GST Registration and PAN Card mandatory for Udyam Registration

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As we know, Permanent Account Number (PAN) and GST are some of the most important things for any business. The central government has announced some important updates for udyam registration. In this article, we will GST discuss, Registration and PAN Card mandatory for Udyam Registration.

New Update on MSME Registration

GST Registration and PAN Card mandatory for Udyam Registration is a new update for every entrepreneur who wishes to have Udyam or MSME Registration and reap its benefits. Moreover, the government will cancel MSME Registration for those who do not have PAN Card and GST Registration for their business.

GST Registration and PAN Card mandatory for Udyam Registration

As per the government’s new rules, New businesses must re-register GST Registration and Permanent Account Number PAN Registration to receive all the benefits provided by the Government of India or the Banks and other systems of MSMEs.

Thus, if entering Udyam registration and making use of all the MSME benefits businesses that currently do not have GST would need to register for GST even if they don’t fall within the Minimum Revenue Bracket for gst, namely Rs. 20 Lac for services and Rs. 40 Lacs for production business.

Know About Udyam or MSME Registration

MSME Registration is mandatory if one wishes to receive benefits from the national or state governments and the banking sector. The Ministry of Micro, Small, and Medium Enterprises supervises it under MSME Act 2006 in India.

Udyam Registration provides several benefits. For instance, the low-Interest rate on loans, faster loans, Credit Support Schemes, the low registration fee for Trademark Registration, etc.

Know About GST Registration

As the name suggests, The Goods and Services Tax (GST) is a tax imposed on the supply of goods and services.

The main goal of this tax structure is to manage the cascading effects of other indirect taxes. The other indirect taxes include service tax, excise duty, VAT, and others. It came into effect in July 2017 and is currently applicable in the Indian taxation system.

Benefits of GST Registration and Pan Card

In India, GST has various advantages and all of them help both the average person and the Indian Government. This list is extensive but some of the key advantages of GST are shown.

  • Need to file a single quarterly return.
  • Limited compliances.
  • Less tax liability.
  • Only business units registered under GST can avail credit of tax paid at the time of purchase while filing GST returns.
  • We get to see more transparency in business.

Govt considering support measures for the MSME

Moreover, If you want any other guidance concerning GST Registration and Udyam Registration, please feel free to talk to our business advisors at 8881-069-069.

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