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GST Registration (Regular)
All that you need to know about GST
(Goods and Service Tax)
Goods & Services
Tax Law in India is a comprehensive, multi-stage, destination-based tax that is
levied on every value addition.
Registration under GST is state
concern. As per Sec 22(1), every supplier shall be liable to be registered
under GST, in the State or Union territory, from where he makes taxable
supply of goods or services or both, if aggregate turnover in a F.Y exceeds 20
lakhs (Rs. 10 lakhs in case of special category states).Registration is
obtained at a place from where goods or services are supplying, although GST is
a ‘destination’ based tax. The location of Supplier is relevant for
registration.
Where in case of inter-state supply of
goods, registration is mandatory irrespective of threshold limit but in case of
inter-state supply of services, turnover determines the registration.
Components of GST
CGST is central Goods &
Services Tax Collected by the Central Government on an intra-state sale.
SGST is state Goods &
Services Tax Collected by the State Government on an intra-state sale.
IGST is Integrated Goods &
Services Tax Collected by the Central Government on an inter-state sale.
Benefits in GST
Registration
Removing cascading
effect
Online simplified
procedure for registration
Lesser Compliances
Composition scheme for
small business
Avail Input Credit on purchase of goods
or services and
Hassle-free movement of goods for
inter-state or import/export trade