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Under the new tax regime of Goods and Services Tax, all persons involved in the supply of goods or services are required to obtain registration of GST. Those who are not registered under GST shall not be allowed to collect GST from customers or claim input tax credit (ITC) on inward supply. GST Council has prescribed the threshold limit for registration under GST. The registration must be applied within 30 days of reaching the threshold limit. For GST, the term Aggregate Turnover means all supplies made by the taxable person whether on his own or behalf of a principal. However, in case of registered job worker, the turnover of supplies under job work won’t be included in his turnover. Registration is though online but is very tricky and should be done by professionals only.
GST stands for goods and service tax. it is an indirect tax which has to be collected from customers when you sell your goods or services and required to be submitted to the government
It is mandatory to get GST registration under-
If your annual turnover exceeds INR 40 Lacs* or
If you are doing inter-state sales or
If you are selling products online through e-commerce portal or
If you are into the import or export business
If you want to raise a tax invoice for your customers
If business participating in exhibition/event outside the State as Casual Taxable Payer
*In case of North Eastern States, an annual turnover threshold limit is INR 20 Lakhs
Yes, you can voluntarily get Registered under GST even if your annual turnover does not exceed the threshold limit (40/20 Lacs).
Registering under GST not only helps you in getting your business recognized as a legal registrant but also help you avail various benefits like avail to raise GST Invoice, avail input tax credit, and much more.
A business needs to get more than one GST number if,
A business entity is supplying goods & services from multiple States, then he/she mandatorily required to register under GST in different States.
Further, any business entity can get multiple GSTIN even if they are operating from a single State under multiple verticals to avoid accounting complexity between multiple businesses.
Illustration XYZ Private Limited doing the business of selling merchandise and also doing the business of selling software from Bangalore only. Still, a company can apply for multiple GST numbers for their different business domain.
If you are supplying goods and services from one state to all over India. You do not need multiple GST Certificates.
Sure why not, you can start a business from your home. You just need to provide proof of your residential address for getting registered for GST.