GST Registration/Applicability

In case of supply of Goods:

In case of Supply of Goods, GST Registration is mandatory if annual turnover exceeds Rs.40 Lakhsin a Financial Year. (Rs 10 lakhs for NE and hill states)

In case of Service Provider:

In case of Service Provider, GST Registration is mandatory if annual turnover exceeds Rs.20 Lakhs in a Financial Year. (Rs 10 lakhs for NE and hill states)

GST Registration compulsory, even if turn over is less than specified limit for below person,

1. Person Making the Interstate (outside the state) supply of goods or services.
2. Every E-Commerce Operator
3. Supplier of Online Information
4. Businesses with turnover above the threshold limit of Rs. 40 Lakhs
5. Entities registered under Pre GST Law (Excise/ Service Tax/Vat)
6. Casual Taxable Person
7. Person who required to pay tax under reverse charge
8. Non Resident Taxable Person
9. Input Service Distributor

Benefits for registering under GST

For Regular Registered Business

• Take Input Tax Credit
• Make Interstate Sales without Restriction
• Better Compliance

For Voluntary Registration

• Legal Recognition of Business
• Avail Input Tax Credit
• Make interstate Sales
• Register on e-commerce website
• Competitive Advantage over other Business
• Build’s Trust among Stakeholders

Penalty:

• Non Payment of Tax: Penalty 10% of Tax Amount Subject to Minimum Rs. 10,000/- (Genuine Error)
• Wilful Defaulter: Penalty 100% of Tax Amount (Wilful defaulter)

Fees/ Payment

• Rs. 1200/- for GST Registration
• 100% Payment upon receipt of documents

Expected Time Required

• Once you opted M/s Legalway LLP for Goods And Services Tax (GST) Registration services, a GST Professional will be assigned to you for getting the GST Registration Certificate.
• Upon receipt of all Business Details/ Documents, It takes 2-6 working days for getting GST Registration.