GST Registration

GST is an indirect tax levied on the supply of goods and services

In 2017 parliament if India has passed the Goods and Service Tax act (GST act) and this act came into effect from 1^st July 2017. It’s an indirect tax which replaced many other prevailing indirect taxes in India.  It is all in one tax which includes a variety of state taxes like VAT, Entertainment Tax, Octroi, etc and central taxes like CST, Service tax, Excise duty, etc.

The GST Registration Number is a unique 15-digit PAN-based identifier mandatory for businesses in India with turnover exceeding 20 lakh (10 lakh for special category states). Voluntary registration is also permitted. The Goods and Services Tax, 2016 was implemented in 2016 to unify the vendor’s tax in India, instead of various fragmented taxes. The GST Council oversees implementation. The number (e.g., 07AADCC1234A1ZD) must be displayed on invoices and tax returns. In Delhi NCR, a major commercial hub, registration is crucial for compliance. It enables input tax credit, facilitates interstate trade, and ensures businesses contribute to the unified national tax system. To create a single taxation regime for ease of collection and to increase the efficiency of the process.

After registering under this a unique identification number given to each GST taxpayer known as GSTIN (GST identification number)

GST has three components, which includes:

• Central Goods and Service Tax (CGST)
• State Goods and Service Tax (SGST)
• Integrated Goods and Service Tax (IGST)