In India, GST (Goods and Service Tax) is a growing trend in the compliance world for business entities. It states that every entity from 1st July, 2017 onwards has to pay a certain amount of tax as GST to government chargeable on the taxable amount of supply made.This tax system in India was introduced by the government to simplify the tax implications faced by businesses and to come up with a common solution for problems like imposition of double taxation, misreporting of taxes etc. Based on certain slabs, GST is inclusive of different tax rates applicable on different goods and services identified through respective HSN Codes.
More about GST Registration:
GST Registration is an online process in which any person holding any business entity (Proprietorship/Partnership/LLP/Company) has to obtain unique GST registration number issued by the concerned tax authority to collect or pay taxes to government or avail Input tax credit (ITC).
Every registered taxpayer will be allotted a unique 15 digit GST Identification Number (GSTIN) comprising of the State Code and PAN Number of applicant. On successful registration, the taxpayer gets abided to follow and comply provisions & procedures stated in the CGST Act.
The act also provides the minimum registration criteria and specifies voluntary and compulsory registration for entities.