Goods & Service Tax (GST)
GST on the basis of their annual turnover. Businesses with a turnover of fewer than 20 lakhs– in case of a supply of services – and 40 lakhs – in case of the supply of goods – can voluntarily register under GST. For business entities,
whose aggregate turnover crosses the above-specified threshold limit,
it is mandatory to register for GST.
Small dealers engaged in specific sectors can opt for a
Composition Scheme which can relieve them of certain tedious compliance’s.
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such as casual taxable persons, non-resident taxable persons, or businesses engaging in e-commerce are mandatory required to get a GST login irrespective of the threshold limit. Timely GST registration for individuals and new businesses can help gain credibility in the market as well benefiting in other ways, such as claiming input tax credits.