Goods and Services Tax (GST) is an indirect tax that was rolled out on July 1, 2017 by the government of India. It is imposed on the supply of goods and services over the country. It has put forward a regularity in the indirect tax structure by replacing all the indirect taxes that existed in the pre-GST regime such as VAT, service tax, Excise duty, etc.GST has consolidated the idea of “One nation One Tax.”
Every firm or company that is included in the buying and selling and goods of services have to register for GST. It is obligatory for companies whose turnover is more than Rs.20 lakhs on supply of services and Rs. 40 lakhs on supply of goods yearly to register for a GST Registration.
All businesses crafting autoroute external supplies of goods have to register for a GST. The same register to businesses making taxable supplies on behalf of other taxable persons, example Agents and Brokers.
Also, according to a recent update , e-commerce sellers need not register if total sales are less than Rs.20 lakhs.
GST registration can be easily performed on the online GST portal. Business owners fill a form on the GST portal and submit the necessary documents for GST registration. Business owners must complete the GST registration process. It is an illegal sin to carry out showing without registering for GST and heavy punishment is charged for non-registration.
The process by which a taxpayer gets registered under Goods and Service Tax is GST registration.When the GST registration process has been done, the Goods and Service Tax Identification Number (GSTIN) is offered. The 15-digit GSTIN is provided by the Central Government and helps to figure out whether a business is responsible to pay GST.
All the occupations supplying goods whose turnover transcend INR 40 lakh in a financial year are required to register as a normal taxable person. Still, the lower-limit is INR 10 lakh if you have a business in the north-eastern states, J&K, Himachal Pradesh, and Uttarakhand.
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