Overview
GST is an indirect tax that has replaced all the prevailing indirect taxes suitable until now. It is mainly a mixed form of all the other taxes which will cater for a single and streamline the method. After the introduction of GST, it essentially gives the thought of ‘One nation one tax’.The taxes are taxed at a single rate. The whole amount or accumulation is then divided between both Central and State Government in the title of CGST and SGST or IGST. The GST registration method is a significant role to become a part of GST. The prevailing GST regime needs every business(directed to a certain turnover) that provides goods or services to register below the GST. The business has a turnover of more than.40 lakh are needed to file as a normal taxable person, nevertheless, the turnover origin for the north-eastern states has been held as Rs. 10 lakh. Below the GST administration, it is compulsory for certain businesses to file under GST. Carrying out business without filing is a crime and can lead to hefty penalties.