mylegaltax Goods and service Tax is destination-based consumption tax from manufacturer to consumer in same pattern and same rate. It has replaced many indirect taxes in Indian and the government has successfully achieved “One Nation One Tax” Agenda.
GST was introduced in India from July 2017. If the turnover is exceeding 40 lakh rupees in a financial year (10 lakh for north eastern Hill stated) as per the amendment from 1st April 2019. It is compulsory for getting GST Registration.
GST Registration can be done on following basis: –
· Previous law converted tax payer: – If any individual or a company is registered under previous tax law like VAT, service tax etc then it is compulsory to get registered and get a new GST Registration.
· Non-Resident Indian (NRI): – A non- resident person or a person who is handling business of NRI in India then it’s compulsory to get New GST Registration.
· On the basis of Turnover: -. If the turnover is exceeding 40 lakh rupees in a financial year (10 lakh for north eastern Hill stated) as per the amendment from 1st April 2019. It is compulsory for getting GST Registration.
· Reverse charge Mechanism (RCM): -If an individual or company fall under the category of RCM then it is required for GST Registration
· E-commerce sellers: – If an individual is selling online through flip kart amazon etc then it is required to get GST registration
· E-commerce Aggregator portal: – If anybody want to start own E-commerce business then for E-commerce Registration GST Registration is required.