GST Registration

GST Registration

The goods and services tax (GST) is a value-added tax levied on most goods and services sold for domestic consumption. It is a destination based tax on consumption of goods and services.

Who Should Register for GST?

Businesses having annual turnover more than Rs. 40 lacs (Goods) Rs 20 Lakhs (Services) Per Annum (Rs. 20 lacs and Rs 10 Lakh for North Eastern States)

If business is dealing in more than one state

If your business has previous registration under VAT, Excise Laws, Service Tax Laws

Selling your goods or services online (like selling on Amazon and Flipkart)

If you are providing services and goods outside India.

Benefits of GST Registration in India

1. Input tax credit and lower cost

Once the supplier of goods or services has obtained the registration under GST, he can take credit of the GST paid to the previous supplier concerning business activities. The decreased cost of inputs lowers the pricing of supplies. The registered GST supplier is also eligible to pass the ITC to the consumers.

2. Simplified and permanent registration

The online registration process is simplified with the assistance from LW experts. With the completion of registration process, the certificate is granted to the applicant stating the GST registration number, which is called GSTIN. The registration granted is permanent registration without any renewal requirement.

3. Legally recognized as Supplier

With compulsory or voluntary registration under GST, the supplier is eligible to collect the taxes legally. Further, the supplier can also pass on the credit. The voluntary registrant also gets equal status and responsibilities of taxpayer registered under the mandatory criteria. With the said registration, the registrant can also issue pakka invoice to the consumers.

4. Easy compliance requirements

Upon registration, every registrant is liable to fulfil compliance in the form of return filing in a periodical manner. These compliance requirements are simplified under the GST regime. It is also proposed to simplify the compliance through single return filing from multiple filings. A regular taxpayer would be awarded a higher GST Compliance rating as compared to others.