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.
NBFCs will have to go through the registration process under the Act. NBFC's financial services are under its wing. The financial services that NBFCs provide are asset financing, acquisition of shares, bonds, debentures, securities and stocks, lending as well as advances and investments in various commercial securities. The NBFC is not only limited to the points mentioned earlier, but also extends to providing credit facility and working capital loans.... Continue Reading