GST Registration - An Overview

GST, or Goods and Services Tax, is an indirect tax in India that replaced various taxes like excise duty, VAT, and service tax, etc. Launched on July 1, 2017, it aims to streamline tax collection, establishing a unified system for efficiency and simplicity. GST registration mandatory for businesses with annual turnover above Rs. 40 lakhs (Rs. 20 lakhs in North East and hill states). Also, Businesses with turnover under ₹1.5 crore can opt for the composition scheme, simplifying GST formalities and paying tax at a fixed turnover-based rate.

Central Goods and Services Tax or CGST, it is a central government
State Goods and Services Tax or SGST which is a state component. Where center and state will levy
GST on all entities for all the transaction in the state
The Integrated Goods and Services Tax (IGST), to be levied by the center, i.e. when a transaction happens from one state to another.

Any individual or business entity that carries out taxable supplies of goods or services
Annual turnover of the business exceeds the prescribed threshold limit (currently ₹20 lakhs for most businesses)
E-commerce operators that facilitate the supply of goods and services through their platform
Non-resident taxable persons who occasionally supply goods or services in India
Businesses that are involved in inter-state supply of goods or services
Input service distributors who distribute input tax credit to their branches or units
Casual taxable persons who supply goods or services occasionally in India
Businesses that were previously registered under the old tax regime (VAT, Service Tax, etc.) and have migrated to GST.

GST Registration in Regular Scheme for proprietor
GST Registration For Private Ltd/LLP / Partnership
GST Registration in Composition Scheme for Proprietor / Partnership
You are required to register for GST if your annual turnover exceeds Rs.40 lakh (Rs.20 lakh for special category states).