Should I registered GST for my Company

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Choose Our Experts To Register GST For Your Company

Register GST For Company: GST is a broad based consumer tax that is levied on the import of goods (collected by Bangladesh Customs), as well as on the supply of almost all goods and services in Bangladesh. The only discount for the sale and lease of residential property and the provision of most financial services. Product export and international service zero-rated. In some countries GST is known as value added tax (VAT).
It is mandatory for businesses to come forward for registration in GST when their turnover exceeds Rs 3 lakh per annum. Businesses that do not exceed turnover can voluntarily register for GST.
After registration, businesses must charge GST at the existing rate. This GST which they take and collect is known as output tax, which has to be paid to NBR. GST is known as business purchase and cost (including import of goods) input tax. Businesses can claim input tax if the conditions for claiming are met. This credit mechanism ensures that only value addition is made at each stage of the supply chain.
For a GST-registered business, a GST return has to be submitted to the NBR at the end of each prescribed accounting period (usually on a quarterly basis). The business will report its output tax and input tax for that prescribed accounting period in the GST return. The difference between output tax and input tax is that net GST is payable or refundable from NBR.
If you are not a GST-registered business, you cannot claim GST on your purchases. However, you do not have to charge your customer GST.
Should I registered GST for my Company in Bangladesh

Our Register GST For Company Solution Makes It Easier

You should consider the following before you Register GST For Company
GST-Registered Business Responsibilities-Once registered, you are a government GST collection agent. This means that there are some responsibilities that you have to fulfill. Adhering to these responsibilities can increase your administrative costs.
2) Profile of your suppliers
3) Profile of your customers
4) The type of sales you make
5) Decide your pricing after GST registration

Our Assistances For VAT Registration In Bangladesh

Every business needs to have a unique Business Identification Number(BIN) to operate in Bangladesh. To get a BIN, the company must obtain a VAT registration certificate first. A business identification number is a basic necessary document to conduct any kind of business operation ranging from participation in tender, banking activities, and export and import. VAT in Bangladesh, is regulated by the customs, VAT and Excise department of National Revenue Board.  

For registering a business for VAT an owner needs to have some documents. The list of the needed documents is given below:

  1. Trade license
  2. TIN Certificate
  3. Import Registration certificate/export registration Certificate
  4. List of all sales shops; Sales centers, full address, equipment, machinery, fittings, product features and amendment of the products manufactured.
  5. List of invoice and stored product
  6. Passport sized photos
  7. Deed of Agreement
  8. Bank solvency certificate
  9. BIDA registration
  10. Memorandum of Association (MOA) and Articles of Association

VAT registration eased up with NetworkBD

NetworkBD Taxation services allow the business owners in Bangladesh to have an easy way out to register for VAT or register GST for company in Bangladesh. By arranging all the documents in an appropriate way, sorting them out and advising an owner about the complicated tax system existing in Bangladesh. We make sure that our clients do not have any confusion about the whole process. We offer a wide range of services, one of which is registering companies for VAT in a compromising cost for our clients. 

FAQ For Register GST For Company

Should a company register for GST?

Regardless of your GST turnover when you provide taxi or limousine trips for passengers (including ride-sourcing) – this applies to both the owner driver and if you hire or hire a taxi. If you want to claim fuel tax credit for your business or enterprise.

What are the disadvantages of GST?

Disadvantages of Register GST For Company in Bangladesh: The increased cost of purchasing software that can assist in the GST filing process leads to higher operating costs for many businesses. In the financial sector, GST transaction fees have become more expensive by increasing from 15% to 18%.

What are the benefits of GST registration?

Benefits of Register GST For Company eliminates the cascading effect of taxes. 1. High threshold for registration. 2. Composition scheme for small business. 3. Simple and easy online procedure. 4. The number of consent is low. 5. Defined treatment for e-commerce operators. 6. Improve logistics skills. 7. The unorganized sector is regulated under GST.

Can I run a business without registration?

It is completely legal to act as sole proprietor without registering your company. You may not legally use a business name unless you have registered it as a formally recognized business entity with both your local state authority and the NBR.

Register GST For Company & Safeguard Your Property

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