If You’re A Small Business Owner Worried About GST, This Is For You.
As the title speaks, this article is for all those small business owners who are worried about their GST.
In the GST regime, businesses whose turnover is more than 40 lakhs in a financial year are mandatory to register as a normal taxable person. This limit is 20 lakhs for service providers. And for some businesses like e-commerce operators or aggregators, GST is mandatory irrespective of their turnover.
You must have a GSTIN in order to claim the input tax credit otherwise you won’t be able to reduce the tax you have already paid on input at the time of paying tax on output. This means you will be wasting the money which you could have saved.
But, for having GST registration you need few things as mentioned below:
- PAN and Aadhar of applicant and promoters of the company
- Bank Account Statement / Cancelled Cheque
- Letter of Authorization/Board Resolution for Authorized Signatory
- Proof of business registration or Incorporation certificate
- Address proof of the place of business
All the above things can be easily arranged and you can apply for GST registration. But many small business owners, startups, and online businesses work remotely, and they don’t have any commercial office address which they can use for getting registrations. And without an address, you can’t apply for GST registration. So, either, they have to use their residential address or, pay huge monthly rentals and other expenses for some commercial office.
But not everybody wants to use their home address for registrations and put it on several online places. And also, not everyone is financially strong at the initial stages of business to afford an office at any commercial location because having an office means paying huge monthly rentals along with other expenses.
But not to worry because you can use the Virtual Office address for all those purposes without spending huge costs.
What is Virtual Office?
Virtual Office is a modern-day office solution that solves all the purposes of a traditional commercial office. It is not your physical office yet you can get all the benefits of physical office space. You can choose any prime location and use that location as your official business address. Having a good prestigious location as your official address will surely help your business in gaining reputation and exposure.
Let’s look into the few advantages of a virtual office and how it can help you in getting GST registration.
Advantages of Virtual Office
- Premium Office Address
- Mail and Courier Support
- Reception Support
- Meeting Room Access / Office Access
- Dedicated Telephone Line
- Business Registration
- GST Registration
- Current Account Opening
As we can see, Virtual Office services are loaded with benefits with the help of which you can grow your business at a good pace.
How Virtual Office helps in getting GST Registration?
There are various purposes of using Virtual Office. Some use it just for communication purpose and other use it for registrations as well
Let’s say you need a GST registration and for the same, you want to use virtual office services. You will get into a contract with your virtual office provider. It is basically a rent agreement and it will be clearly mentioned in the contract that you can use this address for obtaining GST registration. Your provider will provide you a set of documents —
- Rent Agreement
- Latest Electricity Bill
The rent agreement includes all the terms and conditions about the services, pricing, amenities, usage policies, renewal terms, etc. It is a notarized registered agreement.
In the NOC (no objection certificate), it is mentioned that the owners of the property have no problem and allowing you to use this address for this specific purpose.
The latest Electricity Bill works as the address proof.
With the help of this set of documents, you can apply for GST registration and get it done smoothly.
Many vendors also provide consultancy services for GST registration with their virtual office package. Or you can appoint a CA for this and get it done.
So, this way you don’t have to use your home address or pay huge monthly expenses for getting GST registration. And not just GST registration, it comes with other useful benefits as stated above.
You can have a virtual office in multiple states for getting GST registration if your business requires it. Or you can use the communication services of virtual offices in multiple cities to make your presence and expand your business.
I hope, the above information is useful to you. Here, at FlexiSpaces, we have a team of professionals who are experts in their fields and we would be more than happy to assist you. Let us know for any kind of virtual office regarding queries at email@example.com or +917428669889.