GST, the Goods and Service Tax, is a registration process meant to generate government revenue. It’s an indirect tax levied filled by consumers for buying goods/services from different companies. In other words, businesses selling their products with an additional tax rate are registered under the GST policy.
All the businesses registered under GST receive a 15-digit Goods and Service Tax Identification Number (GSTIN). This is intended to determine the liability of a GST registered business. The central government now makes it easier for these entities to complete the GST registration process within 6 working days–a time frame previously unheard of!
Who Should Apply for New GST Registration?
The CGST Act 2017 of the central government provides plenty of information on which categories are applicable to pay GST. Here is an overview:
If you’re in the services-providing business and your aggregated turnover is more than Rs. 20 lakhs, it’s mandatory for you to apply for GST registration Online . On top of that, if your goods are valued at over Rs. 40 Lakhs, it becomes a compulsory step to take up this tax liability.
In India, a registered business entity must have GST registration to sell goods from one state to another. This is so that government can collect the tax efficiently, and tax evasion will not occur as often.
If you are an entrepreneur who operates your own E-commerce platform, it is essential to obtain GST registration in India. To start with a business on the internet, one must register under GST regardless of any turnover.
Normal Taxable Person
The GST registration is required for all seasonal vendors. Business owners in this category should not assume their initial state will be exempt from the requirement, as it does not matter what your turnover is.
Voluntary GST registration is a dream come true for entities that have it. The recent revisions to the rules allow them to surrender their voluntary status at any time, eliminating all of those pesky extra taxes you might not want!
You don’t have to go through the hassle of GST registration if you’re a cultivator or someone involved in agricultural products’ suppliance under reverse turnover.