Under the new tax regime of Goods and Services Tax, all persons involved in the supply of goods or services are required to obtain registration of GST. Those who are not registered under GST shall not be allowed to collect GST from customers or claim input tax credit (ITC) on inward supply. GST Council has prescribed 20 Lakhs of turnover to be the threshold limit for registration under GST. However, for northeastern states, it is 10 Lakhs. The registration must be applied within 30 days of reaching the threshold limit. For GST, the term Aggregate Turnover means all supplies made by the taxable person whether on his own or behalf of a principal. However, in case of registered job worker, the turnover of supplies under job work won't be included in his turnover. Registration is though online but is very tricky and should be done by professionals only.
For Specific Tax Payers, The Registration Under GST Is Mandatory Based On The Nature Of The Transaction Or The Turnover.
Turnover Based Registrationegistration Becomes Mandatory Based On A Specific Threshold Or Turnover Of Rs 10 Lakh, 20 Lakh Or 40 Lakh. Refer Below Table.
To Avail Input Tax CreditRegistration Is Must To Avail The Input Credit Of Gst On Purchase Of Goods Or Services Taken For The Business.
The Supply Of Goods By And Between Different States Is Not Permitted Without Gst Registration Number On Invoice.
Necessary For Import & ExportFor Doing Any Import Or Export, Gst Registration Is A Must. You May Avail 0% Gst Rate On Exports After Filing Lut.
Other Tax Payer CategoryIt Is Compulsory Irrespective Of The Turnover, For The Casual Taxable Person, In Case Of Rcm, Non-resident, Isd, Etc.
GST, or Goods and Services Tax, has been one of the biggest tax reforms this country has seen. It is a single tax with which those taxes that existed previously have been replaced. Such as Central Excise, VAT, Entry Tax, Octroi, Service Tax, etc.
GST was rolled out nationwide on July 1, 2017.
It is a destination-based tax.
And follows a dual model in which both the State and the Central government levy tax on goods and services.
All businesses are required to obtain a GST number for every state that specific business has been registered in. The first step under the GST regime is to know whether the business is liable to register and register accordingly.
With Us, GST registration is as simple as saying 1-2-3.
1. You fill the contact form
2. Mail the documents as required.
3. Sit-back. All forms will be filed by us.
4. Receive your GST number on e-mail.
That depends on a few factors. Such as the type of business, package you have chosen, etc. Call +91 999 999 9999 for all queries. You can also e-mail us at contact@domainname.com to know more.
Each category of business require documents according to its category. However, the basic documents required in each case are: ID-proof, Address proof, business registration proof, bank details, passport sized photographs, etc.
A supplier of goods, with an annual turnover of Rs. 40 lakh (Rs. 20 lakhs for special category States), must apply for GST registration. There are certain cases where the taxable person is liable to pay GST even though his turnover has not crossed this limit.
Those providing services must get GST registration, once their turnover crosses Rs.20 lakhs and in case of Special Category States at Rs 10 lakhs.