According to the GST Law, businesses must undergo GST registration as regular taxable entities if their annual revenue exceeds Rs. 40 lakhs* (Rs. 10 lakhs for NE and hill states). This registration process is essential and failing to do so would be considered a violation, subject to severe penalties.
GST registration is compulsory for specific companies, and conducting business without obtaining GST registration is against the law and can lead to penalties for non-compliance with GST regulations.
*The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification increasing the threshold turnover from Rs. 20 lakhs to Rs. 40 lakhs, effective from 1st April 2019.
*CBIC has notified an increase in the threshold turnover from Rs. 20 lakhs to Rs. 40 lakhs, with the notification coming into effect on 1st April 2019.