What is GST and its importance?
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Every business carries out the supply of services and goods which is taxable and has a turnover that exceeds the limit of about 20 lakhs. And every person who has a turnover exceeding that limited must get themselves registered as a normal taxable person. The process of getting registered for the same is known as GST registration.
The business that is registered under any pre-GST laws such as Service Tax, VAT needs of be registered under the GST. There are some businesses/people that need to register for GST anyway, some of them are as under: