From 1st July, 2017 GST will replace Central and State level indirect taxes like VAT, Service tax, Excise etc. Businesses that are registered under VAT or Service Tax need to migrate to GST as per the enrollment plan of State Government. Under this plan, iSPEEDTax GST experts will guide you on the applicability and compliances under GST for your business. They will assist you on the procedural formalities to get registered and secure your Goods and Service Tax Identification Number (GSTIN). Initially the applicants will be granted provisional registration under GST and later permanent registration will be granted in line with government guidelines.
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As per the GST law, if any person supplies goods or services for the value of more than Rs.20 lakh, then GST registration shall be mandatory and he shall have to apply for GST registration within 30 days. Further, the basic exemption of Rs.20 lakh is not applicable for north eastern states including Jammu & Kashmir (J&k), Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizroram, Nagaland, Sikkim, Tripura, Himanchal Pradesh and Uttrakhand. For these states, the basic exemption limit is Rs.10 lakh.