GST Registration

GST Registration

In the GST Regime, businesses whose turnover exceeds Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) is required to register as a normal taxable person. This process of registration is called GST registration. Advantage of GST:- GST will reduces compliance cost and increase voluntary compliances.  GST will removes cascading effect of taxation and also distortion in the economy.  GST would result in abolition of multiple types of taxes on goods and services. GST will reduce effective rates of tax to one or two floor rates. It will reduces litigation and corruption. It will be helpful to reduces administrative cost for the Government. Higher threshold for Registration. It gives an option to lower taxes by utilizing the composition scheme. Simple and easy online procedure. Defined treatment for E commerce operators. Improved efficiency of logistics. Unorganized sector is regulated under GST. Improved Competitiveness. Better Controls on Leakage.