For every business that makes an annual turnover above Rs. 40 Lakhs, GST registration has been made mandatory by the government. All of the registered companies that are under central excise, VAT, or service tax need to register under GST by following the GST registration process. The registration process can be carried out online thereby making the entire procedure easy and simple for business owners. Let us look at the details of GST registration and how you can complete GST registration using an Aadhar card.
What is GST Registration?
The Goods and Service Tax (GST) has been considered to be one of the most important tax reforms in India. Earlier, there were multiple taxes that were charged to businesses. Some of them were the VAT, Service Tax, Central Excise, Octroi, Entry Tax, and many others. However, all of these taxes were replaced with the GST when it was introduced on the 1st of July during the year 2017. GST depends on the destination and follows a dual model. Under this model, both the central government and the state levy tax on all services and goods. All businesses should register for a GST number. It is also recommended to know if your business is liable for GSTIN to get your company registered for the same accordingly.
Who Should Register?
Every business whose annual turnover is more than Rs. 40 Lakhs has to definitely register for GST. In addition to such businesses, here is a list of other scenarios in …