Goods and Service Tax (GST) is an indirect tax charged on the delivery of goods and services. For the entire country, it is one indirect tax. By abolishing and subsuming multiple taxes into a single system, tax complexities have been reduced while the tax base has increased substantially. All entities whether engaged in manufacturing, trading or providing services are required to get registered under GST mandatorily on fulfilling the turnover threshold.
GST Registration can be obtained voluntarily as well to claim various benefits viz. Improve the credibility of the business, claim Input Tax Credits (ITC), and many more. Without a GST registration, no entity is permitted to take GST from a customer or ask for an input tax credit of paid GST. GST is a PAN based registration. The total income is calculated depending on the PAN. Therefore, although a person may have several locations of business, it is calculated to reach the aggregate income.
Turnover Limit for GST Registration:
Normal Tax Payers
Special Category States
Special Category States: Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh, and Uttarakhand are categorized as special category states under GST. Irrespective of the income limit, it is mandatorily to acquire a GST registration for entities like non-resident taxable people, casual taxable people, or people supplying through eCommerce operators.
After GST Registration Compliances:
- Issuing invoice as per GST rules and regulations
- Depositing GST with the Government
- Filing of GST monthly returns
- Maintaining all records for 8 years
- Filing of annual return
- Getting GST Audit conducted on crossing the turnover threshold
GST Registration takes around 5-7working days.
For GST Registration in India, Myefilings is one of the most affordable service providers.