Is GST required for MSME registration?
Yes, GST registration is required for MSME businesses with an annual turnover exceeding Rs. 40 lakhs. GST registration is mandatory for all businesses engaged in the supply of goods or services. However, businesses with an annual turnover of less than Rs. 40 lakhs are exempted from GST registration, but they can still opt for voluntary registration if they wish to.
MSME businesses that are registered under GST can enjoy various benefits such as the ability to claim input tax credit, easy compliance, and better access to credit from financial institutions. It is important for MSME businesses to ensure that they comply with all GST regulations and file their returns on time to avoid penalties and legal consequences.
Therefore, it is advisable for MSME Registration online in Delhi businesses to obtain GST registration as it provides various benefits and also ensures compliance with the law.
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