Goods and Service Tax



GST registration

GST registration is an important step for the person starting a business in India. Taking GST registration can be a voluntary decision or a mandatory provision as per the GST law. There are provisions under which a person is liable to register his business under the GST law and no exemption is provided. Also, there are exemptions under which a person is not liable to take GST registration. The provisions and the person liable and not liable to take GST registration have been provided below and discussed in depth. With this detailed content, we will try to make it easy for you to decide whether you should take GST registration or not.
The Goods and services tax act has come into effect on 1st July 2017 and it incorporated various chapters related to GST returns, GST registration, Place of Provision of goods and services, Time of supply of goods and services and GST assessment proceedings. The chapters include provisions in relation to GST registration which contains the provision relating to exemption from GST registration, the person liable for GST registration and person not liable to take GST registration.
GST registration is completely an online process, where a person has to fill in the details of proprietor/partners/directors and detail of the place of business. After completing the form and uploading the mandatory documents, the application must be completed with Aadhar authentication. If all the filled details and attached documents are complete in all respect and the proper officer is satisfied with applicant’s details then GST registration number is allotted.

Benefits of GST registration

  • GST eliminate the cascading effect. This means a person who is registered under the GST law can take input tax credit of goods and services purchased from suppliers. So, the tax on tax is eliminated by taking GST registration.
  • Benefit of input tax credit (ITC) of inward supply of goods and services.
  • Loan from banks and financial institutions are easily available
  • Less compliance as compared to previous VAT law.
  • Easy and simple online GST returns filing procedure

Person liable to obtain GST registration

Section 22(1) of CGST act specifies that every person whose aggregate turnover in a financial year exceeds Rs. 20 lakhs is liable to get registered under the GST act. In special categories state turnover limit is Rs.10 lakhs. The limit of Rs.20 lakhs has been increased to Rs.40 lakhs where a person exclusively deals in goods. So, if you are dealing in service then limit of Rs.40 lakhs will not be available to you.
For Example: Mr. Adani deals in the supply of services in gurgaon. His total aggregate turnover is Rs. 38 lakhs during the current financial year. is he liable to obtain GST registration in gurgaon?
An exemption limit of Rs. 40 lakhs apply in case of a person dealing in goods. Mr Adani is dealing in supply of services. Hence, he is liable to register himself under the GST act.