- GST Registration
GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer. Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.
GST Registration is compulsory for traders, manufacturers, businesses, individuals, professionals etc, whose turnover (sales) exceed INR 20 Lakh. If your sales is less than INR 20 Lakh, you may also voluntarily opt for GST Registration in case you wish to avail benefits of Input Tax Credit. In north east states, this limit is INR 10 Lakh. Further, all persons who make inter state purchase or sales of services or goods have to apply for GST registration. Above limits do not apply to them.
Exports without the payment of tax can be made only after filing a bond or letter of undertaking (LUT) as applicable to the exporter. There was a lot of ambiguity regarding the exports which are to be made without the payment of IGST. The government of India has released few notifications regarding the filing of bond and LUT in the case of certain specified people.
All GST registered goods and service exporters are eligible to submit LUT except the exporters who have been prosecuted for any offence and the amount of tax evasion exceeds two hundred and fifty lakhs under the CGST Act or the Integrated Goods and Services Tax Act,2017 or any of the existing laws.
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