GST Registrations
GST Registration is mandatory for all goods and services except Petroleum products in India. This tax consolidates State and Central Indirect taxes into a unified system, replacing several previous taxes like service tax, excise, VAT, entertainment tax, luxury tax, octroi, CST, etc.
The registration process is entirely online, requiring no physical submissions or manual intervention, making it straightforward.
Previously, the GST exemption limit was Rs 20 lakhs for all businesses and services. However, following recent amendments, businesses with an annual turnover of up to Rs 40 lakhs are now exempt from GST. Moreover, those with turnovers up to Rs 1.5 crores can opt for the Composition Scheme, paying only 1% tax. For services, the exemption limit remains at Rs 20 lakhs, with service providers having a turnover up to 50 lakhs eligible to opt for the Composition Scheme, paying only 6% tax.
Aadhaar Card is mandatory to get GST registration:
A new system for GST registration has been implemented since August 21, 2020, where having an Aadhaar card is now a requirement. Applicants now have the choice to authenticate their Aadhaar for GST registration or opt for physical verification. Opting for Aadhaar authentication means the applicant can obtain their GST registration within three days. This change applies to deeplabourlaw and all other applicants seeking GST registration.
The importance and benefits of GST registration include:
- Deeplabourlaw will be officially acknowledged as a supplier of goods or services.
- Deeplabourlaw will have the legal authority to levy tax on their customers and pass on the credit of taxes paid on the goods or services provided to the buyers/recipients.
- Deeplabourlaw can claim input tax credit for taxes paid on their purchases/procurements and use it to settle taxes owed on the supply of goods or services.
- The seamless transfer of input tax credit from suppliers to recipients is facilitated on a national scale.
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