
- Bandra-Kurla Complex
All of the locations are offered at very nominal costs. They also provide good documents that are useful for GST registration.
We hope this article was helpful and informative. If any have any more doubts, feel free to text our Instabuddies on site.
Happy office hunting…0 109