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[\/vc_column_text][vc_column_text]Businesses in India need to obtain GST registration if the annual turnover from the supply of goods exceeds\u00a0Rs.\u00a0<\/span>40 lakhs. This threshold limit is\u00a0Rs.\u00a0<\/span>20 lakhs for businesses that supply services. Also, businesses can register themselves under GST even if their annual turnover does not exceed the threshold limit. This is called\u00a0Voluntary Registration under GST<\/strong>.<\/p>\n Once the businesses register themselves under GST, a unique registration number \u2013 GSTIN<\/a> is generated. Businesses use GSTIN to collect & pay GST on sales and claim the input tax credit<\/a> on purchases. As GST registered businesses work efficiently, larger organisations tend to do business with such businesses and attract more customers. This, in turn, increases profitability and business reach.<\/p>\n If you are a business owner registered under GST, you will have to ensure that your business is compliant with GST rules<\/a> & regulations. Otherwise, you might face difficulties in managing your business efficiently. At myBillBook, we have curated a list of 5 benefits that will help you understand why your business should be GST compliant.[\/vc_column_text][vc_column_text]