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Voluntary GST registration
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The following circumstances outline voluntary GST registration becomes a requirement.
Threshold Limit: If your annual aggregate turnover of taxable supplies (goods or services) exceeds the specified threshold limit, you are required to take GST registration. The threshold limit varies based on the state in which your business operates. As of September 2021, the threshold limit for most states is Rs. 40 lakhs for goods and Rs. 20 lakhs for services. However, some states have a lower threshold of Rs. 10 lakhs for goods and Rs. 20 lakhs for services.
Inter-State Supplies: If your business is involved in making supplies of goods or services across different states in India, GST registration is mandatory, regardless of the turnover.
Existing Tax Registrations: If you were previously registered under the pre-GST tax laws, such as VAT, Excise, Service Tax, etc., you need to migrate to GST registration.
Specific Business Categories: Certain types of businesses, irrespective of turnover, require compulsory GST registration. This includes businesses engaged in e-commerce, agents of suppliers, input service distributors, and businesses liable to pay reverse charge.
Voluntary Registration: Even if your turnover is below the threshold limit, you can opt for voluntary GST registration. This can be beneficial if you want to avail of input tax credit, expand your business, or deal with registered suppliers or customers.
It’s important to note that the threshold limits and requirements for GST registration may change over time. It’s advisable to refer to the official GST portal or consult a qualified tax professional for the most up-to-date information and guidance specific to your business situation.
For further details access our website: https://vibrantfinserv.com
To visit: https://services.gst.gov.in