Question 1

What is GST Registration?

Accepted Answer

Starting From 1st July 2017, Many state and Central Govt indirect taxes have been subsumed in one across the country tax, i.e. Goods and Services Tax. Earlier each state has their own indirect tax such as VAT and central Govt has Services tax. There was a different set of registration was required to comply with State VAT and service tax. Now a new unified registration number called Goods and Service Tax Identification Number (i.e. GSTIN) required being taken to comply with GST. This is a major step towards One Nation One Tax Policy of Govt.

Question 2

Who required GST registration?

Accepted Answer

​Any business offering sale of goods with annual turn over of 40 lacs or service with annual turn over of 20 lacs would require the registration for GST and have a valid GST Number.

Question 3

What is GSTIN?

Accepted Answer

The Registration Number Issued in GST is known as GSTN (Goods and Services Tax Number).

Question 4

Who can take a new GST Registration?

Accepted Answer

Any business offering the sale of goods with annual turn over of 40 lacs or service with annual turn over of 20 lacs would require the registration for GST and have a valid GST Number. Apart from this every, E-Retailer, Importer, or Exporter Or Interstate Dealer needs to mandatory Register for it without any exemption (of Rs 40 Lakh or 20 Lakh as the case may be) basic limit.

Question 5

I am starting a new business, Is it mandatory to take GST Number?

Accepted Answer

No, It is not mandatory as per the GST Act, However, you should look for practical aspects as well, If either your Customer or Supplier Demand GST then You have to register for GST. Further, If you are in a business of an E- Retailing, Import-Export, or Interstate Trade then it will be mandatory to obtain a GST number.

Question 6

Is Digital Signature is mandatory for GST Registration?

Accepted Answer

No, it is not required for proprietorship, Firm but for LLP and Company Digital signature is mandatory for GST Registration. However you need not take a new Digital signature, The signature taken for Annual compliance can be used here as well.

Question 7

I have Business in Multiple State do I need to register in Each state separately?

Accepted Answer

Yes, you need to take registration in every state separately, Need to maintain accounts and records separately as well as the need to file GST return separately.

Goods and Services Tax

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