What is Goods & Service Tax (GST)?

GST is a form of indirect tax imposed on both goods and services as per the provisions of the goods and service Tax Act, 2017. It is a multi-stage, destination-based, comprehensive tax system. GST rates vary from 0 percent to 28 percent. You will have to pay CGST UTGST,or IGST based on the location of the supply of goods or services.

GST Registration Services

Types of GST Registration

There are two ways to register your business for GS

1 Regular Registration

Any supplier of goods or services can get registration under the regular scheme

2 Registration under Composition Scheme

Certain types of businesses whose turnover is below Rs. 1.5 Crore in regular Indian states and Rs.75 lakhs in special category states (as per present CBIC limits) can register under the composition scheme. With this scheme, you can enjoy the benefits of lower return filing requirements and GST payments. Keep in mind the explicit exclusions for the composition scheme for certain types of suppliers of goods and services.

Who needs to avail a GST Registration?

All business entities whose turnover in the preceding year exceeds the following thresholds need to avail of a GST registration:

• Entities located in regular Indian states: Turnover Rs. 40 Lakhs

• Entities located in special category states: Turnover Rs. 10 Lakhs

• (Special Category states include states of Himachal Pradesh, Uttarakhand, J&K, and North-East India)

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Compulsory Registration in Other Cases

Do remember that registration is mandatory even if your turnover is less than above thresholds, in the following cases:

• Individuals registered under various laws such as VAT and Service Tax in the pre-GST era

• Any non-resident taxable person as well as casual taxable person

• Persons liable as per the reverse charge mechanism

• Entities who supply goods or services through e-commerce aggregators

• All e-commerce aggregators

• Every input service distributor and suppliers’ agents

• Persons outside India who offer OIDAR (Online Information and Database Access or Retrieval) service to unregistered persons in India

• Entities attracting TDS/TCS provisions as per section 51 and 52 of CGST Act,2019

If you are liable for registration under the GST Act but fail to obtain one, you shall face penalties!