Goods and Services Tax Registration – podospheretechnologies.com

What is One percent Company Registration ?

Key Features

Requirements to OPC Registration

Documents Required

Advantages

DIsadvantages

What is Goods and Services Tax (GST) Registration ?

Goods and Services Tax (GST) is a comprehensive, multi-stage, destination-based tax levied on every value addition in India. It is applicable on the supply of goods and services and has replaced various indirect taxes such as VAT, service tax, and excise duty. GST registration is mandatory for businesses whose turnover exceeds a specified threshold, and it enables them to collect GST from customers and claim input tax credit.

Key Features of GST Registration

Comprehensive Tax System

GST integrates various indirect taxes into a single tax, simplifying the tax structure in India.

Dual Structure

GST is levied both by the Central Government (CGST) and the State Governments (SGST) on intra-state supplies, and by the Central Government.

Input Tax Credit (ITC)

Businesses can claim ITC on the GST paid on inputs, reducing the overall tax burden and preventing the cascading effect of taxes.

Threshold Limits

Registration under GST is mandatory for businesses with an aggregate turnover exceeding ₹40 lakh for goods and ₹20 lakh for services (these limits vary for certain states and businesses).

Composition Scheme

Small businesses with a turnover of up to ₹1.5 crore can opt for the Composition Scheme, which allows them to pay GST at a lower rate and with reduced compliance.