Unit II Registration under GST SEM V
Goods And Services Tax (GST) Unit:II Registration under GST : Persons liable to get registered, Compulsory Registration, Registration Procedure, Reverse Charge Mechanism, Composition Scheme and assessment under composition scheme; Zero rated supply; Exemption from GST, GST tax rate Need for registration: Registration under GST law provides the following benefits: Ø If turnover of the person exceeds the threshold limit, registration is the mandatory requirement. Ø It legally recognizes a person as supplier of goods and/or services. Ø It authorizes collection of GST from customers. Ø It allows claim of input tax credit of GST paid on purchases of goods and services and utilizing the same for payment of taxes due on supply of goods and services. Ø It allows us seamless credit of the input tax from the manufacturer/imported to the last supplier in the claim. Ø Proper accounting of taxes paid on the input goods and services. Registration is mandatory for