About GST Registration
Introducing Goods and Services Tax (GST) has been a big tax reform in India. And so much time has passed since its introduction that questions like “what is GST Registration” do not sound right. So here is a brief introduction
GST is the only tax that one has to get his/her business registered under.
If your business is not GST registered, heavy fines and penalties can be levied.
GST Registration allows you to collect GST from your customers.
So avoid going against the law, get your business registered for GST.
Previous Law Converted Taxpayer All individuals or companies registered under the Pre-GST tax laws like Service Tax or Excise or VAT, etc.
Turnover for Goods Provider If your sales or turnover of goods is crossing Rs. 40 lakh in a year then GST Registration is mandatory. For the Special Category States, the limit is Rs. 20 lakh in a year.
Reverse Charge Mechanism (RCM) Businesses who need to pay taxes under the RCM also need to be GST registered.
NRI Taxable Person If you are an NRI or handling the business of NRI in India.
Agents of Suppliers or Input Service Distributor (ISD) All supplier agents and ISD, to earn benefits of Input Tax Credit, need GST Registration.
Casual Taxpayer If you supply goods or services, in events/exhibitions, and not have a permanent place of doing business. In such cases, GST is charged on the basis of an estimated turnover of 90 days. The validity of the Registration is also 90 days.
Turnover for Service Provider If you are a service provider & sales or turnover is crossing Rs. 20 lakh in a year then GST Registration is mandatory. For the Special Category States, the limit is Rs. 10 lakh in a year