Who Are Eligible For GST Registration in India

Who Are Eligible For GST Registration in India


Any entity making taxable supplies must get registered under GST irrespective of whether the turnover is in the range of Rs 40 lakh or Rs 20 lakh (for special category states). A business can either apply for its GSTIN online through a dedicated portal or can seek professional help from an authorised chartered accountant or GST practitioner.

Once the application is submitted, a unique Application Reference Number (ARN) gets generated on the Good and Services Tax common portal. The ARN helps in tracking the application status like verified, awaiting for verification, validated against error etc. Once the application is found to be correct, a GSTIN gets allocated to the applicant. This unique 15-digit GSTIN serves as the taxpayer identification number of the business entity. The GSTIN must be displayed at all places of business including the primary place of business and any additional business locations.

A business with multiple units in a single state must register for GST separately for each unit if the turnover is expected to exceed the limit of Rs 1.5 crore or Rs 75 lakh (for North-East states). In case of an amalgamated or de-merged company, the surviving entity shall obtain its new GSTIN only after a formal merger or demerger is done.

Persons who wish to operate seasonal or occasional shops or stalls must opt for the GST composition scheme. This would mean a deposit of an advance of 3 months' tax liability for the period the stall or seasonal shop is operational. This is a great way to bring in accountability and transparency in these unorganized sectors of the economy.

 


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