Import Export Code Registration
GST Registration is mandatory for all goods and services in India except Petroleum products. This tax system consolidates State and Central Indirect taxes, creating a uniform tax structure nationwide. GST replaces previous taxes like service tax, excise, VAT, entertainment tax, luxury tax, octroi, CST, etc.
The GST registration process in India is entirely online, eliminating the need for manual intervention or physical paper submissions. It follows a straightforward procedure.
Previously, the GST exemption limit was Rs 20 lakhs for all businesses and services. However, with the latest amendment, businesses with an annual turnover of up to Rs 40 lakhs are now exempt from GST. Additionally, those with turnovers up to Rs 1.5 crores can opt for the Composition Scheme, paying only 1% tax. However, for services, the turnover exemption limit remains at 20 lakhs. Also, service providers with turnovers up to 50 lakhs can opt for the Composition Scheme, paying only 6% tax.
Aadhaar Card is mandatory to get GST registration
A new system for GST registration was launched on August 21, 2020, making it compulsory to have an Aadhaar card. Applicants seeking GST registration now have the option to choose between Aadhaar authentication or physical verification. Opting for Aadhaar authentication ensures that Deeplabourlaw receives their GST registration within three days.
The necessity and benefits of GST registration for Deeplabourlaw include
- Legal recognition as a provider of goods or services.
- Authorization to lawfully collect taxes from customers and transfer tax credits from goods or services sold to purchasers/recipients.
- Ability to claim input tax credits for taxes paid on purchases/procurements and utilize them to settle taxes due on goods or services provided.
- Smooth transfer of input tax credits from suppliers to recipients nationwide.
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