The first and foremost benefit of having a registered GST number is that the rate of taxation you pay is minimal. For example, if you are a goods trader, you pay 1 percent for both state and central GST, if you are a restaurant owner, you pay 5 percent for both GST, and if you are other service providers, you pay 5 percent for both GST.
Any business with a turnover of Rs. 40 lakh or more must register for GST, according to the Goods and Services Tax Act of 2017. The turnover barrier for GST registration in the north-eastern and hill states is Rs. 10 lakh.
Any business with a revenue of more than Rs 40 lakh in a financial year, however, must register for GST. For service providers, the maximum is Rs 20 lakh. Many small firms, especially startups in India, have benefited from the increased GST threshold.
GST is a multi-stage, all-encompassing tax system that applies to the sale of goods and services. The fundamental goal of this taxing scheme, which is applicable throughout India, is to reduce the cascading effect of other indirect taxes.
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