Eligibility Criteria for GST Registration:-  1) Having a valid PAN (Permanent Account Number) 2) Turnover above a certain threshold limited of Rs.20 Lakhs 3) Turnover below Rs.20 Lakhs, may choose to register for GST voluntarily. 4) Being engaged in a taxable supply of goods or services 5) Business engaged in the supply of goods or services across state or national borders 6) Business that are required to pay GST on a reverse charge basis (like transportation of goods, legal services). 7) Business seeking to claim input tax credits on their purchase of goods or services    Benefits for warehousing of GST Registration:- Easy to start business. Helps to trace vendor invoices that can help in capital subsidy. To establish the business as a legal entity in the eyes of the law. To claim input tax credit (ITC) and offset this against the GST collected on sales. Competitive advantage in market, as many customers prefer to deal with registered suppliers to avail ITC benefits. Avail GST start-ups. Avail GST refunds schemes. Avail Capital subsidy easily & also benfit of ITC in this. Prerequisites for participating in government tenders and contracts. Helps in an efficient and well-managed supply chain, will ensure lesser older fulfilment costs. Helps in faster operations. Help ensure orders are fulfilled in a timely manner.     GST Registration threshold limit The threshold limit is Rs40 lacs or higher for the trading & manufacturing sector. The service sector has a threshold of Rs.20 lacs or higher.    Penalty for not registering under GST  A penalty of Rs.10, 000 or 10% of the tax due, whichever is higher, for not registering despite being liable to do so.  A penalty of Rs.10, 000 or the tax amount, whichever is higher, for collecting GST but not depositing it to the government within three months.  Special Note: – KIP group provides many other services to our clients to grow easily like start-up benefits that helps to grow their business and stability also. Like start -up benefits, subsidies for many businesses, also helps to reach government tenders and many more benefits. Special benefits for accounting/ accounting supervision services with GST registration.