Cut Down Your Business Expansion Costs Using a Virtual Office
Most businesses today prefer low capital investment to maximize the return on investment. For the expansion of your business, a business needs to be registered with a GSTIN in that particular state, which again demands a capital investment for an address at which the business might have the Principle Place of business.
By subscribing to a virtual office service, businesses can reduce their property expenses by 75% and in some cases they can save upto 90%, of the cost of establishing a real office. The savings are a result of cutting costs on the property and equipment. A client can pick a secretary, a bookkeeper, an email sending framework, and a gathering room, among others from a menu of administrations relying upon the necessities.
Virtual Offices not only cut down the cost of capital investment but also offers the convenience of working from anywhere. Companies and especially startups are cherishing the idea as it not only saves the expense of leasing and running the workplace, but also saves travel and overhead costs. Businesses can put more attention on expanding when a virtual office handles administrative tasks such as phone calls, photocopying, and printing.
GST Registration compliances in each state
In the event that you are a service provider with activities in only one state, GST is amazing in light of the fact that without an excess of consistency trouble you get more input tax credit. However, in the event that your business offers services in more than one state, and has operations too then in that case the GST compliance works differently.
To provide more clarity, if a business just provides service in that state, it shall not require to register itself in that state. Registration is mandatory only if that business also provides operations in that state.
Cases where GST Registration is mandatory
As per section 24 of the CGST Act following are the cases where mandatorily registration under GST is required:
- Persons making any inter-State taxable supply.
- Casual taxable persons making taxable supply.
- People who are needed to pay charge under converse charge.
- A person who is required to pay tax under sub-section (5) of section 9.
- Non-resident taxable persons making taxable supplies.
- Persons who are required to deduct tax under section 51, whether or not separately registered under this Act.
- Persons who make taxable supply of goods or services or both on behalf of other taxable persons whether as an agent or otherwise.
- Input Service Distributor, whether or not separately registered under this Act.
- Persons who supply goods or services or both, other than supplies specified under sub-section (5) of section 9, through such electronic commerce operator who is required to collect tax at source under section 52.
- Every e-commerce operator.
- Each individual providing on the web data and information base access or recovery administrations from a spot outside India to an individual in India, other than an enlisted individual and
- Such different people or class of people may be notified by the Government on the proposals of the Council
In the above mentioned cases, GST registration is mandatory irrespective of the fact whether the aggregate turnover exceeds 20 lakhs or not.
- From the above realities, by and large, enlistment prerequisite emerges in the state from where Outward supplies are made and not in the state where supplies (INWARD SUPPLIES) are obtained.
- The State “from” where a taxable supply is made is a question of fact and that must be determined based on the requirement of law. In the case of services, the Location of Supplier of Services is defined in 2(71) of CGST Act but in the case of goods, the Location of Supplier of Goods is not defined. And this is not an oversight but deliberate. Services leave no trace as to what the area 'from' where they are provided and therefore, a definition is required. While products leave a trace, that is, the place where the merchandise are really 'from'. This can be seen from the definition of Place of Business 2(85) of CGST Act. Place of Business is where the business is ‘ordinarily carried on’ – this would be the location ‘from’ where taxable supplies are made, whether for goods or for services. Yet, on the off chance that this isn't (in the case of goods), this definition proceeds to incorporate 'place where the goods are stored'. Henceforth, the area of the provider of merchandise is the place where the business is usually continued or where the products themselves are found, if that were more exact.
- Further, the need to take registration depends on the way that "from where supply is made", we can say that the "place of business" or "location of supplier" is the spot from where a business is completed.
Virtual Office: Solution for GST Registration
You can register for a virtual office with a coworking space. Coworking spaces provide space by the seat and hence are able to provide you an address without actually leasing out a property. You can use the flexible seats at the space along with the virtual office service. Most common use cases for a virtual office are entrepreneurs who are setting up ventures in a city, online consumer brands / retailers who plan to keep stock in warehouses across the country.
If you fit the bill for any such business needs, you can get a virtual office in prime locations anywhere in the country for rents as low as INR 499/- per month
Need help with virtual office registration, visit: Virtual Office at myHQ or reach us out at firstname.lastname@example.org