Introduction of registration Persons :
This Section provides for registration of every supplier effecting taxable supplies , subject to a threshold limit. Registration of a business with the tax authorities implies obtaining a unique identification code (i.e. GSTIN) from the concerned tax authorities so that all the operations of, and data relating to the business can be agglomerated and correlated. In any tax system, this is the most fundamental requirement for identification of the business for tax purposes and for having any compliance verification mechanism. A registration from the concerned tax authorities will confer, among others, the following advantages to the registrant.
— Legally recognised as a supplier of Goods and/or Services;
— Proper accounting of taxes paid on the input goods and / or services;
— Utilisation of input taxes for payment of GST due on supply of goods and / or services or both;
— Pass on the credit of the taxes paid on the goods and / or services supplied to purchasers or recipients.