Every business or corporation that is involved in the buying and selling and good services have to register for GST. It is mandatory for companies whose turnover is more than Rs.20 lakhs (for the supply of services) and Rs. 40 lakhs ( for the supply of goods) yearly to register for a GST.
All businesses making interstate outward supplies of goods have to register for a GST too. The same applies to businesses making taxable supplies on behalf of other taxable persons, for example, Agents, and Brokers.
Also, as per the recent notification, e-commerce sellers/aggregators need not register if total sales are less than Rs.20 lakhs.
A business enterprise which has 40 lakhs turnover per year needs to pay GST and 20 lakhs in North eastern states.
In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration. For certain businesses, registration under GST is mandatory.
It is expected that GST registration will be provided based on your PAN number. Another major advantage of GST implementation is that the same GST registration number can be used in all states across India.
Under the current VAT regimen governed by state governments, a VAT dealer must obtain VAT registration in each state, meeting additional costs and compliance formalities. According to Low, GST Registration is mandatory for every Business in India .
GST stands for Goods and Services Tax. Under the present GST regime, individuals or businesses whose turnover exceeds Rs.40 lakhs (Rs. 10 lakh for NE and hill states) it is necessary to apply for GST Registration. GST registration can be done easily with the help of FinacBooks experts.