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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.
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For GST registration, the eligibility criteria includes that the business units having turnover more than 20lakhs and 40 lakhs for SMEs, 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
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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