Introduction:

On midnight of August 14, 1947, on the eve of India’s independence, Pandit Jawaharlal Nehru delivered his famous speech “Tryst with destiny” leading to the usher of the era of independent India, pollical, social and economic. As months and years passed, the dream of economic independence was getting in the numerous laws passed from time to time by Parliament of India and by the Legislatures of the States, particularly the laws on excise duties, VATs etc. The businesses on one side and the consumers on the other was worried about the taxes being paid indirectly leading to lesser investments by the former and lesser savings by the latter.

After 70 years of the above mentioned event, the 14th Prime Minister of India, Sh. Narendra Modi, delivered speech on midnight of June 30, 2017 and tried to break India from the clutches of the numerous indirect taxes which had made again made people of India slaves of exorbitant prices. The Goods & Services Tax (GST) came into effect with the speech delivered on midnight of June 30, 2017. This article deals with the what & why of GST. In addition, an attempt is made to explain the threshold limits of GST. 

What is GST registration, eligibility, Threshold Limits

GST (Goods and Services Tax) A taxpayer's registration under GST is the mechanism by which he or she becomes a registered taxpayer. A specific registration number known as the Goods and Services Tax Identification Number is allocated to a company after it has been successfully registered (GSTIN).This is a 15-digit number assigned by the central government after the taxpayers obtain registration.

Services registration limit:-

For services supplies, GST registration limit unchanged. The normal taxpayers the GST turnover limit as Rs. 20 Lakhs expect the special category states which was same as special category states. 

In case of special category states, the GST registration limit continues to be 10 Lakhs as same as in former GST structure.

Traders and manufacturers:-

GST counseling meeting, it was decided to increase the limit of annual aggregate turnover 1 crore to 1.50 crore.

For restaurant services:-

In case of of restaurant service providers, the limit of annual aggregate turnover 1 crore to 1.50 crore. 

Also, here is the list of certain businesses for which GST registration online is mandatory irrespective of their turnover: 

• Casual taxable person / Input Service Distributor (ISD)
• Non-resident taxable person
• Inter-state supplier of goods and services
• Supplier of goods through an e-commerce portal
• Any service provider
• Subject to the reverse charge process and thus liable to pay tax.
• TDS/TCS deductor.
• Online data access or retrieval service provider.

Conclusion:-

Documents required for GST registration:-

• Permanent Account Number (PAN) of the applicant
• Copy of the Aadhaar card
• Proof of business registration or incorporation certificate
• Promoters/directors must have proof of identity and address, as well as a photograph.
• Bank account statement/cancelled cheque
• Authorization letter/board resolution for authorized signatory.
• Digital signature.

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