Why the ₹40L limit is not the only factor for GST
Many founders mistakenly believe that if their turnover is below ₹40 Lakhs, they do not need GST. However, here are five crucial reasons why it is essential.
1. Input Tax Credit (ITC) Benefits
By and large, your largest expense will be purchasing goods or services with GST. Without a registration, you lose the ability to set this off, effectively increasing your costs by 18%.
2. Better Business Credibility
A valid GSTIN signals to your large corporate clients that you are a serious, compliant organization.