Why GST Registration is Essential?
Legal Compliance:
GST registration is mandatory for businesses with an annual turnover exceeding the specified threshold (₹40 lakh for goods and ₹20 lakh for services, varying by state and business type).
Input Tax Credit:
Registered businesses can claim an input tax credit on GST paid on purchases, reducing overall tax liability.
Avoiding Penalties:
Unregistered businesses liable for GST may face heavy penalties, including a fine of 10% of tax due or ₹10,000, whichever is higher.
Business Growth and Expansion:
GST registration allows businesses to expand interstate and participate in government tenders requiring GST compliance.
