GST stands for Goods and service tax. It is compulsory registration for all the business owners whose business exceed a total of Rs 40 Lakhs in turn over. For some of the North Eastern and hull states, the turnover is Rs 10 Lakh. So, if your business has more than the given turnover, you will have to apply for the GST process. Although, for some of the industry, it is mandatory to Register for GST number. If your business is carrying any of the transaction and if the company is running without proper GST, it will be against the law, and you will have to pay hefty penalties in such a case.
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