Goods and Service Tax Registration
Currently, all goods and services, excluding petroleum products, require registration for Goods and Service Tax (GST). The Goods and Services Tax (GST) is a combined tax that includes both state and central indirect taxes. This tax system has been implemented throughout the entire country, consolidating previous taxes on services, excise, VAT, entertainment, and luxury.
Before, all businesses and services were not subject to GST. Now, businesses with a turnover of up to Rs 40 lakh are exempt from GST. The Composition Scheme enables businesses with a turnover of up to Rs 1.5 crore to pay only 1% tax. The exemption limit for services remains at 20 lakhs. Additionally, service providers earning up to 50 lakhs in revenue can utilize the composition plan and pay only 6% tax.
If your annual sales exceed INR 40 lakh, you fall under the category of regulated entities. However, if your annual sales are less than INR 40 lakh, you can still register for GST to avail the Input Tax Credit. It is mandatory for those involved in the interstate trade of goods or services to register for GST. If none of the above apply to you, then you are not required to register for GST.
Goods and Service Tax Registration
As of August 21, 2020, a new method for registering for GST has been put in place, which requires the use of an Aadhaar card. This means that individuals applying for GST registration can now choose between using their Aadhaar for authentication or undergoing physical verification. By choosing Aadhaar authentication, applicants can receive their GSTR-1 within three days.
Udyami Mart is a renowned business platform that offers a range of services, including end-to-end incorporation, compliance, advising, and management consulting services to clients in India and abroad. With Udyami Mart, you can easily register for GST in India at an affordable price and in a quick and hassle-free manner. Additionally, you can avail yourself of other services such as free GST advisory, submission of GST and TDS returns, and trademark registration. Udyami Mart is your one-stop solution for all your Goods and Service Tax (GST) needs.