GST Impact on Loan and GST impact on MSME’s
Business Loan will become more expensive for MSME’s due to GST. GST has increased service tax on business loan from 15%- 18%. n order to file taxes properly and carry on operations smoothly, it is necessary to follow the correct Registration Process under GST. Many businesses are dealing with the changing business scenario because of GST and SME’s are no different in this regard. These are the broad categories of entities that need to follow the Registration Process under GST: Persons with a valid PAN number. Business with a turnover more than 20 lakhs. Specified Persons who are carrying out taxable services. Basic Registration Process under GST: Fill Part A Form REG 01 Verify PAN on GST Portal Fill Part B of REG 01 In Case more details are required they are sent in REG 03. Send more details in REG 04. If details are fine, a registration is issued in REG 06. If there are any issues a cancellation is issued via REG 05.