VAT, service tax, CST, excise duty, and many other indirect taxes have been replaced by GST. In order to introduce GST as a comprehensive indirect tax, the Government introduced the GST Act on July 1, 2017.
Initially, the GST registration in west Bengal Act required businesses with an annual turnover exceeding Rs 20 lakhs to register. The 32nd GST Council Meeting in January 2019 decided to give states the option to opt for new threshold limits or to maintain the previous ones. With effect from 1st April 2019, Chandigarh has increased this limit to Rs 40 lakhs for sales of goods. GST registration thresholds in Chandigarh remain at Rs 20 lakhs for service providers.
GST Portal Chandigarh is the only place to do it easily. Fees for GST registration have not been described by the government. You may have to pay a professional fee if you hire a GST consultant or CA.
Businesses that operate without GST registration are criminally liable. A short payment or no payment (due to genuine errors) will result in a penalty of 10% of the tax due, with a minimum limit of Rs 10,000. In contrast, if he proves that he is evading GST willfully, the penalty will be 100% of the amount owed.
GST registration offers a number of benefits, what are they?
- Taxpayers can benefit from GST registration in the following ways:
- Indirect taxes are unified under GST. Tax cascading (also known as ‘tax on tax’) has been eliminated.
- Businesses can improve their logistics efficiency by registering for GST, while reducing their
- Unorganized businesses have been regulated by the GST regime.
- With GST registration, businesses are able to collect tax from their purchasers and recipients and to credit those taxes against their own.
- By using the composition scheme provided by the GST regime, small businesses with a turnover up to Rs 1.5 crore (Rs 75 lakhs for Himachal Pradesh & the North-Eastern States) can lower taxes. Additionally, this can significantly reduce their compliance burden.
- There has been a great deal of benefit to MSMEs as a result of GST. Compared to the previous tax regime, MSMEs are less dependent on tax professionals since the GST regime simplifies return filing.