Who needs a GST Registration? Follow

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 

GST registration is a PAN based registration that is done online. It takes around 3-6 working days within which a temporary number (TRN) is generated on time. GST registration is confirmed by the GSTIN (GST identification number) which is provided by the tax authorities to monitor tax payments and compliances of the registered person and it is a unique 15 digit number. 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.

• Individuals registered under the Pre-GST law (i.e., Excise, VAT, Service Tax, etc.)
• Businesses with turnover above the threshold limit of Rs. 40 Lakhs* (Rs. 10 Lakhs for North-Eastern States, J&K, Himachal Pradesh and Uttarakhand)
• Casual taxable person/ NRO Taxable person
• Agents of a supplier & Input service distributor
• Those paying tax under the RCM
• The person who supplies via e-commerce aggregator
• Every e-commerce aggregator
• The person supplying online information and database access or retrieval services from a place outside India to a person in India, other than a registered taxable person.

Yes, it makes sense as the turnover must be 40 lakh and it is 20 lakh in hilly or the northern area. There are several benefits as well of GST Registration.  The first benefit it GST registration allows to sell products offline as well as online stores.  When we take it then we get Legally recognized as per the supplier of goods or services.