Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
If we analyze the GST registration requirements in India, there are certain norms specified by the government as the eligibility criteria for registration under GST. One of the major criteria is threshold limit based on the aggregate turnover of any assessed.
However, along with this threshold limit, there is another list stating certain cases in which registration becomes compulsory. Few of such cases include cases where any taxpayer is involved in Inter-state supply or is supplying his goods or services or both through E-commerce operator, etc. In this article we shall discuss Voluntary registration under GST.
For GST registration, the eligibility criteria includes that the business units having turnover more than 20lakhs and 40 lakhs for SMEs[1], should complete GST registration.
However, if any person is not covered under the ambit of any of these criteria then they are not mandated by law to get registration under GST. Though they are not required by law to get registered under GST, they have an option to get registered at their own initiative which can be termed as Voluntary registration.
The decision to get registered under GST is personal in nature. Any assessee has an option to get registered voluntarily based on their understanding of merits and demerits of registration under GST. Further, we will list out these advantages and shortcomings of voluntary registration.
The advantages of Voluntary registration under GST can be summed up as under:
The disadvantages of Voluntary registration under GST can be summed up as under:
It may be noted that businesses that register voluntarily under GST can cancel their registration after a period. Cancellation may also be done where a business that registered itself voluntarily doesn’t commence their operations of the same business within six months. In case you have any query related to Voluntary registration under GST, contact Enterslice.
Read our article:Government to Announce Relaxation from GST for Companies under IBC Process
An Automotive Dealerships Audit Checklist helps in an examination and review of aspects related...
The Companies Commission of Malaysia sets mandatory guidelines for maintaining the annual compl...
An industry audit is an important aspect of the oil and gas industry, it serves as a tool for e...
With the ever-increasing complexity of operations and potential risks involved with the chemica...
A joint venture is a strategic business arrangement in which two or more companies collaborate...
Are you human?: 2 + 4 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The finance ministry recently stated that the Centre had released 30000 crore rupees to the states as GST compensat...
16 Mar, 2023
The composition scheme under the GST Act has been introduced to benefit the start-ups. This will ensure hassle-free...