1. GST (Goods and Service Tax) incubated with the motto ONE NATION – ONE TAX is basically a destination based tax mandatory for every Kind of going concern/business with condition/ turnover prescribed under the concerned act and to maintain their regular returns and records for filling and computing tax Liabilities and refunds processing time to time. GST is basically levied simultaneously by central and state government  and where the transaction involves Inter-state, then it is levied by Central government. 

Applicability:

Every Business/ going concern indulged in trading of goods/services or either Manufacturing for buying or selling goods above the threshold limits prescribed under the Act mandatorily obtain GST registration;

1. Existing Taxpayer – All individuals or companies registered under the Pre-GST tax laws like Service Tax or Excise or VAT, etc.

2. Goods Trader –sales or turnover of goods is crossing Rs. 40 lakh in a year then GST Registration is mandatory. For the Special Category States, the limit is Rs. 20 lakh in a year.

3. Service Trader –sales or turnover is crossing Rs. 20 lakh in a year then GST Registration is mandatory. For the Special Category States, the limit is Rs. 10 lakh in a year.

4. Casual Taxpayer – If you supply goods or services, in events/exhibitions, and not have a permanent place of doing business. In such cases, GST is charged on the basis of an estimated turnover of 90 days. The validity of the Registration is also 90 days.

5. Agents of Suppliers or Input Service Distributor (ISD) – All supplier agents and ISD, to earn benefits of Input Tax Credit, need GST Registration.

6. NRI Taxable Person – If you are an NRI or handling the business of NRI in India.

7. Reverse Charge Mechanism (RCM) – Businesses who need to pay taxes under the RCM also need to be GST registered.

8. E-Commerce Portals & Sellers – Every e-commerce portal (such as Amazon or Flipkart) under which multiple vendors are selling their products. Or for all vendors. You need a GST Registration.

9. Outside India Online Portal – For suppliers of online information and database access or retrieval services from a place outside India to Indian Residents.

10. Transferee – When the business has been transferred.

11. Inter-State Operations – Persons making an inter-state supply. Whatever the turnover.

12. Brands – Aggregator who supplies service under his Brand or Trade Name.

13. Other Taxation – Persons who are required to deduct tax u/s 37 (TDS) of the Income Tax Act.

14. Voluntary GST Registration – Any entity can obtain GST registration at any-time. Even when the above mandatory conditions don’t apply to them.

15. Inter-State Registration – If you are a supplier in more than one state you need GST Registration in all the states that you supply goods or services to.

16. Branches – If your business has multiple branches in multiple states, register one particular branch as main office or head office and the remaining branches as additional. (Not applicable if the business has separate verticals as listed in Section 2 (18) of the CGST Act, 2017.)

Benefits

1. Ease of doing business
2. Cascading Effect Reduction
3. Elimination of Multiple Taxes
4. Helps in Tax Saving
5. Competitive Product Selling
6. Increase in Revenue