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Showing posts with the label GST for business

Do I need a GST number for my small business?

Under the previous indirect tax regime, multiple registration numbers were required for the different sets of Service Tax, Excise Tax, VAT, etc. However, with the introduction of GST, people or businesses require only a single registration number. Businesses thus need a GSTIN for operations.  GSTIN, or GST identification number is a 15-digit unique alpha-numeric identification number which is allotted to every registered person under GST. However, an individual can have multiple GST numbers if he is an assessee under the Income Tax Act for different states/union territories he operates his business from. Persons or businesses which exceed a certain threshold limit are mandatorily required to register under GST. Precisely, businesses with turnover exceeding Rs. 40 lakhs* (Rs 10 lakhs for NE and hill states) are mandated to register as a normal taxable person. The process of such businesses getting registered for taxes is called  GST registration . Tax autho...