GST Registration
GST Registration & Returns Filing
GST Registration and Returns Filing are crucial compliance activities under India’s Goods and Services Tax (GST) regime. Any business with an annual turnover exceeding the prescribed limit (₹40 lakhs for goods and ₹20 lakhs for services in most states) must mandatorily register under GST. Voluntary registration is also allowed for smaller businesses to avail input tax credit (ITC) and expand market reach.
After registration, every GST-registered taxpayer is required to file periodic returns. These returns contain details of outward supplies (sales), inward supplies (purchases), tax liability, and input credit claimed. Common returns include
- Mandatory Registration Threshold: Businesses with annual turnover exceeding ₹40 lakhs (goods) or ₹20 lakhs (services) in most states must register under GST.
- Voluntary Registration: Smaller businesses can opt for voluntary GST registration to avail benefits like Input Tax Credit (ITC) and expand their market presence.
- Governed by GST Law: GST compliance is a legal obligation under India’s Goods and Services Tax regime.
