Presently, except for petroleum products, all commodities and services fall under the purview of Goods and Service Tax (GST) registration. The Goods and Services Tax (GST) amalgamates state and central indirect levies into a unified tax structure. This uniform taxation system spans across the entire nation, replacing the previous assortment of taxes encompassing services, excise, VAT, entertainment, and luxury.
Formerly, all enterprises and services were exempt from GST. However, businesses with an annual turnover of up to Rs 40 lakh are now exempt from GST. Under the Composition Scheme, businesses with a turnover of up to Rs 1.5 crore are liable for a mere 1% tax. While the threshold for service exemptions remains at 20 lakhs, service providers with revenue of up to 50 lakhs can opt for the composition scheme, entailing a nominal 6% tax.
Entities under regulation encompass those with annual sales surpassing INR 40 lakh. If your yearly sales remain below INR 40 lakh, you can opt for GST registration to avail of Input Tax Credit benefits. Additionally, anyone engaged in interstate transactions of services or goods must undertake GST registration, unless none of the aforementioned scenarios apply.
Starting from August 21, 2020, a novel approach to GST registration has been introduced, mandating the utilization of the Aadhaar card. Consequently, prospective GST registrants can now opt between Aadhaar authentication or undergoing physical verification. The implementation of Aadhaar authentication expedites the issuance of the GSTR-1 form within a span of three days.
WINAXIS Advisory stands as a distinguished business platform with a visionary outlook, delivering comprehensive services encompassing incorporation, compliance, advisory, and management consulting to clients both domestically and internationally. Through WINAXIS Advisory, the process of GST registration in India becomes effortless, swift, and cost-effective! Furthermore, you can engage with WINAXIS Advisory for an array of additional services, including complimentary GST Advisory, submission of GST Returns and TDS Returns, trademark registration, and of course, Goods and Service Tax (GST) registration.