GST Registration
Registered taxable person will be allotted for each State/ UT having business places a PAN-based 15-digit GST Identification Number (GSTIN). Any supplier who carries on any business at any place in India & whose aggregate turnover exceeds Rs.40 lakhs in a financial year is liable to get himself registered and obtain GSTIN, This process of registration is called GST registration. The above shall be computed on all India basis and excludes taxes charged under the CGST Act, SGST Act and the IGST Act.
A person without GST registration can neither collect GST from his customers nor claim any input tax credit of GST paid by him.
Business vertical is defined as distinguishable component of an enterprise that is engaged in supplying an individual product or service or a group of related products or services and that is subject to risks and returns that are different from those of other business verticals; Explanation: Factors that should be considered in determining whether products or services are related include: i. The nature of the products or services ii. The nature of the production processes iii. The type or class of customers for the
products or services iv. The methods used to distribute the products or provide the services v. If applicable, the nature of the regulatory environment, for example, banking, Insurance, or public utilities.
