Overview
Goods and services tax (GST) is an indirect tax which was introduced to replace the old indirect tax system in India to create one single taxation system for the purpose of ease of collection of taxes and to improve the effectiveness of the process.GST Registration is applicable on all goods and services except Petroleum products as of now. GST Registration Process in India is completely online. It requires no manual intervention or no physical paper submissions. A very simple procedure has been prescribed for GST Registration.
If the turnover of a business exceeds 40 lakhs (10 lakhs for North Eastern and hill states), or if the turnover of a service exceeds 20 lakhs, the business has to get registered under GST and apply for a GST number or GSTIN. For some businesses it is mandatory to get registered for GST otherwise a penalty will be imposed.
Aadhar Card is mandatory to get GST registration:
A new system for new GST registration has been introduced and activated from 21st August, 2020 where the Aadhar card is now mandatory for GST registration. That means, the applicant who are seeking for GST registration now will be given an option to select if he wishes to authenticate Aadhar or wishes to opt for physical verification. If the applicant opts for Aadhar authentication for his GST registration then the applicant will get his / her GST registration in just seven days.