Overview on GST Registration
Having its roots from July 1 2017, the Goods & Services Tax (GST) applies to all Indian service providers, traders, manufacturers, and so on. The main aim behind adding the GST or the Goods and Services Tax is to ensure that the product is charged on all the 3 stages, right from raw material manufacturing to the end process of selling to the consumer. Hence, all the 3 stages that are involved in the process are being covered under GST, ensuring that everyone pays a fair share of tax irrespective of their role in the supply chain.
GST although an important step by the government, has become a mandatory type of tax for almost all the businesses (turnover exceeding Rs. 40 lakhs). Certain businesses that fail to acquire the GST or carries on their business operations without registering under GST are said to commit an offence and are liable to pay penalties. Hence, it is a crucial step that needs to be done by every business.