India is a developing country endowed with vast reserves of natural resources and human resources. This opulence is a suitable inclusion for those business people who want to grow their business, said Advocate Manoj Yadava. He told that this is the reason why the whole world today sees India as a suitable place for business in the present times. But before starting a business in India, a non-resident needs to fulfill certain requirements, which include defining the business plan, completing documents, and applying to the relevant authorities.
Tax advocate Manoj Yadava said that in the year 2017 a major change was made in the Indian indirect taxation system and GST was introduced. With the introduction of GST, the government has simplified the indirect taxation regime and removed many of the problems present in the earlier tax system. One of the major changes was to bring various taxes and duties like taxes and excise duty, service tax, VAT etc under a single rule, which was named as GST. The main motive behind the change in the indirect tax system in the country was to bring more number of taxpayers in the indirect tax category. Even though non-resident and foreign companies were no different. Even today we are discussing the process and documents for GST registration and compliance for foreigners and non-residents as well as GST. Tax advocate Manoj Yadava pointed out that the non-resident taxpayer needs to apply for GST registration in Form-GST REG-09 under section 24 of the Central Goods and Services Tax Act 2017 within 5 days of commencement of business, but the composition dealer The scheme cannot be applied for.
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The mandatory documents for this process are like
Proof of Identity (passport with visa details), principal place of business, certificate of establishment of the company (country where the company is registered) details of issue of license issued by other country,
Authorized representative in the country with sanction letter issued by Government of India, bank account proof and valid PAN holder on behalf of foreign company or individual in India.
In addition, the non-resident taxable person will have to hand over the tax identification number or unique number on the basis of which the company has been identified by the government of the country. Non-resident taxable people are required to register with the Goods and Services Tax. The application forms are available on the official website of GST, they can be easily filled by yourself or with the help of a professional.
After filling Form GST-REG-09, Application Reference Number (ARN) will be generated. With this ARN, the tax assessee should clear the required tax liability and pay the same in advance for the valid period.
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Benefits of GST registration for foreigners like
A non-resident person has a well-organized and determined tax liability. The number of compliances is less as compared to the old indirect taxation system in India. Easy and simple online process. There has been considerable improvement in the efficiency of the business sector.
However, foreign businessmen make mistakes by ignoring mandatory tax clearances despite the fact that the procedures are now much simpler and more convenient. Now the small professional/expert consultancy can work for all their approvals, which can ultimately help in smooth running of their business.
So, all the foreign businessmen should take full care of the fact that doing business in India is easy but at the same time it is equally important to fulfill all the rules on time. If they complete everything on time, they cannot face any problem in growing their business. While starting a business in a western country requires strict rules to be followed, now all the procedures related to business in India have become very easy and clear.
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first published:May 26, 2022, 1:39 pm