With the papers of GST bill in both houses of the Parliament of Indian being passed, its implementation is already started from 1st July 2017 and as of now, majority of the registered GST individuals or firms are filling their tax as per the actual. The rollout of GST being touted and said to be as the biggest tax reform for the country after independence till the date of its launch and is said to be having a huge impact on the economic environment.
In order for a person, business firm or an entity has to pay GST then it has to register for the GST and then only he will be able to submit the Goods and Services Tax to the government. Before getting to know the details and other relevant information regarding this Goods and Services Tax, you should know about exactly what GST is all about.
GST Registration
GST registration is mandatory for all entities involved in business. This means that the people involved in buying or selling or providing any kind of services in India. Being the biggest tax reform in India, GST is tremendously improving the ease and simplicity of doing business and increasing the base of the tax payers in the country. GST has finished the system of multiple tax system in India by informing the taxes and merging them under one uniform tax that the individual falling under the capacity has to pay.
As per the GST Council, people in special category states with an yearly turnover of Rs 10 lakhs and above would be in need of registering under GST to fill the tax and income details. Apart from these special category states, all the entities in the entire country are need to fill and register for GST if their business turnover goes exceeding the Rs 20 lakhs mark.
Necessity of GST Registration
In order to fill the tax amount to the government, you are in need of GST Registration and after registering for it only, you will be able to fill the requisite tax. You also have to obtain separate registration for each state, as registration under GST will be as per state wise numbers. While registering for the GST, you will also be in need of submitting your PAN card thus combining the financial and accounting detail of your account and permanent account number with other details also.
The person or entity may attract a penalty of different sections if ignore filling GST and registering it as without getting registered, it is not able to fill the GST tax and thus will end up in messing of things. Being a citizen in India and doing of complimentary business and earning more than 10 lakhs and exceeding 20 lakhs in all other states, GST is mandatory and you should fill it as it is an important aspect of getting all the tax merged together and creating an India free from any kind of problems.