LLP Agreement With ROC
GST was introduced in the year 2016 under the GST or Goods and Services Act. The purpose behind its introduction was the implementation of the idea of “One nation One Tax” across the country. Levied on the sale of goods and services, GST replaces taxes like sales tax, service tax, and VAT.
This streamlining has drastically improved the indirect tax regime in India. Moreover, GST has reduced the cascading effect of taxes and allowed taxpayers to claim Input tax credit. The GST regime has resulted in uniform taxation across the country, easing tax compliances, and enhancing transparency in tax collection.
GST Registration offers legal recognition and ensures tax compliance for businesses selling goods and services in India. Moreover, it facilitates GST payment for eligible taxpayers. However, GST registration is not all about compliance. It offers several benefits to taxpayers like the option to claim Input Tax Credit and avoid double taxation
Stepwise procedure to prepare and file LLP Agreement
GST Registration does not have a pan-India eligibility. It is only applicable to eligible businesses as per turnover limits prescribed under Section 22 of the Central GST Act, 2017. However, section 24 of the Act makes it mandatory for certain businesses to obtain GST registration irrespective of their turnover limits. Each of these businesses are listed below as per their eligibility criterias.
- Those dealing in merchandise with aggregate annual turnover exceeding Rs.40 Lakhs
- Those providing services with aggregate annual turnover exceeding Rs.20 lakhs
- Those operating in North Eastern and Hilly states with aggregate annual turnover exceeding Rs.10 lakhs
- E-commerce operators/ aggregators
- Businesses selling on e-commerce platforms
- Casual Taxpayers
- Business non-resident in India
- Importers & Exporters
- Taxpayers registered under the older tax regime
- Taxpayers registered under the older tax regime
- Businesses engaged in Inter-state supplies of goods & services
- Service Providers providing information & online databases services (OIDAR)