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GST stands for Goods and Service tax and is the biggest tax reforms that merges all other taxes in to one single tax structure. Under GST Tax regime, all goods and services are now under a single law i.e. Goods and Service Tax Laws.
All the businesses dealing in goods whose turnover exceeds INR 40 Lakhs are required to be registered under GST whereas the businesses dealing in services whose turnover exceeds 20 lakhs are to be registered under GST. Irrespective of these conditions, any business can voluntarily register under GST.
GST Registration is completely an online process and between 2-5 working days.
WHO CAN REGISTER UNDER GST?
- Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax etc.)
- Casual taxable person / Non-Resident taxable person
- Those paying tax under the reverse charge mechanism
- Every e-commerce aggregator
- Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)
- Agents of a supplier & Input service distributor
- Person who supplies via e-commerce aggregator
- Person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person