Goods & Service Tax

Goods & Service Tax (GST) Registration


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Goods & Service Tax (GST) Registration

The implementation of the Goods and Service Tax has led to one of India’s greatest tax reforms of all time. GST is a comprehensive tax levied on the supply of goods and services that replaces all other indirect taxes such as central excise duty, state VAT, central sales tax, purchase tax, etc. So, whether you are a trader, manufacturer or a service provider, you need to register under GST to file returns.

Under the present GST regime, every individual or company that supplies goods and services has to register under Goods and Service Tax (GST). So, if you run a business with an annual turnover that exceeds the prescribed threshold then you will have to register with GSTN (Goods and Service Tax Network).

Once you have registered under this regime, you will receive a unique GSTIN (Goods and Service Tax Identification Number). The Central Government issues a state-wise, 15-digit number once you complete the registration. There are many advantages of GST registration including the fact that you will get a legal identity as a supplier. You can also avail input tax credit and collect GST from recipients of goods and services.

GSTIN is a unique number that is quoted on all invoices that are supplied to the input tax credit mechanism. It not only helps you to avail input tax credit, but also helps you in registering your business and improving your credibility in the industry. It is important for you to become a GST compliant and file GST returns on time. Once you register, you can also download the registration certificate from the GST portal.

If the organization liable to register under GST and carries on business without registering under GST, it will be an offence and penalties shall be levied.

Would you require support from our professional team on registering your business under GST? Get in touch with our expert for more details.

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