GST Registration and Compliances

Every business or corporation that are involved in the buying and selling and good of services have to register for GST. It is mandatory for companies whose turnover is more than Rs.20 lakhs (for supply of services) and Rs. 40 lakhs ( for supply of goods) yearly to register for a GST.All businesses making interstate outward supplies of goods have to register for a GST too. The same applies to businesses making taxable supplies on behalf of other taxable persons, example Agents and Brokers.

 

Also, as per the recent notification, e-commerce sellers/aggregators need not register if total sales are less than Rs.20 lakhs.

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Goods & Service Tax (GST) is a consolidated tax, which essentially means that State and Central Indirect taxes have been merged. Entire country now operates under a uniform tax system. GST Registration Process in India is completely online. It requires no manual intervention or no physical paper submissions. A very simple procedure has been prescribed for GST Registration.

 

Moreover, you may also voluntarily opt for GST Registration in case you wish to avail the benefits of Input Tax Credit. Further, all persons who make interstate purchase or sales of services or goods have to apply for GST registration. Above limits do not apply to them.

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Need and Advantages of GST Registration :

 

• Improves the credibility of the sector because NPOs can account to a public office.

• Brings organizations into a formal system.

• Helps the sector to get organized.

• Helps in finding ways of getting benefits like tax exemptions and funding opportunities.

• Donations made by individuals to the nonprofit corporation may be tax-deductible

• Persons who wish to register voluntarily have many advantages. They can avail input tax credit. They can make interstate transactions without any restrictions. They may register on e-commerce websites and grow business. In all, they will have a competitive advantage over other un-registered businesses