WHO SHOULD GET REGISTERED UNDER GST ?
- The simplest way to tell is that, if you are doing a business, you must get registered under the GST act.
WHEN SHOULD I GET REGISTERED UNDER GST ?
You must obtain a GST registration if your total turnover from the business exceeds the following limits:
For special category states
- For businessess selling goods
Rs.20 lakhs - For businessess providing services
Rs.10 lakhs
For other states
- For businessess selling goods
Rs.40 lakhs - For businessess providing services
Rs.20 lakhs
If your business does not meet the turnover limits as mentioned above, but you are required to pay tax under reverse charge, then also GST registration is to be obtained.
BENEFITS OF TAKING
GST REGISTRATION:
- You can claim input credit of the GST you pay on your purchases and expenses
- Easy to obtain bank loan
- Prefered by customers - your customers will prefer if you raise a GST invoice because only then they will be able to take credit of the same.
- GST helps fund your business's working capital as the GST collected by you on sales will be paid by you to the government on by the 20th of the next month. Untill then the GST amount will support your working capital.
- You can operate your business with peace of mind, without fear of strict actions from the department.
WHAT SHOULD MY
GST INVOICE CONTAIN ?
GST INVOICE SHOULD CONTAIN THE FOLLOWING DETAILS
- Name, address and GSTN of the supplier
- Date of its issue
- Name, address and GSTN of the Recipient in case of registered recipient.
- HSN Code
- Less than 1.5cr turnover – no of digit is nil
- From 1.5cr to 5 cr – 2 Digits of HSN Code
- More than 5cr - 4 Digits of HSn Code
- Discription of goods or service.
- Quantity in case of goods
- Total value of supply of goods or service or both
- Discount if any
- Rate of tax
- Amount of tax
- Place of Supply
- Address of Delivery
- Reverse charge
- Signature of the supplier.