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Are you curious as to whether or not a single PAN card can be used for multiple GST registrations? You’ve found exactly the correct thing to read. In this article, BetterBooks will talk about situations in which a single PAN card can be utilised to register for two different GST registrations.
IMPORTANCE OF PAN CARD:
All people, businesses, partnerships, non-profits, and other entities must have a PAN card, as required by the Income Tax Act of 1961. The PAN card is used by the IT department to monitor all national financial activities.
Obtaining a PAN card online is advantageous for preparing IT returns and assists a business in receiving numerous payments and bills. Without a PAN card, you will not be able to take advantage of the government’s tax breaks and programmes and will be required to pay taxes at the highest rate allowed. It’s time to submit an online PAN card application if you don’t already have one.
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GST REGISTRATIONS AND PAN CARD
With the slogan “One Nation, One Tax,” the GST system went into effect. Direct and indirect taxes were intended to be combined under one heading. By its very nature, GST is an indirect tax, and it is connected to PAN, which is based on direct taxes.
If a person’s business is limited to only that state or UT, they typically only need one GST registration there. However, if he conducts business in two or more states or UTs, he must register for GST in each of those jurisdictions. For instance, if somebody is engaged in commerce and does business in both Delhi and Mumbai, he must submit applications for GST registration in both of these jurisdictions.
Two different GST numbers will be assigned to the same person in our previous scenario, in two different states. However, both will be connected to his PAN card, which is the same for both. This demonstrates that a PAN card can support two GST registrations. Multiple GST registrations are required in this situation. GST numbers and PAN cards can now be linked online.
The decision to complete two GST registrations with a single PAN card depends on personal preference. When a person runs numerous business verticals in the same state or UT, this happens. He can choose to establish separate GST registrations for each of these verticals in this situation, provided that he meets the requirements outlined in Section 25 (2) of the CGST Act.
Do you know about Business Verticals?
Continue reading and know how BetterBooks describes the term:
Section 2 (18) of the CGST Act, 2017 provides a thorough definition of the word “Business Vertical.” According to BetterBooks, It simply refers to a distinctively identifiable part of a business firm engaged in the provision of particular services or goods or related services or items. Additionally, the component is subject to potential rewards and dangers that are entirely distinct from those that apply to other company verticals.
CHECKPOINTS WHILE OBTAINING MULTIPLE GST REGISTRATIONS:
1. Your company should meet the above-mentioned business vertical requirements.
2. Additionally, you are not permitted to use the composition scheme against a specific company vertical if any of your other business verticals are no longer eligible to pay tax under the composition scheme.
3. Depending on how the CGST Act is written, you must either send tax invoices or pay tax (if required). or products between the registered company verticals you own.
How BetterBooks can help?
Your burden will be reduced by using BetterBooks for GST registration and GST return filing. You won’t have to remember the GST due date or worry about the complexities and subtleties of the GST registration process ever again. With the assistance of knowledgeable GST specialists like us, the challenges presented by GST can be effectively utilised. Make the correct decision today and add BetterBooks to your team!
For more such information, knowledge and full time GST Assistance, contact the best in town – thebetterbooks.in
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