one of the initial stages in the registration process.
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According to GST rules, it is mandatory for a business that has a turnover of above Rs.40 lakh to register as a normal taxable entity. This is referred to as the GST registration process.
The turnover is Rs.10 lakh for businesses that are present in hill states and North-Eastern states. The GST registration process can be completed within 6 working days.
GST registration can be easily done on the online GST portal. Business owners can fill a form on the GST portal and submit the necessary documents for registration.
It is mandatory for certain businesses to complete the GST registration process. It is a criminal offense to carry out operations without registering for GST and heavy penalties are levied for non-registration.
Only business unit registered under GST can avail credit of tax paid at the time of purchase while filing GST returns.
Every GST registrant requires to file three monthly/quarterly returns and One annual return. Requires paying tax every month.