Who Are Eligible For GST Registration in India
The Government has introduced the Goods and Services Tax (GST) to simplify the entire taxation system of the country. Previously, multiple taxes were levied on various sectors of the economy which made it complicated for businesses to deal with. But now, everything has been streamlined to one single tax that has brought in more transparency and accountability. The tax calculation is simple with the help of a GST calculator that helps in finding out how much you need to pay for your goods or services.
As per the norms, a business that has a turnover of more than 40 lakh rupees in a financial year needs to register for GST. However, the threshold limit is 20 lakh rupees. In addition to this, you must also be registered if you make taxable supplies of goods or services in any special category state.
Once you've met the criteria mentioned above, you can apply for GST registration online on the official portal of the government. After you submit your application, an ARN will be generated which can be used to track the status of your application on the GSTportal. It will take around seven common working days for the concerned tax authorities to verify your documents and process your request. Once the verification is done, your GST number will be issued. You can use this number to file returns, claim refunds, and produce e-bills.
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