GST

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.

For certain businesses, registration under GST is mandatory. If the organization carries on business without registering under GST, it will be an offence under GST and heavy penalties will apply.

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A. For normal registered businesses:

1. Take input tax credit
2. Make interstate sales without restrictions

B. For Composition dealers:

1. Limited compliance
2. Less tax liability
3. High working capital

C. For businesses that voluntarily opt-in for GST registration (Below Rs. 40 lakhs*)

1. Take input tax credit
2. Make interstate sales without restrictions
3. Register on e-commerce websites
4. Have a competitive advantage compared to other businesses
5. To know more about voluntary registrations CBIC has notified the increase in threshold turnover from Rs 20 lakhs to Rs 40 lakhs. The notification will come into effect from 1st April 2019.