In a recent announcement by the government of India, it has simplified the process of GST registration along with electricity connection and name patent. According to the reports, the government had made some steps easy related to the business registration and other services for electricity.
The government has stared this facility for the states like Mumbai and will soon like to spread it across the nation. The registration will also help one to get electricity connection for the business.
Corporate Affairs ministry has also given exemption from any tax or fees on the authorized capital until 10 lakhs which means that the business does not have to pay for the incorporation.’
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While the ministry also claims that the registration process will be completed on the same day of receiving applications. Also, the businessman can register for a unique name for its business while incorporating for which the department will execute web-based service run (RUN).
The registration and incorporation will be done while all the other permits are also on the quick list. In the process of GST registration, the government will provide the number within 3 days. The businessman will only have to file GSTR 1 and GSTR 3B and the corporate tax is only 25 percent against the earlier 30 percent on the companies with turnover more than 250 crores.