GST (Goods and Services Tax) is an Indirect tax that has replaced many other indirect taxes in India, such as excise duty, VAT, and services tax. As per the changes on the 32nd council it is necessary for each and every business to register themselves under the GST scheme if the overall annual revenue crosses Rs.40 lakhs. Along with that, the North eastern states of India have an option to choose between 20lakhs and 40 lakhs. Once you are registered, you will receive a unique 15digit number i.e GSTIN

BENEFITS of GST REGISTRATION

With the GST, Tax evasion is minimized.
Previously there were many other service taxes like VAT, each of which had in own return & compliances Now, there is only one common tax i.e GST.
Boosts Revenue efficiency
Small trader benefit from the composition scheme
Supports interstate transactions
Online process
Reduces cascading effect

Any business whose turnover in a financial year exceeds Rs 20 lakhs (Rs10 lakhs for special category states in GST.)
Any entity or supplier dealing in inter-state supply of goods.
Casual taxable person
A person who supplies through e-commerce companies
Input service distributor and its agent

CGST he Central government levies CGST on the intra-state transactions of goods and services. It is levied alongside SGST or UGST, and the collected revenues are shared equally between the centeral and the state.

SGST A State government levies SGST on the intra-state transactions of goods and services. Revenue earned is collected by State Government . SGST subsumes earlier taxes like purchase tax, luxury tax, VAT, etc.

IGST When a transaction of goods and services is inter-state in nature, an IGST is levied on them. It is applicable to imports and exports as well. State and central governments share the revenue generated from this tax.

UGST For union territories like Chandigarh, Puducherry and Andaman and Nicobar Islands, a Union Territory Goods and Services Tax or UGST replaces SGST.