Is it compulsory to take registration under GST?

Is GST registration mandatory? Yes, you are required to obtain GST registration once your turnover exceeds the specified threshold limits.

What is the mandatory registration?

Mandatory Company Registration Hence, a business with any amount of turnover or capital can be operated as a Proprietorship or Partnership or Limited Liability Partnership or Private Limited Company. However, the Companies Act 2013, does require mandatory company registration for certain Partnerships.

What is required for GST registration?

The main documents for GST registration include a PAN card, proof of business registration, identity, photographs and address proof of persons in charge, the business’ address proof and bank account statements.

What is compulsory and voluntary registration under GST?

GST registration is only mandatory for the persons specified by the government. But if a person is willing to take the registration then he must follow all the compliance. So the voluntary registration is like a two-sided coin which has benefits along with some liabilities.

What is the minimum turnover required for GST registration?

Rs 20 lakhs
A business whose aggregate turnover in a financial year exceeds Rs 20 lakhs has to mandatorily register under Goods and Services Tax. This limit is set at Rs 10 lakhs for North Eastern and hilly states flagged as special category states.

Is it mandatory to pay GST?

TURNOVER BASIS You must collect and pay GST when your turnover in a financial year exceeds Rs. 20 lakhs. [Limit is Rs 10 lakhs for some special category states]. These limits apply for payment of GST.

Do I have to register for GST if I’m not a business?

If your business doesn’t fit into one of the above categories, you don’t have to register for GST. When do I need to register? If you haven’t registered for GST, and you become aware that your GST turnover will exceed the $75,000 per year threshold, you will have to register for GST within 21 days.

What is the process of GST registration?

GST Registration is a process by which a taxpayer gets himself registered under GST. Once a business is successfully registered, a unique registration number is assigned to them known as the Goods and Services Tax Identification Number (GSTIN). This is a 15-digit number assigned by the central government after the taxpayers obtain registration.

How can non-residents register for GST/HST?

Non-residents wanting to register for the GST/HST can fill out Form RC1, Request for a Business Number and Certain Program Accounts, and fax or mail it to your designated non-resident tax services office.

Is compulsory registration required for casual taxable person under GST?

As per section 24 of CGST Act 2017, a casual taxable person is required to obtain compulsory registration irrespective of the aggregate turnover in the previous year. However exemption has been given to person engaged in the supply of “Handicraft goods”.