The Goods and Services Tax (GST) is a uniform indirect tax levied on goods and services across the country. GST, as an umbrella tax, replaced central taxes such as VAT, Service Tax, central excise, additional and special duty of excise and customs etc., on supply of goods and services.
The GST Act was passed in Parliament on 29th March 2017 and came into effect from 1st July 2017. In the GST regime, businesses whose turnover exceeds ₹40 Lakhs (₹10/₹20 Lakhs in case of special category states) are liable for obtaining GST Registration.
Types of GST Registration
£ Normal Taxpayer,
£ Casual Taxable Person,
£ Input Service Distributor (ISD),
£ Non-Resident Taxable Person,
£ Non-Resident Online Service Distributor,
£ Embassy/UN Body/ Other Notified Persons,
£ Special Economic Zone (SEZ) Developer/ Unit,
£ Tax Deducted at Source (TDS) /Tax Collected at Source (TCS).
Penalty for Non-Registration
As per the GST Act, there is penalty for failure to take GST Registration and the same is levied in case of late registration.
Any taxable person who fails to take GST registration though he is liable to get registered under the act, then penalty of ₹10,000 or amount of tax evaded or any short tax liability, whichever is higher.