All goods and services except petroleum products are subject to Goods and Service Tax (GST) registration at this time. Consolidated taxes, such as the Goods and Services Tax (GST), combine state and central indirect taxes. The entire country is now taxed in the same way. Until recently, it was taxed on everything from services to excise to VAT to entertainment to luxury.
Previously, all businesses and services were exempt from GST. Businesses with a turnover of up to Rs 40 lakh are now free from GST. The Composition Scheme allows businesses with a turnover up to Rs 1.5 crore to pay only 1% tax. The exemption limit for services is still 20 lakhs. Also, service providers with up to 50 lakhs in revenue can use the composition plan and pay only 6% tax.
Regulated entities are those whose annual sales exceed INR 40 lakh. If your annual sales are less than INR 40 lakh, you can register for GST to benefit from the Input Tax Credit. Also, anyone who transacts in interstate services or goods must register for GST. None of the above apply.
From August 21, 2020, a new method for registering for GST has been implemented and enabled, in which the Aadhaar card is mandatory. That means that applicants for GST registration would now have the option of either authenticating their Aadhaar or opting for physical verification. Because of Aadhaar authentication, the applicant will receive their GSTR-1 within three days.
Indilens is an illustrious business platform and a forward-thinking concept that provides end-to-end incorporation, compliance, advising, and management consulting services to clients in India and overseas. With Indilens, GST registration in India is simple, fast, and affordable! You can also connect with Egniol for a variety of other services, such as getting free GST Advisory, submitting GST Returns and TDS Returns, and getting your trademark registered, in addition to registering for Goods and Service Tax (GST).