It is an auto populated kind, primarily based on particulars of outward supplies furnished by suppliers in Kind GSTR-1. An acknowledgement should really be issued to the applicant in Kind GST REG-02 electronically. In the GST Regime, firms whose turnover exceeds Rs. 20 lakhs (Rs 10 lakhs for NE and hill states) is needed to register as a regular taxable person.Under SST, raw material and other inputs could be bought tax free by licensed suppliers, but the process of acquiring these licenses was burdensome and bureaucratic - so this will need to be simplified.

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