Can I register for GST under 75000?
Can I register for GST under 75000?
With the goal of setting up a streamlined and unified taxation regime, the Goods and Services Tax (GST) was implemented in India on July 1st, 2017. The manufacturing, sales and consumption of products and services across India are all subject to the GST. The Government of India has given taxpayers the option to register for GST voluntarily, even if their turnover is within the threshold limit of Rs. 40 lakhs. Therefore, any business with a yearly turnover of less than Rs. 40 lakhs can choose to voluntarily register for GST.
Voluntary Registration under GST
Voluntary registration under GST was introduced in order to provide relief to small businesses that are not required to register under the GST Act and also to encourage larger companies to register under the GST Act voluntarily. This was done to ensure that all businesses, regardless of size, contribute to the nation’s economic growth by paying taxes.
The taxpayer who has opted for voluntary registration under GST is required to file GST returns, pay taxes and make all other compliances as per the GST Act. The taxpayer is also required to renew the registration every five years or as may be required by the tax authorities.
The taxpayer who registers for GST voluntarily will be eligible for input tax credit, which is the credit for taxes paid on inputs. This input tax credit can be used to set off the output tax liability. The taxpayer will also be eligible for other benefits such as e-invoicing, e-way bill, etc.
How can I register for GST under 75000?
Voluntary GST registration can be done by filing an application on the GST portal. The taxpayer is required to provide all the information asked for in the form, including the taxpayer’s name, PAN, address and contact details. Once the application is filed, the taxpayer will receive an acknowledgement. The tax authorities will then verify the information provided and issue a GST registration certificate if all the information is found to be correct.
In conclusion, voluntary registration under GST is a great way for businesses to contribute to the nation’s economic growth by paying taxes. It also provides the benefit of input tax credit which can be used to set off the output tax liability. The taxpayers who choose to register voluntarily will have to comply with the GST regulations and file the returns as per the due dates.
