To make the Indian tax system easy and convenient, the Goods and Services Tax (GST) system was implemented by the Government of India on 1 July 2017. GST registration is necessary to do business in India. But do you know for which traders it is necessary? Today we will tell you about this.
GST Number: With the aim of making the Indian tax system better, easier and convenient, the system of Goods and Services Tax (GST) was implemented by the Government of India on 1 July 2017. Today, it has been more than 7 years since GST was implemented and now GST registration is very important for doing business in India. But people still do not know many things related to GST. For example, people still do not know for whom GST registration is necessary? Today we will tell you which traders will not need to get GST registration for business.
They do not need
If the annual turnover of any business dealing in goods is less than Rs 40 lakh (Rs 20 lakh in hilly areas and northeastern states), then GST registration is not necessary for such business. Whereas, if the annual turnover of any business providing services is less than Rs 20 lakh (Rs 10 lakh in hilly areas and northeastern states), then GST registration is also not mandatory for such business.
GST is not required to sell these products
Not only business, there are many products in India for which GST registration is not required to do business. You do not need GST registration to sell vegetables, fruits, milk, eggs and fish etc. GST registration is not required to do business of products like food items that do not come with branded packaging, raw silk, khadi, unspun jute and unprocessed coffee.
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