The Goods and Services Tax was set in motion from 1st July, 2017. This bill prohibited the cascading effect of the previous taxation system and promotes the notion of the ‘one nation, one tax’ system.
For individuals who reside outside India but supply their goods to the residents of India, this GST Registration must be opted by them. This type of registration is similar to ‘Casual Taxable Person’, where the individual taxpayers are expected to pay a deposit of money that is equivalent to liable GST at the time of active GST registration. This type of registration is valid for 3 months, but it can be further extended or renewed as per the requirement.
It is important for businesses to understand when they are expected to complete their online GST registration. According to the rules set by this act, it is mandatory for an individual to register under GST if he/she has a business with a turnover of approximately 40 lakhs and above.
GST Registration can be done using the GST new registration online portal, and it takes about 6 working days to complete the registration process.
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