Goods and Service Tax is a destination-based consumption tax from the manufacturer to consumer in the same pattern and at the same rate. It has replaced many indirect taxes in India and the government has successfully achieved the “One Nation One Tax” Agenda.
GST was introduced in India in July 2017. If the turnover exceeds 40 lakh rupees in a financial year (10 lakh for northeastern Hill stated) as per the amendment from 1st April 2019. It is compulsory to get GST Registration.
GST Registration can be done on the following basis: –
- Previous law converted taxpayer: – If any individual or a company is registered under previous tax law like VAT, service tax, etc then it is compulsory to get registered and get a new GST Registration.
- Non-Resident Indian (NRI): – A non-resident person or a person who is handling the business of NRI in India then it’s compulsory to get New GST Registration.
- On the basis of Turnover: -. If the turnover exceeds 40 lakh rupees in a financial year (10 lacks for northeastern Hill stated) as per the amendment from 1st April 2019. It is compulsory to get GST Registration.
- Reverse charge Mechanism (RCM): -If an individual or company falls under the category of RCM then it is required for GST Registration
- E-commerce sellers: – If an individual is selling o.
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