An Elaborate Guide on How MahaGST Functions

Since Mumbai is considered the financial capital of India, it comes as no surprise that the state of Maharashtra has a separate online portal to help its residents apply for GST online and get all the necessary information at their fingertips. Thus, you must have understood by now that the MahaGST online portal is dedicated to Maharashtra’s easy GST functions. Read ahead to know about the benefits of MahaGST and how it has been helping taxpayers in various ways.

The Goods and Services Tax was introduced in India on 1st July 2017. It was a historic move that aimed to improve the nation’s economic status. Since the GST was implemented, several other indirect taxes were removed. Earlier, the final consumer had to bear the brunt of multiple taxes at every stage of production. In order to improve every buyer’s purchase capacity, the Central Government decided to eradicate all the extra taxes that the buyer has to pay. While this decision has helped eCommerce sellers and logistic company owners the most, it has also worked wonders for small business owners, traders, inter-state dealers, and the general population of the country. All you need to do is register online for GST, and then you can avail of a plethora of benefits. 

What is MahaGST?

In simple terms, MahaGST is an online platform that focuses mainly on tax administration and GST registrations in Maharashtra. Additionally, it is like a pocket-size guide on GST rules and regulations and allows you to make online GST payments. With a swift calculating software, there is a complete guarantee of accurate GST calculations and fast payments. There are many functions that you can use on the MahaGST portal. Some of these benefits are the latest news on GST, forms for VAT, an informative FAQ section to answer your questions promptly, and tracking of the GSTIN. For those of you wondering, ‘GSTIN’ refers to the unique ‘GST Identification Number’ that you are given.

You can check the GST bill format in Excel too. 

How to Optimize the Use of MahaGST Services?

The first and most important service of the MahaGST portal is GST registration. 

Registering for GST has innumerable benefits for your business. While it will help you to establish a legally recognized organization, you can freely engage in all goods and service suppliers that are included in the GST scheme. Please note that electricity and petroleum products are not included in the GST taxing scheme. These are still regulated by individual states.

You can get Government recognition with timely online payment services. 

Since the MahaGST portal is an online platform, it allows you to make payments towards your GST taxes and file for returns online. When you engage in timely tax payment and return filing, there is a higher chance that the Government may take due notice of you. It is the perfect method to gain prominence from stakeholders. There are several benefits of being a responsible citizen of the country and contributing to its economic development. You can open innumerable business avenues for yourself. 

You can generate your GST number.

In short, the GST number is known as GSTIN. For those who do not know about it, the GSTIN is a 15-digit unique number that the Central Government assigns to your business and company. When you wish to make online GST payments, you need to use this number, and this helps the Government identify the payer. Please remember that you must keep your GSTIN carefully and confidentially. A lot of business owners in Maharashtra do not know that they can generate their GSTIN online. With the simple procedure of the MahaGST portal, you can easily apply for the same online. If you want to engage in inter-state transactions, then a GSTIN is mandatory for you. Additionally, you can avail input tax credit benefits too. 

Why is GSTIN Verification Important?

Now that you know a GSTIN is mandatory for all small and big business owners in India, you can easily understand that there have been innumerable cases in the past where people have tried to use fake GST numbers so that the Government cannot deduct taxes from them. Since the new GST rules have been implemented, the Central Government has taken control of the state government’s GST related affairs. Moreover, the Income Tax Department maintains a proper and strict record of all the taxpayers in the country. Any instance of faulty tax payments will put you in the spotlight and the Income Tax Department may question you on this. Thus, you must verify your GSTIN online at MahaGST’s website. 

What is the Penalty for Late Tax Payments?

In case you are unable to pay the GST tax timely, then please note that you will have to face major consequences. If the Government thinks that you have a valid reason for delayed payment of taxes, then you will have to pay a penalty of 10%. Thus, you will have to pay an additional 10% tax on the total amount that you should have paid earlier. However, this is not it. If the Government feels that you do not have a valid reason for the late payment of taxes, then you will have to pay a penalty of 100%.

You can log in to the MahaGST website and use all their facilities under the GST taxpayer’s tab. KhataBook has a personalized app for your smartphone that can help you to get all the information on GST and other tax systems.

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