Get Online GST Registration for your Business today.The Goods and Services Tax (GST) is a tax on goods and services consumed in India. GST is an indirect tax that has replaced many other indirect taxes in India, such as excise duty, VAT, and services tax. GST has been in force from 1st July, 2017 based on the Goods and Service Tax Act passed by the Indian Parliament on March 29, 2017. Enjoy hassle-free processing with Fincrat.
GST (Goods and Services Tax) is essentially an Indirect tax which has been implemented to replace numerous taxes in India. Online GST registration was passed in the Parliament on 29th March 2017 yet it became effective on 1st July 2017 in India. Under Goods And Services Tax (GST), businesses whose turnover exceeds the threshold limit of Rs.40 lakh or Rs.20 lakh or Rs.10 lakh as the case may be, must register as a normal taxable person. It is called GST registration.
For certain businesses, registration under GST is mandatory. If the organisation carries on business without registering under GST, it is an offence under GST and heavy penalties will apply. GST registration can be obtained on the GST portal. One must apply for GST registration in Form REG-01 on the GST portal.
In case of Company
In case of Partnership
In case of Sole Proprietorship
Listed are the benefits of GST registration:
An offender not paying tax or making short payments (genuine errors) has to pay a penalty of 10% of the tax amount due subject to a minimum of Rs.10,000.
The penalty will at 100% of the tax amount due when the offender has deliberately evaded paying taxes