What is the limit for GST Registration ?
If the annual turnover of any person exceeds the exemption limit,(Rs 40 Lakhs for some states its 20 Lakhs) then he will have to register himselfunder the Goods and Services Tax Act. This is also known as a GST registration limit or GST threshold for Registration. GST registration is mandatory for every person who is engaged in the exclusive supply of goods and his aggregate turnover exceeds Rs 40 lakh in a financial year. Earlier, this limit was 20 lakhs for a supplier of goods. However, the same was increased to 40 lakhs vide notification No. 10/2019-Central Tax, dated 07.03.2019.For the following states the Limit was Rs 20 Lakhs Persons engaged in making intra-State supplies in the States of Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Puducherry, Sikkim, Telangana, Tripura, Uttarakhand and the Special Category States.
∙Aggregate Turnover is defined under section 2 (6) of CGST Act–
Benefit of GST Registration ?
1-GST eliminates the cascading effect of tax.
2-Simple and easy online procedure.
3-Uniformity of tax rates and structures.
What is unique in a GST no?
GST No Means GST Identification Number is a unique number issued to a business registered under GST. It is a 15-digit number allotted based on the PAN in which First 2 digit is State Code, next 10 digit is PAN Noof Assessee,13th digit was Number of registrations in a state,14th was default character i.e. Z and last 15th digit was check sum digit or number.
