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GST Registration: What is it?
Businesses that generate more than Rs. 40 lakh, Rs. 20 lakh, or Rs. 10 lakh, as applicable, are required to register as regular taxable persons under the Goods and Services Tax (GST). According to CGST Section 10 of the Composition plan, the threshold turnover limit for a select group of professionals and small enterprises is Rs. 50 lakh and Rs. 1.5 crore, respectively. Regardless of their turnover, some firms must register their operations under the GST statute.
In each of these situations, the process of acquiring a GSTIN (GST Identification Number) is referred to as GST registration.
It is an offense under GST, and there would be severe consequences if the entity continues to operate without registering as required.
The advantages of registering for GST
A. For typical companies that are registered:
1. Utilize the input tax credit
2. Carry out interstate transactions without limitations
B. For traders of composition:
1. Limited adherence
2. Reduced tax obligation
3. Minimized effect on working capital
C. For companies that choose to voluntarily register for GST (below Rs. 40 lakhs*):
1. Use the credit for input taxes.
2. Carry out interstate transactions without limitations
3. Easily sign up for online and e-commerce platforms
4. Gain a competitive edge over competing companies
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