With the motto of One Indirect Tax, One Country, Goods and Services Tax (GST) came into effect on 1st July 2017 in India. It is levied on the supply of goods and services and has replaced many Indian indirect tax laws. GST is a comprehensive, destination-based and multi-stage tax that is levied on each stage of value addition. GST has helped in reducing the costs of goods and services since the GST regime eliminates the tax on tax process. The chief benefit of GST is that it is technology-driven. All the activities that are covered in GST regime like- GST return filing, GST registration, response to notice and refund application has to be filled online that accelerates the process. The GST registration online and GST return filing have helped in the organisation of the unorganised sector and lesser compliances have eased the process too.
A business whose turnover exceeds INR 40 lakhs (INR 10 lakhs for NE and hill states) is required to be registered as normal taxable person. The same process is known as GST Registration. As the GST registration online process goes, it takes 2-6 business days. GST registration is an 11 steps process involving the submission of numerous business details and documents.
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