Who Are Eligible For GST Registration in India

Who Are Eligible For GST Registration in India


Any person whose aggregate turnover during a financial year exceeds Rs 40 lakh (Rs 20 lakh for special category states) is required to register under GST. In addition to this, every entity which was already registered under earlier tax laws like Excise, VAT and Service Tax must get them registered under GST as well.

A business can apply for GSTregistration online by providing their PAN, email ID and mobile number (that must be active as OTPs will be sent on these details) along with a captcha displayed on the screen. After submission of this information, an applicant will receive a Temporary Reference Number (TRN) on the screen. This TRN will be used to open PART-B of the GST application.

One of the most important things to know about GST is that it applies to all types of transactions, even those that are not normally taxable. This includes transferring money to children and trusts for them, as well as transfers of property such as a house or car.

Another important thing to note about GST is that it can be considered a regressive tax because lower-income households spend a higher proportion of their income on essential items, such as food and household goods, which are subject to GST. As a result, these households can end up paying more GST than higher-income households. This is because GST is levied on consumption rather than income or wealth.

 


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