Whether you are already running a small business or starting a new one, you should be fully aware of the laws, rules and regulations related to it. These regulations also include all kinds of taxes your business may have to take care of.
The introduction of the GST system in our country has significantly helped taxpayers and businesses get rid of the complicated state and central taxation system. As a small or medium-sized business owner, you might have mixed views on GST, but when you go through all its benefits, you will see how impactful it will be to your business.
In this blog, we will talk in detail about eligibility and documentation required for GST registration and, most importantly, how GST number check is helpful to small businesses. So, let us begin.
Eligibility for GST Registration
Businesses that belong to the manufacturing sector with a turnover of more than INR 40 lakhs requires to have GST registration. Moreover, for the service sector, including e-commerce, the said amount is over INR 20 lakhs. However, the north-eastern region is an exception, with a turnover of INR 10 lakhs.
Documents Required
- Passport-sized photos of the owner
- Identity proof such as an Aadhaar card, driver’s license, or passport.
- Company’s PAN card
- Certification of association for OPCs, LLPs, and private limited companies
- Bank statements, passbooks, or cancelled cheques
- Partnership, in case it is a partnership firm
Importance of GST Verification
With the advancement of technology, the nature of fraudulence has also been significantly increasing. So, if you do not bring checks like GST verification into practice, you welcome numerous fraudsters to bypass the procedure and cause tremendous losses to your business.
By indulging in the GST verification process, you can avoid such fraudsters in the initial stages. But first, let us look at why GST verification is important:
- To inspect the authenticity of the business for issuing the invoice.
- To dodge fraud and fake invoices.
- To avoid paying taxes against illegal or unethical GST numbers that do not exist.
- Sometimes, there can be a type error, and the taxpayer might have mismatched while filing ITS, so it is advisable to verify the GST number.
How is GST Number Check Helpful for Small Businesses?
There are multiple positive impacts of GST number checks on small businesses, and we are describing some major ones below:
- Helps in Availing Funds
Often, small, and medium-sized organizations do not get loans because financial institutions and other lenders have difficulty believing in their legitimacy. However, if you have your GSTIN, lenders can easily check your business’ authenticity with the help of a GST number check tool.
- Let us you Cross-Check Business Details
If you have a business’ GST number, you can undergo a GST number check to go through all the necessary details of that business, whether a dealer or supplier. Hence, when working with these dealers, you can ensure your credibility, and they can be sure about yours. This will ultimately lead to increased trust between you and your dealers.
Looking for a Credible GST Number Check Platform?
Razorpay’s GST number check tool instantly checks and validates the GST number with just one click. So, find out whether a business is authentic or not for free of cost only at Razorpay. Moreover, Razorpay also lets you access other vital details such as the date of registration, the business’s legal name, business type, and more.
Visit their website today to learn more!