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What is GST?

GST stands for Goods and Services Tax. GST is a destination-based indirect tax, which was introduced on 1st July 2017. GST subsumed many earlier indirect taxes such as Excise Duty, VAT, CST, Additional Duties of Excise, and Service Tax, etc. There are three taxes under GST namely CGST, SGST or UTGST, and IGST. In the case of Intra-state supplies, CGST and SGST are levied. In the case of inter-state supplies, IGST is levied.

What is GST Registration?

Any business whose annual turnover is more than the prescribed limit shall make an online application for a GST Number on gst portal. The application is accompanied with all the necessary details and documents. The application is examined by the department and if all the details and documents are found satisfactory, his application is approved and he is allotted GST Identification Number, which is a 15 digit alpha-numeric, PAN-Based and State Specific unique number. This process usually takes 3 working days.

When GST Registration is Mandatory?

The GST registration is mandatory if the “aggregate turnover” during a financial year exceeds the following prescribed limits:

States If exclusively engaged in the supply of Goods If engaged in the supply of Services, or goods or services or both

1. Manipur

2. Mizoram

3. Nagaland

4. Tripura

10 Lakhs 10 Lakhs

1. Arunachal Pradesh

2. Meghalaya

3. Puducherry

4. Sikkim

5. Telangana

6. Uttarakhand

20 Lakhs 20 Lakhs
All Other States 40 Lakhs 20 Lakhs

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