Goods and Service Tax is replacement of plethora of indirect taxes levied on the supply of goods and services. GST is one indirect tax for the entire country. Any person with a taxable supply turnover of over Rs.20 lakhs is required to register for GST in India. There is also an option for voluntary GST registration to help claim input tax credit.
Benefits of registration:
Upon registration, you will receive GSTIN number or GST registration number:
Without GSTIN Number on invoice, goods can be confiscated by the authorities.
GST Certificate is required for the current account opening in Bank.
Input credit of GST tax can only be refunded upon filing GST return.