Goods and Services Tax (GST) was introduced by the Government of India in 2017 to facilitate their mission of One nation, one tax, one market; The introduction of GST has led to the absorption of several Central and State taxes into one tax structure which offers complete and comprehensive set-off of input goods and services, as a result, reducing the cost of locally manufactured goods and services.
In GST Regime, businesses whose ANNUAL Turnover exceeds
INR 40 Lakhs, for the supply of goods, and
(Rs 20 lakhs for Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Tripura, Uttarakhand)
INR 20 lakhs, for the supply of services, are mandatorily required to be registered as a normal taxable person.
Who else is required to get GST registration done, even if Turnover based threshold limits have not been crossed?
Agents of a supplier & Input service distributor
Those paying tax under the reverse charge mechanism
A person who supplies via e-commerce aggregator
Every e-commerce aggregator
Any 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
How can SSI help, if you want to register yourself under the GST mechanism?
SSI uses a comprehensive approach to first help its clients in understanding the GST mechanism by:
Discussing applicability of GST on their respective business
Elaborating prescribed limit(s) for the statutory exemption
Identifying the rate of GST applicable to the products and services being sold
Listing out the intervals, mode, and manner for payment of GST and several other compliances that become applicable post-registration.
Read more About:- Online GST registration Services in India
