GST Registration @ Rs. 1999
Since its introduction on 1 July 2017, the Goods & Services Tax (GST) has been mandatory for all service providers, traders, manufacturers, and even freelancers in India. The GST mechanism operates throughout various stages of the supply chain. This includes acquiring raw materials, production, wholesale, retail, and the eventual sale to the end consumer.
Key Components of
Goods and Services Tax (GST)
The Goods and Services Tax (GST) in India is structured around three primary components:
- Central Goods and Services Tax (CGST)
- State Goods and Services Tax (SGST)
- Integrated Goods and Services Tax (IGST)
Who is Required to Register for
Goods and Services Tax (GST)
GST registration is essential for following person:
- Business Entities:Any enterprise with an aggregate annual turnover exceeding Rs. 40 lakhs. For special category states under GST, the threshold is Rs. 20 lakhs.
- Service Providers:Those with an aggregate annual turnover surpassing Rs. 20 lakhs. For special category states, this limit is Rs. 10 lakhs.
- Exemptions:It’s important to note that entities dealing exclusively in GST-exempted goods or services are not bound by these thresholds.
- Previously Registered Entities:Entities that were registered under older tax frameworks (like Excise, VAT, Service Tax, etc.) need to migrate and register under the GST regime.
- Inter-State Suppliers:Any entity or individual involved in the supply of goods across state boundaries.
- Casual Taxable Entities:Those who undertake taxable supply occasionally.
- Entities under Reverse Charge Mechanism:Businesses obligated to pay tax under the reverse charge.
- Input Service Distributors & Agents:Distributors of input services, including their representatives.
- E-Commerce Platforms:Operators or aggregators of e-commerce platforms
- Non-Resident Taxable Entities:Individuals or entities that are non-resident but engage in taxable supply within India.
- Supplier’s Agents:Representatives who supply on behalf of a principal supplier.
- E-Commerce Suppliers:Individuals or entities that offer goods or services through an e-commerce aggregator.
- Online Service Providers:Entities delivering online information, database access, or retrieval services from outside India to an individual in India, excluding those already registered under GST.
Advantages of
Goods and Services Tax (GST)
Registering for GST offers a range of benefits to businesses:
- Legal Compliance
- Input Tax Credit
- Inter-State Trade Ease
- Elimination of Cascading Effect
- Competitive Edge
- Access to Larger Markets
- Optimized Cash Flow
- Enhanced Credit Rating
- Legal Safeguard
- Simplified Compliance
- Transparent Operations