The Ultimate Guide to GST Registration for Small Businesses
A Simple Guide to GST Registration Online In India, the Goods and Services Tax (GST) has streamlined the taxation system by merging various indirect taxes into a single tax. Registering under GST is crucial for businesses to ensure compliance and take advantage of input tax credits. Here’s a straightforward guide to help you navigate the GST registration Online process. What is GST? GST is a comprehensive, destination-based tax levied on every value addition. It is divided into three types: - CGST: Central Goods and Services Tax, collected by the central government. - SGST: State Goods and Services Tax, collected by state governments. - IGST: Integrated Goods and Services Tax, collected by the central government for inter-state transactions and imports. Who Needs to Register for GST? Any business whose turnover exceeds the threshold limit of Rs. 20 lakhs (Rs. 10 lakhs for particular category states) must register for GST. Additionally, certain businesses must register regardl...