Goods and Services Tax (GST) is a significant tax reform in India, aimed at unifying the indirect tax structure. GST registration is mandatory for businesses with a turnover exceeding the prescribed limit, as it enables them to collect tax on behalf of the government and avail input tax credits. By registering for GST, businesses can enhance their credibility and compliance standing in the market.
Timely filing of GST returns is crucial for businesses to avoid penalties and ensure compliance with the regulations set by the Goods and Services Tax Council. Delayed filings can result in hefty fines and interest on the tax amount due. Regular and accurate submission of GST returns also helps in maintaining a good tax compliance record, which is vital for the smooth functioning of a business.
Businesses: All businesses with a turnover exceeding the specified threshold must register for GST.
Online Sellers: E-commerce operators and sellers on e-commerce platforms are required to register and comply with GST regulations.
Service Providers: Any service provider with a turnover exceeding the threshold must also register for GST.
Importers and Exporters: Businesses engaged in importing or exporting goods or services must obtain GST registration.