It is the most popular legal structure option for business.
GST is the biggest Tax reform in India, tremendously improving ease of doing business and increasing the taxpayer base in India by bringing in millions of small businesses in India.
By abolishing and subsuming multiple taxes into a single system, tax complexities would be reduced while tax base is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST.
Entities without GST registration would not be allowed to collect GST from a customer or claim input tax credit of GST paid or could be penalized. Further, registration under GST is mandatory once an entity crosses the minimum threshold turnover of starts a new business that is expected to cross the prescribed turnover.
Every supplier shall be liable to registered under the Act in the state from which he makes a taxable supply of Goods or Services or both. Registration is required if his aggregate turnover in a financial year exceeds Rupees Twenty Lakhs. This threshold limit will be Rupees Ten Lakhs if a taxable person conduct his business in any of the special category states as specified in sub- clause (g) of clause (4) of Article 279A of the Constitution i.e Arunachal Pradesh, Assam, Jammu and Kashmir, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, Tripura, Himachal Pradesh and Uttarakhand. The Entities required to register for GST as per regulations must file for GST application within 30 days from the date on which the entity became liable for registration under GST.
Excelic Corporate Services is the leading business services platform in India, offering a variety of services like GST return filing, private company Annual filings, private limited company registration, One Person company registration LLP registration, trademark registration and more.
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