Q.1 What is GST Registration?
Q.2 Types of GST Registration.
1. GST
Registration is the application for GST Number or GSTIN (GST Identification
Number). Under the GST(Goods and Service Tax) Regime, it is mandatory for to
have GSTIN to collect, pay GST and claim the Input Tax credit.
2. There are four types of GST:-
(a) Compulsory Registration: Under
certain scenarios, the businesses have to get registration under GST.
Generally, the GST registration is compulsory only if the aggregate
turnover of a business exceeds the threshold of Rs.40 lac for goods
(Rs.20 lac for special category states) or Rs.20 lac for services (Rs.10 lac for special category states) during the financial year. However, in certain
cases, mandatory registration is required even if the turnover is less than the
prescribed threshold limit.
(b) Voluntary Registration: The
business does not have the liability to register under GST, however, can apply
for GST Registration. This usually is when the businesses are willing to take
advantage of the Input Tax Credit facility.
(c) Registration under composition scheme: Composition
scheme is a voluntary and optional scheme for registering under GST. Under the
composition scheme, the compliance is simpler and lesser returns are to be
filed. The tax is to be filed at a fixed rate. If the business turnover is Rs.1.5
Crores, they can opt for GST Registration under Composition Scheme.
(d) No Registration: In
the case, when your business does not fall under the conditions for compulsory
registration you do not require GST Registration.
For more information on this visit www.taxaj.com
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