WHAT IS GST REGISTRATION?
GST refers to Goods and Service Tax which subsumes all taxes including sales tax, carrier tax, Excise responsibility and so forth. GST registration is needed generally if your annual income is extra than Rs. 20 Lakh. Even if your sales are lesser than Rs. 20 Lakh, we recommend that you voluntarily choose GST registration
WHO NEEDS GST REGISTRATION ?
The registration in GST is PAN-based and nation precise. the dealer must sign in each such state or Union territory from where he affects supply if he fulfils any of the following conditions:
- Having an annual combination turnover from all-India operations that is above the edge restriction of Rs. 20 Lakhs (Rs. 10 Lakhs for the North-Eastern States).
- Currently registered under any of the earlier indirect tax regimes (VAT, Excise Laws, Service Tax Laws) irrespective of the threshold limit.
- Having branches in multiple states or multiple business verticals in one state.
- Making any supply to other states.
- Required to pay tax under Reverse Charge (In case your supplier is not registered under GST).
- Required to deduct tax at source or an Input Service Distributor.
- Agents of a supplier.
- Supplying goods or services through E-commerce Operator.
- E-commerce Operator / Aggregator who supplies goods or services under his brand name (e.g. Flipkart, Amazon, Ola).
- Supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person.
BENEFITS OF REGISTRATION UNDER GST
- GST eliminates the cascading effect of tax
- Higher threshold for registration
- Composition scheme for small businesses
- Simple and easy online procedure
- The number of compliances is lesser
- Defined treatment for E-commerce operators
- Improved efficiency of logistics
- Unorganized sector is regulated under GST