A Comprehensive Guide to GST Registration
Goods and Services Tax (GST) has revolutionized the Indian tax system, unifying various indirect taxes under one umbrella. GST registration is a crucial step for businesses operating in India, as it makes them a legitimate part of the tax structure. This article aims to provide a comprehensive guide to GST registration, outlining the process, eligibility criteria, and its significance for businesses. Understanding GST: GST is a destination-based tax system that subsumes various indirect taxes like excise duty, service tax, VAT, and others. It is levied at multiple stages of the supply chain, ensuring that the tax burden is shared across the production and distribution chain. GST is categorized into Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), and Integrated Goods and Services Tax (IGST), depending on the nature of the transaction. GST Registration Process: Determine Eligibility: Any business involved in the supply of goods or services wi...