GST stand for Goods and Services Tax. This is an indirect tax which was rolled out on July 1, 2017. It is involved on the supply of goods and services across the country. It has brought a uniformity in the indirect tax structure by replacing all the indirect taxes that existed in the previously GST regime such as Excise duty, service tax,VAT , etc. In simply words that this is the concept of “One Nation One Tax.”
Once Registration of any business under the GST, The Law implies obtaining a unique number from the concerned tax authorities for the purpose of collecting tax on behalf of the government and to avail Input Tax Credit (ITC) for the taxes paid on the inward supplies.
Without registration, a person cannot collect tax from his customers neither claim any credit of tax paid by him.
Entities whose turnover exceeds of Rs.40 lakhs (supply of goods in normal state), Rs.20 lakhs (supply of goods/services in normal state), Rs.20 lakhs (supply of goods in specific state) or Rs.10 Lakhs (Supply of goods/services specific state) and above would be required to register their business under GST.
If the business became liable for registration under GST law, the eligible entities must file GST application within 30 days.
Business with turnover exceeds of Rs.40 lakhs and above would be required to register their business under GST (supply of goods in normal state), Rs.20 lakhs (supply of goods and services in Normal state) Rs.20 lakhs (supply of goods in specific state) or Rs.10 Lakhs (Supply in specific state).
Where in case of supply of goods or services from one state to another state (inter-state). For example, if a business in Delhi supplies goods to a business in Uttar Pradesh then GST registration is mandatory.
Every e-commerce business operator is supposed to get registered under GST.
The Business having service tax or VAT or central excise then GST registration is mandatory.
Business person who occasionally undertakes supply of goods or services and not having fixed place of business.