Goods & Services Tax (GST) registration is required by all businesses and corporations that are involved in the buying and selling and good or services such as Indian service providers (including freelancers), suppliers, traders, manufacturers wholesalers and retailers. Businesses that have a turnover exceeding Rs. 40 lakhs* (Rs 10 lakhs for NorthEast & Hill states) are required to register as a traditional taxable entity. GSTIN, a unique identification number is issued along with the GST certificate.
GST stands for Goods and Services Tax(an indirect tax in India). It is applicable on Product supply and service providing.
Goods & Services Tax (GST) registration is required by all businesses and corporations that are involved in the buying and selling and good or services and have turnover above the GST threshold limit.
It is the exemption limit for businesses with less turnover. The business whose turnover below this limit can take exemption from GST. It stands at supply turnover of RS 40 Lacs dor businesses in all Indian States except Hilly Areas and the North-East.
No, GST threshold limit is not applicable on all businesses. Any business that conducts trade inter state is required to get GST registration regardless of their turnover.
GST Return must be filed by all business owners thar are registered in the GST regime. It is a document that will contain all the details regarding sale, purchase, tax collection on sale, tax paid on purchase and resulting your tax liabilty. It varies according to the nature and transactions of the business.