Agoraquesourica

Top Menu

  • Mail us

Main Menu

  • Auto
  • Business
  • Education
  • Finance
  • Health
  • Home
  • Law
  • Real Estate
  • Shopping
  • Technology
  • Travel
Sign in / Join

Login

Welcome! Login in to your account
Lost your password?

Lost Password

Back to login
  • Mail us

logo

Agoraquesourica

  • Auto
  • Business
  • Education
  • Finance
  • Health
  • Home
  • Law
  • Real Estate
  • Shopping
  • Technology
  • Travel
Finance
Home›Finance›What is GST registration

What is GST registration

By Theo Albert
November 15, 2019
3617
0
Share:

GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed in the Parliament on 29th March 2017. The Act came into effect on 1st July 2017. Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

In simple words, Goods and Service Tax (GST) is an indirect tax levied on the supply of goods and services. This law has replaced many indirect tax laws that previously existed in India.

GST is one indirect tax for the entire country. GST registration is mandatory for every taxpayer who falls under GST criteria.

Here in this article, let us understand what is GST registration in detail.

What is GST registration?

In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration.

For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.

Any supplier who carries on any business at any place in India & whose aggregate turnover exceeds Rs.20 lakhs in a financial year is liable to get himself registered and obtain GSTIN. However, the said limit is reduced to Rs 10 lakhs to the states specified in Article 279A (4)(g) of the constitution viz. Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand.

It is mandatory to obtain GSTIN in case of certain category of persons. The major categories are given below: 

  • Persons making any Inter-State taxable supply of Goods / Services
  • Persons who are required to pay tax under Reverse Charge Mechanism (RCM) or Persons who are required to deduct tax under GST (TDS)
  • Persons who supply goods and/or services on behalf of other registered taxable persons whether as an agent or otherwise
  • Input service distributor
  • Casual taxable persons or Non-resident taxable persons

Registration under Goods and Service Tax (GST) regime will confer advantages to the business: 

  • Legally recognized as a supplier of goods or services.
  • Proper accounting of taxes paid on the input goods or services which can be utilized for payment of GST due on supply of goods or services or both by the business.
  • Legally authorized to collect tax from his purchasers and pass on the credit of the taxes paid on the goods or services supplied to purchasers or recipients.

Here in this article, we have understood what is GST registration, it will surely be useful for you to grow your business. The next important step in managing your business is to open current account online. Once this is done you are all set to manage and maintain your business smoothly and successfully.

Previous Article

Facelift Toronto – What to expect and ...

Next Article

Here is the Buddhist Funeral Etiquette You ...

Share:

Related articles More from author

  • Finance

    How Important is Financing For Small Company

    April 16, 2018
    By Theo Albert
  • Finance

    рейтинг форекс брокеров (Rating Of Forex Brokers) – What To Look Out For And How To Choose The Best One?

    March 20, 2022
    By Theo Albert
  • Finance

    Strangle: The operation of this options strategy in Dubai

    January 18, 2023
    By Theo Albert
  • Finance

    Capital Loans and Commercial Finance Funding

    July 10, 2020
    By Theo Albert
  • Finance

    Strategies For Financing Your Personal Accounts

    May 21, 2018
    By Theo Albert
  • Finance

    A Foreign Exchange Overview: Currency Trading

    July 8, 2021
    By Theo Albert

Comments are closed.

  • Technology

    Iphone Repair: The Best Way To Find A Service Provider

  • Health

    Things to avoid for a peaceful sleep

  • News

    Does Performing Cam-Sex Earn More Money for You?

  • Recent

  • Popular

  • Comments

  • Strangle: The operation of this options strategy in Dubai

    By Theo Albert
    January 18, 2023
  • Online Slot Games – Justifying the Purpose of Slot Machines

    By Theo Albert
    December 29, 2022
  • Factors to Consider When Choosing a Bitcoin Casino to Play At

    By Theo Albert
    December 22, 2022
  • Winning Big at Online Casinos – A Comprehensive Guide

    By Theo Albert
    December 20, 2022
  • How to Keep Your Online Casino Winnings Safe

    By Theo Albert
    December 7, 2022
  • Strangle: The operation of this options strategy in Dubai

    By Theo Albert
    January 18, 2023
  • Strategies For Financing Your Personal Accounts

    By Theo Albert
    May 21, 2018
  • Comparing Your Vehicle Finance Loan

    By Theo Albert
    June 1, 2018
  • Natural Home Remedies and Yoga Could be a Supply of Natural Advice

    By Theo Albert
    June 6, 2018
  • 5 Great Fitness and well-being Tips

    By Theo Albert
    July 2, 2018

Recent Posts

  • Strangle: The operation of this options strategy in Dubai
  • Online Slot Games – Justifying the Purpose of Slot Machines
  • Factors to Consider When Choosing a Bitcoin Casino to Play At
  • Winning Big at Online Casinos – A Comprehensive Guide
  • How to Keep Your Online Casino Winnings Safe
  • A Beginner’s Guide to Online Casinos
  • How to Make Sure You Are Buying a High-Quality E-Liquid
  • Secrets to Becoming a Champion Sabong Player
  • Finance

    Strangle: The operation of this options strategy in Dubai

  • Gambling

    Online Slot Games – Justifying the Purpose of Slot Machines

  • Gambling

    Factors to Consider When Choosing a Bitcoin Casino to Play At

  • Gambling

    Winning Big at Online Casinos – A Comprehensive Guide

  • Gambling

    How to Keep Your Online Casino Winnings Safe

Archives

  • January 2023
  • December 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • Auto
  • Business
  • Education
  • Finance
  • Health
  • Home
  • Law
  • Real Estate
  • Shopping
  • Technology
  • Travel
Copyright © 2020 Agora Que Sou Rica. All Rights Reserved.