GST REGISTRATION

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    What is GST?

    GST is a product of the biggest tax reform in India that has tremendously improved the ease of doing business and also increased the taxpayer base in India by including millions of small businesses under one uniform tax system. The tax complexities have reduced considerably due to the introduction of GST in India. As multiple tax systems are abolished and subsumed into a single, simple tax system under GST.

    The GST regime mandates that all the entities that are involved in buying or selling the goods or providing services or both are required to register and obtain the GSTIN.

    What is GSTIN?

    GSTIN is a unique 15 digit code that is allocated to every taxpayer that has valid GST registration in India. It is a unique code that is allocated to every taxpayer which is given based on the state and the PAN. GSTIN is mandatory for businesses when the annual turnover is exceeding Rs.20 lakh. If the business is carrying out a business e-commerce platform it is necessary to obtain the GSTIN.

    GST registration is mandatory once the entity is crossing a minimum threshold turnover or when the individual starts a new business that is expecting to cross the prescribed turnover.

    Who is eligible to obtain GST registration?

    Businesses are required to get a GST registration if they fall in the below categories.

    Aggregate turnover

    A service provider that is providing services valuing more than Rs.20 Lakhs aggregate in a year is needed to get GST Registration. Whereas an entity that is engaged exclusively in the supply of the goods whose aggregate turnover crosses Rs. 40 lakh is required to get GST registration mandatorily.