What is GST and GST Slab Rates in India
Updated: Jan 26, 2022
What is GST registration?
The process by which a taxpayer gets registered under Goods and Service Tax (GST) is GST registration. Once the registration process has been completed, the Goods and Service Tax Identification Number (GSTIN) is provided.
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.
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.
We will be glad to answer all your query as well as estimate any compliances, filing, registrations.
Contact details
Email - id: Info.taxexpressindia@gmail.com
Give a call: (+91) 8532 9518 87