Definition of GST
Definition of GST Registration
By GST is meant Goods and Service Tax in which are subsumed all taxes for instance Service tax, Sales tax, Excise duty, etc. into all-inclusive GST. You need GST registration mainly if it happens that your turn over for year is more than twenty lakh.
In case your turn over is less than twenty lakh it is suggested you voluntarily go for GST registration for the reason: You cannot avail tax benefits that are there as you will not obtain the tax refunds, for example, you purchase goods costing Rs 100,000 during a year and tax is taken at the rate of 28%, normally you are sure to lose 28,000 of tax refund.
You can estimate your tax also online and get your GST registration online without any hassle. You are not entitled to sell goods outside the state you reside in. It will take you usually in between 2-6 days to get GST registration. You will be required to file the application in the concerned department and affix your signature on it with the digital signature you have. You can get GST registration done using legal Rasta in places like Delhi NCR, Bengaluru, Mumbai, Chennai and many more other cities of the country.
You know that GST online registration is PAN-based and also specific to the state. Any supplier is needed to register in all such states and union territories from where he performs trade or effects supplies in case he comes under any of the below-given conditions.
- If the person has collective turnover accrued from all over India that happens to be more than the threshold limit which is set at Rs twenty lakh and (Rs ten lakh in favor of North-eastern states).
- If you have GST registration online India with any indirect tax system that existed earlier- like excise laws, vat, service tax laws- that where irrespective any of the threshold parameters.
- In case you have set up branches inside multiple states or have got business of multiple type verticals inside one state. You can register your business by paying a small GST registration fees.
- Whether you make supply to any other states or want to set up a new business, you will need a new GST registration.
- You may have to pay a tax that comes within reverse charge if it turns out your supplier has got no GST registration, so it’s important to know how to get a GST number.
- Needed tax deduction at source or you can deduct tax at input service distributor.
- Agents who are attached to a supplier.
- Making supply of services and goods by way of e-commerce operator.
- It can be aggregator or e-commerce operator who makes services or goods that come with his brand name.
- In case it is database access and supplies online information or retrieval services anywhere outside India to anyone present in India, to a person not registered with the tax department. You can always opt GST apply online process and complete all the required documents.