GST Registration
Goods and Services Tax
GST stands for Goods and Services Tax, which is an indirect tax levied on the supply of goods and services in India. It was introduced on July 1, 2017, replacing multiple indirect taxes such as excise duty, service tax, and value-added tax (VAT), among others. GST is a comprehensive tax that is charged on every value addition, from the manufacturer to the end consumer, and is divided into Central GST (CGST) and State GST (SGST).
Who is mandated to register for GST?
Under the GST Act, any person or entity who is engaged in the supply of goods or services in India and whose turnover exceeds the threshold limit is required to register for GST. The threshold limit varies based on the type of business and the state of operation. As of 2021, the threshold limit for GST registration for businesses engaged in the supply of goods is INR 40 lakhs (INR 20 lakhs for some special category states), while for businesses engaged in the supply of services, it is INR 20 lakhs.
However, certain categories of businesses are mandatorily required to register for GST, irrespective of their turnover. These include inter-state suppliers, e-commerce operators, and businesses engaged in the supply of certain specified goods and services. It’s important to note that registration for GST is mandatory and failure to do so can result in penalties and legal consequences.
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