Bytes - Your weekly dose of
investments, taxes, finance & more.
GST Registration means applying for a unique GST Number or GSTIN i.e. GST Identification Number on the GST Portal. The taxpayer requires GSTIN to collect and pay GST on the outward supplies i.e. sales and claim GST input tax credit on the inward supplies i.e. purchases. Types of GST Registration depends on the nature of the business.
The following are the special category states under GST to which the threshold limit for registration is lesser.
1. Arunachal Pradesh
3. Jammu & Kashmir
10. Himachal Pradesh
Aggregate Turnover means the total value of sales made by a business registered under the same PAN. Sales include the aggregate of the following:
1. Taxable sales
2. Exempt sales
Aggregate turnover excludes:
1. Value of tax on sales
2. Value of purchases on which tax is paid under RCM (reverse charge mechanism)
Yes. It is possible in the case of multiple business verticals within the same state. A person having different categories of business may obtain multiple registrations with the same PAN within a single State. Further, these will be treated as separate taxable persons for all purposes of GST.
There is no fee charged by the government for GST registration. However, a professional fee may be charged if services of a GST Practitioner or a Chartered Accountant are used.