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What is GST ?

GST (Goods and Services Tax) is the biggest indirect tax reform of India. GST is a single tax on the supply of goods and services.

It is a destination based tax. GST is one of the biggest indirect tax reforms in the country. GST is expected to bring together state economies and improve overall economic growth of the nation.

GST has subsumed taxes like Central Excise Law, Service Tax Law, VAT, Entry Tax, Octroi, etc.

Applicability of GST

  • If you are involved in any business except agriculture and your aggregate turnover is above ₹ 20 lakh in a financial year, then you are a taxable person under GST law.
  • Businesses operating in North Eastern and some other states need registration if their turnover exceeds Rs 10 lakh.
  • If you are an NRI doing business in India then it is mandatory for you to register under GST irrespective of the turnover of your business.

What is GSTIN?

The Goods and Service Tax Identification Number (GSTIN) is the unique number each taxpayer will receive once they have registered on the common portal. It is based on a taxpayer’s PAN. For more details, please read our article on GSTIN.

What are benefits of GST Registration?

A. For normal registered businesses:

1. Take input tax credit

2. Make interstate sales without restrictions

B. For Composition dealers:

1. Limited compliance

2. Less tax liability

3. High working capital

C. For businesses that voluntarily opt-in for GST registration (Below ₹ 20 lakhs)

1. Take input tax credit

2. Make interstate sales without restrictions

3. Register on e-commerce websites.

4. Have a competitive advantage compared to other businesses

Penalty for Late or complete
failure to take GST Registration

As per GST act, there is a direct penalty for failure to take GST registration in India and the same is levied even in case of late GST registration.

As per section122 of CGST act, any taxable person who fails to take GST registration though he is liable to be registered under the act, then the penalty of ₹10,000 or amount of tax evaded or any short tax liability whichever is higher.

Hence, if any person fails to take GST registration and the total tax liability after calculation comes to ₹2 lakh, then the penalty for failure to take GST registration shall be 2 lakh or ₹10,000 whichever is higher and hence, ₹2 lakh shall be levied.

Procedure to obtain GST Certificate

Fill Up Application

Make Online

Executive Will
Process Application

Receive Certificate
On Mail