GST is that the biggest tax reform in India, tremendously improving simple doing business and increasing the taxpayer base in India by bringing in many small businesses in India. By abolishing and subsuming multiple taxes into one system, tax complexities would be reduced while the assets is increased substantially. Under the new GST regime, all entities involved in buying or selling goods or providing services or both are required to register for GST. Entities without GST registration wouldn't be allowed to gather GST from a customer or claim an input decrease of GST paid or might be penalized. Further, registration under GST is mandatory once an entity crosses the minimum threshold turnover of starts a replacement business that's expected to cross the prescribed turnover.
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