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GST Registration Made Easy: Your Compliance Partner form Process, Status, and More - lawlegaltax
Gst Registration Overview
If a company’s yearly revenue reaches the threshold limit of Rs. 40 lakhs (for goods), Rs. 20 lakhs (for services), or Rs. 10 lakhs, as applicable, they must register as ordinary taxable persons under the Goods and Services Tax (GST). It is known as GST registration.
If the annual turnover exceeds the aforementioned regulated threshold, the GSTIN must be generated. If the firm operates without being registered for GST, it is breaking the law and will be subject to harsh penalties.
The Significance of GST Registration
Frequently
Asked Questions
Yes, businesses exceeding the prescribed turnover must have GST registration.
Yes, small businesses can register for GST to access benefits and formal recognition.
Typically, it takes about 7 working days to complete GST registration.
Required documents: PAN, Aadhaar, business address proof, and bank account details.
Certain changes can be made post-registration, like adding/removing business locations.